Macy's quarterly comparable sales top estimates

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"The traffic momentum that we saw in the combined March/April period accelerated in the second quarter", said Kevin Mansell, Kohl's chairman, chief executive officer and president. BlackRock Inc. now owns 24,416,816 shares of the company's stock valued at $723,716,000 after buying an additional 23,514,600 shares during the last quarter.

"Macy's, Inc.'s results for the second quarter were in line with our expectations, and we are on track to meet 2017 sales and earnings guidance". State Street Corp now owns 14,715,484 shares of the company's stock valued at $436,170,000 after buying an additional 399,433 shares in the last quarter. Ropes Wealth Advisors LLC boosted its stake in shares of Macy's by 63.5% in the first quarter. Penserra Capital Management LLC now owns 3,680 shares of the company's stock valued at $109,000 after buying an additional 320 shares in the last quarter. First Manhattan Co. increased its position in shares of Macy's by 0.6% in the first quarter. The stock is down roughly 1.7% during pre-market trading hours. Shares of Macy's fell 9% and Kohl's dropped 7% Thursday afternoon. 21,313,382 shares of the company's stock traded hands. The company's 50 day moving average price is $22.93 and its 200-day moving average price is $26.98. Traders bought 33,975 call options on the company.

Macy's Inc. (NYSE: M) posted its second quarter results for the fiscal year and beat estimates in both revenue and earnings.

Consensus estimates call for third-quarter EPS of $0.15 on revenues of $5.32 billion.

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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. Despite the drop, it did still come in above analysts' revenue estimate of $5.52 billion. The business's revenue for the quarter was down 5.4% compared to the same quarter past year.

For the full year, Macy's expects earnings in the range of $2.90 to $3.15 per share, below the $3.27 per share that analysts expected, according to FactSet.

TRADEMARK VIOLATION WARNING: This article was first posted by Chaffey Breeze and is owned by of Chaffey Breeze. If you are viewing this piece on another site, it was copied illegally and republished in violation of United States and worldwide trademark and copyright laws. The original version of this article can be viewed at https://www.chaffeybreeze.com/2017/08/10/macys-inc-nysem-stake-decreased-by-parkwood-llc-updated.html. During the same period in the previous year, the company posted $0.40 earnings per share. Finally, Jefferies Group LLC restated a hold rating and set a $27.00 price target on shares of Macy's in a report on Thursday, May 11th. Vetr raised shares of Macy's from a buy rating to a strong-buy rating and set a $26.51 target price on the stock in a research note on Wednesday, August 2nd. Gordon Haskett initiated coverage on shares of Macy's in a research note on Tuesday, May 9th. They issued a "hold" rating and a $29.00 target price for the company. 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. Royal Bank Of Canada set a $28.00 target price on Macy's and gave the company a "hold" rating in a report on Saturday, May 13th.

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