A number of analysts have issued reports on the company. In recent weeks, the company acquired the retail concept Story, an acquisition that brought with it a much-talked-about innovator in founder Rachel Shechtman, and also announced it has broadened its loyalty program beyond credit card holders and expanded its off-price Backstage business. Analysts predicted, for instance, that sales at Macy's Inc. stores open more than a year, including its licensed stores, would rise about 1.4%. ValuEngine downgraded Macy's from a "buy" rating to a "hold" rating in a research report on Sunday, December 31st. Deutsche Bank boosted their target price on shares of Macy's from $27.00 to $28.00 and gave the company a "hold" rating in a report on Monday, February 26th. The company has a consensus rating of "Hold" and a consensus price target of $26.60.
Advisor Partners LLC bought a new position in shares of Macy's Inc.
Shares of NYSE:M traded up $2.82 during midday trading on Wednesday, hitting $32.75. The stock had previously closed at $30.72. Zacks Investment Research raised shares of Macy's from a hold rating to a buy rating and set a $28.00 target price on the stock in a research note on Wednesday, January 10th. Revenue is seen down 1% to up 0.5%, up from a prior view of down 0.5%-2%.
Shenmue 3 suffers another delay to the surprise of no one
Shenmue creator Yu Suzuki has issued a statement on the ordeal: "To all of our backers, we are very sorry for the delay". Shenmue 3 won't release this year as originally planned and instead will come out in 2019.
The company posted a net income of $139 million, or $0.45 per share during the quarter. However, the company actually generated revenue in the amount of $5.5 billion, handily beating expectations. Macy's had a net margin of 6.23% and a return on equity of 24.93%. The business had revenue of $8.67 billion during the quarter, compared to the consensus estimate of $8.70 billion.
Its revenue of $5.54 billion also topped expectations, as did its per-share earnings forecast of between $3.75 and $3.95 this year. Also, CFO Karen M. Hoguet sold 67,515 shares of the business's stock in a transaction dated Thursday, March 1st. At owned and licensed locations, they climbed 4.2 percent. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. "We're getting better sell-throughs and more value for it". Following the completion of the sale, the executive vice president now owns 10,000 shares of the company's stock, valued at approximately $294,200. Over the last three months, insiders have sold 107,392 shares of company stock valued at $3,173,164. He also noted that the shift of the big Friends and Family promotion to the first quarter helped results. Advisory Services Network LLC now owns 14,696 shares of the company's stock valued at $370,000 after buying an additional 2,253 shares during the period. Prudential Financial Inc. lifted its stake in Macy's by 75.3% during the third quarter. Kistler Tiffany Companies LLC now owns 8,900 shares of the company's stock worth $224,000 after purchasing an additional 2,120 shares during the period. Excluding asset sale gains in the quarter, the company would have earned 42 cents per share which is up from 12 cents earned in the same quarter a year ago.