Macy's profit tops estimates, but sales decline to continue

Macy's Q4 same-store sales fell 2.7% on an owned basis and were down 2.1% when also including licensed stores

Macy's Q4 same-store sales fell 2.7% on an owned basis and were down 2.1% when also including licensed stores

Macy's assets, worth about $21 billion, have made the company a lucrative acquisition target. Credit Suisse Group reissued a "neutral" rating and set a $40.00 price target on shares of Macy's in a research report on Tuesday, December 6th. Macy's now has an average rating of "Hold" and an average target price of $39.28. Three investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have given a buy rating to the company's stock. The company now has an average rating of Hold and a consensus price target of $39.36. The firm's 50-day moving average is $32.93 and its 200-day moving average is $36.70. Macy's Inc has a 12 month low of $28.55 and a 12 month high of $45.50.

In contrast, Wal-Mart Stores Inc reported a 2.8 percent rise in US sales in the fourth quarter, helped by higher store traffic and strong online sales.

During the important holiday quarter, sales in Macy's stores open at least a year, fell 2.1 percent, compared with the 2.2 percent drop analysts polled by research firm Consensus Metrix had expected. Macy's had a return on equity of 24.83% and a net margin of 2.63%.

Net sales, on the other hand, declined 4 percent year-over-year, to $8.5 billion, missing forecasts for sales of $8.6 billion.

Results: EPS of $2.02 on revenue of $8.52 billion. The company's revenue for the quarter was down 4.0% compared to the same quarter previous year.

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Several company insiders have filed Insider transactions, on Nov 30, 2016, Craig Weatherup (director) sold 20,000 shares at $42.00 per share price. The stock had a trading volume of 9,100,077 shares. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Institutional investors and hedge funds own 86.45% of the company's stock. SkyBridge Capital II LLC now owns 351,611 shares of the company's stock valued at $13,027,000 after buying an additional 33,553 shares during the period. FMR LLC boosted its stake in Macy's by 4.8% in the fourth quarter. LLC now owns 3,180 shares of the company's stock valued at $118,000 after buying an additional 1,577 shares in the last quarter. Acadian Asset Management LLC now owns 4,793 shares of the company's stock valued at $178,000 after buying an additional 4,722 shares during the period. Both chains will be announcing final fourth-quarter results later this week.

Under pressure from Starboard, the company released a list of 68 stores that it plans to close last month and raised about $675 million in real estate transactions in fiscal 2016.

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