Macy’s (NYSE:M) Announces Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Macy’s (NYSE:M) announced its quarterly earnings data on Wednesday. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.03), Zacks reports. Macy’s had a net margin of 0.80% and a return on equity of 23.14%. The business had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same period in the prior year, the company posted $0.21 EPS. The firm’s revenue was down 2.4% on a year-over-year basis. Macy’s updated its FY 2024 guidance to 2.250-2.500 EPS and its FY25 guidance to 2.25-2.50 EPS.

Macy’s Stock Performance

NYSE:M opened at $16.76 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.34 and a current ratio of 1.48. The stock has a market capitalization of $4.65 billion, a P/E ratio of 26.18 and a beta of 2.11. The company has a 50 day moving average price of $15.73 and a 200 day moving average price of $16.53. Macy’s has a fifty-two week low of $14.06 and a fifty-two week high of $22.10.

Macy’s Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.1737 per share. The ex-dividend date is Friday, December 13th. This represents a $0.69 dividend on an annualized basis and a dividend yield of 4.15%. Macy’s’s payout ratio is currently 107.81%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Morgan Stanley dropped their price target on shares of Macy’s from $18.00 to $17.00 and set an “equal weight” rating for the company in a research note on Thursday, August 22nd. Telsey Advisory Group reissued a “market perform” rating and issued a $17.00 price target on shares of Macy’s in a research note on Tuesday, November 26th. StockNews.com raised shares of Macy’s from a “hold” rating to a “buy” rating in a research note on Wednesday, November 27th. Finally, Argus raised shares of Macy’s to a “hold” rating in a research note on Thursday, October 10th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Macy’s presently has a consensus rating of “Hold” and an average target price of $19.86.

Macy’s Company Profile

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.