Macy's key sales figure falls for 10th straight quarter

Department stores — except Nordstrom — see sales metric drop

Analysts predict that Macy's Inc (NYSE:M) will announce $5.50 billion in sales for the current quarter, according to Zacks. Corporate insiders own 1.40% of the company's stock. As a response, Macy's which earlier in the year hired a new CEO, is working through many new initiatives, from managing leaner inventory, to lining exclusive merchandise, to growing its Backstage brands that is T.J. Maxx-like.

Even though Macy's was able to beat estimates during the second quarter, the company still maintains its previous expectations for the full year outlook. The stock has dropped 32 percent in the last 12 months. Americafirst Capital Management LLC raised its stake in Macy's by 169.9% in the first quarter. Total sales are expected to be down between 3.2% and 4.3% year over year. Finally, First Manhattan Co. increased its stake in Macy's by 0.6% in the first quarter. Second-quarter operating income includes $43 million in book gains related to the sale of real estate, up from $21 million in the second quarter of 2016. Sumitomo Mitsui Asset Management Company LTD increased its stake in Macy's by 0.3% in the first quarter. Cowen and Company set a $29.00 price objective on Macy's and gave the company a "hold" rating in a research note on Saturday, May 13th. Institutional investors and hedge funds own 84.30% of the company's stock. Macy's Inc has a 1-year low of $20.55 and a 1-year high of $45.41. The company has a market capitalization of $6.40 billion, a P/E ratio of 11.340 and a beta of 0.84. The firm's 50 day moving average is $22.91 and its 200 day moving average is $26.93. Macy's also saw unusually large options trading on Wednesday.

During today's earnings conference call, chief financial officer Karen Hoguet talked about the app alongside the company's ever-improving online sales numbers. This is an increase of 489% compared to the average volume of 5,766 call options.

Chevy Chase Trust Holdings Inc. reduced its position in shares of Macy's Inc (NYSE:M) by 0.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The company reported $0.48 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.03.

Total sales for the year are expected to be down between 3.2 percent and 4.3 percent. Macy's had a return on equity of 6.60% and a net margin of 1.31%. In the same period a year ago, Macy's reported EPS of $0.54 on revenues of $5.87 billion. The department store operator reported a $128 million charge a year ago for store closures.

Shares of Macy's Inc., which are down 36 percent since the beginning of the year, rose 1 percent to $23.22 before the stock market opened Thursday.

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Several other research firms have also recently issued reports on M. Goldman Sachs Group, Inc. Zacks Investment Research raised Macy's from a "sell" rating to a "hold" rating in a report on Tuesday, May 9th. (The) dropped their target price on Macy's from $28.00 to $25.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 7th. Also, insider Jeffrey Gennette bought 13,085 shares of the stock in a transaction that occurred on Monday, June 12th.

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