Sunday, 23 September, 2018

Macy's Inc (M) Stock Surges on reporting First Quarter 2018 Earnings

Who would've thought Macy's would be drawing lines again Who would've thought Macy's would be drawing lines again
Jean Garcia | 16 May, 2018, 21:59

First-quarter earnings are in for Macy's Inc (NYSE:M), and the retailer has unwrapped a pleasant surprise for investors. California Public Employees Retirement System now owns 1,209,734 shares of the company's stock valued at $30,473,000 after acquiring an additional 311,230 shares during the last quarter. This compares to $0.12 per share in the first quarter of 2017. However, the company actually generated revenue in the amount of $5.5 billion, handily beating expectations. Contrarius Investment Management Ltd now owns 6,307,867 shares of the company's stock valued at $187,596,000 after buying an additional 154,835 shares during the last quarter.

The company said in a call discussing its quarterly results that most of the benefits of its strategic initiatives will be seen in the second half of the year. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Macy's by 22.6% in the fourth quarter. Institutional investors own 89.05% of the company's stock. But the results are a marked turnaround from how Macy's looked this time last year-and the year before that.

Shares of Macy's opened at $29.63 on Tuesday, Marketbeat Ratings reports. Finally, Morgan Stanley boosted their price target on shares of Macy's from $23.00 to $27.00 and gave the stock an equal weight rating in a research note on Wednesday, February 28th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Also, EVP Felicia Williams sold 10,000 shares of the company's stock in a transaction on Friday, March 2nd. The stock was purchased at an average cost of $29.10 per share, for a total transaction of $291,000.00. Apart From this, the company estimates that comparable sales were up 1.7 percent on an owned plus licensed basis. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Deirdre P. Connelly sold 9,092 shares of Macy's stock in a transaction on Thursday, March 8th. "We're getting better sell-throughs and more value for it". The disclosure for this purchase can be found here. Over the last quarter, insiders sold 107,392 shares of company stock valued at $3,173,164.

Macy's reported Earnings per Share of 48 cents, adjusted, vs. 37 cents expected. The firm has a market cap of $9.03 billion, a price-to-earnings ratio of 7.86, a price-to-earnings-growth ratio of 0.96 and a beta of 0.73. Revenue is seen down 1% to up 0.5%, up from a prior view of down 0.5%-2%. Macy's has a 12 month low of $31.41 and a 12 month high of $33.75.

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Net income attributable to Macy's shareholders rose to $139 million, or 45 cents per share, in the first quarter ended May 5, from $78 million, or 26 cents per share, a year earlier. The firm's quarterly revenue was up 1.8% compared to the same quarter past year.

During the quarter, Macy's also made $24 million in gains on real estate sales and spent $19 million winding down Macy's China.

Macy's chief financial officer Karen Hoguet said during a conference call with analysts that revenue from tourists rose 10% from a year ago.

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