Macy's Inc (M) Beats Estimates, Raises 2019 Guidance As Inventory Levels Improve

Rack of shirts

Macy's same-store sales on an owned basis grew 3.9%, and by 4.2% on an owned-plus-licensed basis, well above the FactSet consensus for a same-store sales increase of 0.7%.

Macy's good quarter suggests that many consumers are still willing to actually go to stores to shop instead of just buying clothes on their phones and tablets. Analysts were calling for earnings of $3.61 a share.

And this timing shift likely means second-quarter results are going to look relatively weak compared to a year earlier. American International Group Inc. now owns 23,923,612 shares of the company's stock valued at $602,636,000 after buying an additional 11,894,858 shares during the last quarter.

Macy's is riding high after pulling off a strong first quarter - keeping up its momentum following robust holiday sales. Bank of New York Mellon Corp now owns 10,653,773 shares of the company's stock worth $268,367,000 after purchasing an additional 2,328,072 shares during the last quarter. Revenue was $5.5 billion vs. $5.4 billion expected, rising 3.6%. Excluding asset sales gains, earnings were 42 cents per share. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.45 and a current ratio of 1.47. Macy's has a 12 month low of $31.41 and a 12 month high of $33.75. 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.

Macy's (NYSE:M) last announced its earnings results on Tuesday, February 27th.

Earnings per share reported by Macy's Inc in the first quarter of the year came in at 48 cents.

The retailer's net sales increased 3.6 percent to $5.54 billion, beating analyst predictions. Macy's had a net margin of 6.23% and a return on equity of 24.93%. The company's revenue was up 1.8% on a year-over-year basis.

Paddy Power in talks on U.S. merger
FanDuel grew to become one of two Scots unicorns, with a $1 billion valuation, alongside Skyscanner. Business Insider also spoke to a source with knowledge of the deal.

Other equities research analysts have also recently issued research reports about the stock.

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. ValuEngine lowered Macy's from a "hold" rating to a "sell" rating in a research report on Wednesday, May 9th.

OTR Global upgraded shares of Macy's (NYSE:M) to a positive rating in a report issued on Friday, May 4th, The Fly reports. The stock presently has a consensus rating of "Hold" and a consensus target price of $26.63. Its shares surged almost 9 percent Wednesday, and the stocks of other department store chains rose as well.

Get access to our daily newsletters, Best Stocks List, POWR Ratings, and much more! Following the completion of the sale, the director now owns 16,184 shares in the company, valued at $473,382. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Karen M. Hoguet sold 67,515 shares of the business's stock in a transaction dated Thursday, March 1st. Following the sale, the director now directly owns 54,834 shares of the company's stock, valued at $1,661,470.20. The disclosure for this purchase can be found here. Wall Street is looking for earnings per share of $3.61 for 2018.

Institutional investors have recently added to or reduced their stakes in the stock.

Macy's, Inc., is an omni-channel retail company that operates outlets, mobile applications, and websites.

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