Macy's Takes Off In First Quarter, Profits Soar

Macy's Takes Off In First Quarter, Profits Soar

According to the trading reports on Wednesday, the company's shares shot up more 7 percent to $32.16 a piece, which was on pace for their best day since November 29, when the stock gained 8.16 percent.

Other institutional investors and hedge funds have also made changes to their positions in the company.

CEO Jeff Gennette said in the company's earnings release that the solid results were proof that "the winning formula" for Macy's is "a healthy brick & mortar business, robust e-commerce and a great mobile experience". Delpha Capital Management LLC acquired a new stake in Macy's in the 4th quarter worth about $117,000. Cerebellum GP LLC purchased a new position in Macy's during the 4th quarter worth approximately $127,000.

Shares of M stock opened at $29.93 on Wednesday.

For the thirteen-week period ended May 5, Macy's earned US$139mln, or US$.045 per share, which was more than a third higher than the year-ago quarter, when it earned US$78mln or US$.026 per share. The company has a quick ratio of 0.45, a current ratio of 1.47 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $9.03 billion, a PE ratio of 7.94, a PEG ratio of 0.96 and a beta of 0.73.

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But the results are a marked turnaround from how Macy's looked this time last year-and the year before that. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.07. Macy's had a return on equity of 24.93% and a net margin of 6.23%. Total sales are expected to range from a 1 percent decline to a.5 percent increase in fiscal 2018. During the same quarter past year, the company earned $2.02 EPS.

Macy's shares surged more than 13% in pre-market trading after the company also raised its full-year profit forecast and issued a comparable sales growth guidance that topped estimates. Macy's stock was up 11% during the day. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Following the completion of the transaction, the executive vice president now owns 10,000 shares in the company, valued at $294,200. The disclosure for this sale can be found here. Analysts were calling for earnings of $3.61 a share, according to a Thomson Reuters survey.

A number of equities analysts recently commented on M shares.

To combat rivals, the department store chain has been focused on rolling out new concepts in stores, like branded pop-up shops, and expanding its off-price business, Macy's Backstage. They set a "neutral" rating and a $31.00 target price for the company. TheStreet upgraded Macy's from a "c+" rating to a "b-" rating in a research note on Wednesday, March 28th.

Morgan Stanley analyst Kimberly Greenberger downgraded Macy's to "underperform" last week, basically a "sell" rating. The company is selling more expensive items at full price. The company has an average rating of Hold and a consensus price target of $26.49. It also operates as a spa and beauty products retailer. "We're getting better sell-throughs and we're getting better value on it".

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