During the quarter, Macy's also made $24 million in gains on real estate sales and spent $19 million winding down Macy's China.
Macy's this week had a firm answer to some of the gloom on Wall Street around the company and the department store sector as a whole. The business's quarterly revenue was up 1.8% on a year-over-year basis. Macy's updated its FY19 guidance to $3.75-3.95 EPS. The stock had a trading volume of 393,408 shares, compared to its average volume of 10,137,291. Following the sale, the executive vice president now owns 10,000 shares of the company's stock, valued at $294,200. Revenue is seen down 1% to up 0.5%, up from a prior view of down 0.5%-2%. Macy's Inc. has a twelve month low of $31.77 and a twelve month high of $33.75.
Shares of Macy's opened at $32.10 on Wednesday, Marketbeat reports. "We're getting better sell-throughs and we're getting better value on it". Insiders have sold 107,392 shares of company stock valued at $3,173,164 over the last ninety days. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
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In related news, CFO Karen M. Hoguet sold 67,515 shares of Macy's stock in a transaction on Thursday, March 1st. The fund bought 7,448 shares of the company's stock, valued at approximately $222,000. The disclosure for this sale can be found here.
Macy's is riding high after pulling off a strong first quarter - keeping up its momentum following robust holiday sales. 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.
Shares of Macy's Inc. But, even with that important caveat, the adjusted growth in comparable sales is a dramatic improvement for Macy's, which has delivered three straight years of annual declines on this measure.
This was the second quarter of same-store sales growth in a row.
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The company said its first-quarter same-store sales rose 4.2%, easily beating Wall Street's 1.4% average estimate, as sales rose at its Bloomingdale's, Bluemercury and its own Macy's stores. Finally, Schwab Charles Investment Management Inc. lifted its stake in Macy's by 22.6% during the fourth quarter. Institutional investors and hedge funds own 89.05% of the company's stock.
A number of analysts have issued reports on the company. OTR Global upgraded shares of Macy's to a "positive" rating in a research note on Friday, May 4th. The stock now has an average rating of "Hold" and a consensus target price of $26.63.
Just last week, the shares of Macy's Morgan were downgradedbg Morgan Stanley, citing declining sales and profit "pressure" from online players for the ratings change. The stock presently has a consensus rating of "Hold" and a consensus target price of $26.63. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods.
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