Macy's Inc Stock Surges on Strong Q1 Earnings Beat

Macy's department store

A number of analysts have issued reports on the company. This is better than the earnings per share of 26 cents reported in the same time past year. ValuEngine lowered shares of Macy's from a "buy" rating to a "hold" rating in a report on Friday, February 2nd. Deutsche Bank lifted their price target on shares of Macy's from $27.00 to $28.00 and gave the stock a "hold" rating in a report on Monday, February 26th.

Several analysts have weighed in on the stock. The stock presently has an average rating of "Hold" and a consensus target price of $26.49.

Excluding impairment and other one-time costs, Macy's earned $0.48 per share, $0.11 higher compared with what analysts had anticipated. (NYSE:M) hit a new 52-week high and low during trading on Thursday. The institutional investor owned 10,551 shares of the company's stock after selling 2,867 shares during the quarter. The stock had previously closed at $30.72. Both reports took a toll on Macy's stock price. Revenue is seen down 1% to up 0.5%, up from a prior view of down 0.5%-2%.

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Macy's said a stellar performance at its businesses helped push quarterly same-store sales and profit well above Wall Street estimates, signaling the company was keeping up in a fiercely competitive retail landscape. The company reported $2.82 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.11.

Net sales in the first quarter of 2018 totaled $5.541 billion, a boost of 3.6 percent, contrast with sales of $5.350 billion in the first quarter of 2017. Macy's had a return on equity of 24.93% and a net margin of 6.23%. The company also raised its earnings guidance for 2018 by 20 cents per share, to between $3.75 and $3.95.

Just last week, the shares of Macy's Morgan were downgradedbg Morgan Stanley, citing declining sales and profit "pressure" from online players for the ratings change. Following the sale, the executive vice president now directly owns 10,000 shares in the company, valued at $294,200. "We're getting better sell-throughs and we're getting better value on it". Following the transaction, the director now directly owns 16,184 shares of the company's stock, valued at approximately $473,382. The disclosure for this purchase can be found here. American International Group Inc. now owns 23,923,612 shares of the company's stock worth $602,636,000 after acquiring an additional 11,894,858 shares in the last quarter. Macy's's revenue for the quarter was up 1.8% on a year-over-year basis. The company began expanding its Vendor Direct program during the first quarter and will be fully underway with the strategy by fall. The new initiative allows customers to scan a product using their Macy's app, pay with their Macy's credit card, then visit a dedicated counter to remove security tags before they can exit the store.

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