Published: Fri, August 11, 2017
Economy | By Annette Adams

Macy's, Kohl's Sales Declines Renew Fears of Retail Apocalypse

Macy's, Kohl's Sales Declines Renew Fears of Retail Apocalypse

Clear Harbor Asset Management LLC's holdings in Macy's were worth $245,000 as of its most recent SEC filing. Washington Trust Bank boosted its position in shares of Macy's by 363.8% in the first quarter. Thrivent Financial for Lutherans now owns 10,628 shares of the company's stock valued at $381,000 after buying an additional 520 shares during the period.

After witnessing negative earnings surprise in the first quarter of fiscal 2017, Macy's, Inc. Winslow Evans & Crocker Inc. now owns 5,530 shares of the company's stock valued at $164,000 after buying an additional 3,910 shares in the last quarter. Hedge funds and other institutional investors own 84.30% of the company's stock.

Macy's Inc (NYSE M) traded down 10.25% during midday trading on Thursday, hitting $20.67. The firm's 50-day moving average is $22.93 and its 200-day moving average is $26.98.

Macy's, Kohl's, and Dillard's all reported quarterly results this morning, kicking off the retail earnings season.

Kohl's fared better as comparable sales slipped just 0.4%, and revenue declined 0.9% to $4.14 billion, which was slightly ahead of the consensus at $4.13 billion, while adjusted EPS ticked up from $1.22 to $1.24, beating estimates of $1.22. Macy's continues to project comps on an owned plus licensed basis to decrease in the band of 2-3%.

Macy's, which carries a Zacks Rank #3 (Hold), ended the quarter with cash and cash equivalents of $783 million, long-term debt of $6,301 million, and shareholders' equity of $4,388 million, excluding non-controlling interest of $5 million.

Sales at stores open more than 12 months fell 2.5 percent at Macy's and 0.4 percent at Kohl's.

But Macy's expects full-year earnings in the range of $2.90 to $3.15 per share, below the $3.27 per share that analysts expected, according to FactSet. If you are accessing this piece on another website, it was illegally stolen and republished in violation of USA and global trademark and copyright law. If you are viewing this piece of content on another site, it was illegally stolen and reposted in violation of global trademark and copyright laws. The correct version of this news story can be accessed at https://www.thecerbatgem.com/2017/08/10/general-american-investors-co-inc-has-8018000-position-in-macys-inc-m.html.

M has been the topic of several recent research reports. Cowen and Company set a $29.00 price target on shares of Macy's and gave the stock a "hold" rating in a research report on Saturday, May 13th. Zacks Investment Research downgraded shares of Macy's from a hold rating to a sell rating in a research note on Tuesday. Wunderlich restated a "buy" rating and issued a $24.00 price target on shares of Macy's in a research report on Friday, May 5th. The company has a consensus rating of "Hold" and an average price target of $32.11. Also, insider Jeffrey Gennette bought 13,085 shares of Macy's stock in a transaction that occurred on Monday, June 12th. The shares were acquired at an average price of $22.95 per share, for a total transaction of $300,300.75.

Like this: