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

Macy's (NYSE:M - Get Free Report) issued its earnings results 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 return on equity of 23.14% and a net margin of 0.80%. The business had revenue of $4.74 billion for the quarter, compared to analysts' expectations of $4.74 billion. The company's revenue for the quarter was down 2.4% on a year-over-year basis. During the same period last year, the business earned $0.21 EPS. 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 Price Performance

M stock traded down $0.14 during trading on Wednesday, hitting $16.58. The stock had a trading volume of 28,746,707 shares, compared to its average volume of 6,383,251. Macy's has a twelve month low of $14.06 and a twelve month high of $22.10. The company's 50-day moving average price is $15.73 and its two-hundred day moving average price is $16.53. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.48 and a quick ratio of 0.34. The stock has a market capitalization of $4.60 billion, a P/E ratio of 23.44 and a beta of 2.11.

Macy's Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid 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 4.19%. Macy's's dividend payout ratio is currently 107.81%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Telsey Advisory Group reissued a "market perform" rating and issued a $17.00 price target on shares of Macy's in a report on Wednesday. Morgan Stanley decreased their target price 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. Argus raised shares of Macy's to a "hold" rating in a report on Thursday, October 10th. Finally, StockNews.com raised shares of Macy's from a "hold" rating to a "buy" rating in a report on Wednesday, November 27th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $19.86.

About Macy's

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.