Caleres Inc (NYSE:CAL) fell 8.7% during mid-day trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $22.95 and last traded at $23.51. 2,053,025 shares changed hands during trading, an increase of 388% from the average session volume of 421,092 shares. The stock had previously closed at $25.75.
The textile maker reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.07). Caleres had a negative net margin of 0.19% and a positive return on equity of 12.79%. The business had revenue of $720.26 million during the quarter, compared to analyst estimates of $738.12 million. During the same quarter in the prior year, the company earned $0.48 EPS. Caleres’s revenue for the quarter was up 2.5% on a year-over-year basis.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 9th. Investors of record on Tuesday, March 26th will be issued a $0.07 dividend. The ex-dividend date is Monday, March 25th. This represents a $0.28 dividend on an annualized basis and a yield of 1.19%. Caleres’s dividend payout ratio is currently 12.67%.
A number of equities analysts recently commented on CAL shares. Zacks Investment Research downgraded Caleres from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 27th. Macquarie set a $38.00 price objective on Caleres and gave the stock a “buy” rating in a report on Friday. Wedbush restated an “outperform” rating on shares of Caleres in a report on Tuesday, March 12th. ValuEngine downgraded Caleres from a “hold” rating to a “sell” rating in a report on Friday. Finally, Loop Capital dropped their price objective on Caleres to $26.00 and set a “hold” rating on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Caleres has a consensus rating of “Hold” and a consensus target price of $37.75.
In related news, insider Daniel R. Freidman sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 21st. The stock was sold at an average price of $30.00, for a total value of $150,000.00. Following the transaction, the insider now owns 74,046 shares in the company, valued at $2,221,380. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 5.60% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Caleres during the fourth quarter worth approximately $28,085,000. Macquarie Group Ltd. boosted its position in Caleres by 76.0% during the third quarter. Macquarie Group Ltd. now owns 1,378,173 shares of the textile maker’s stock worth $49,421,000 after purchasing an additional 594,937 shares during the period. Royce & Associates LP boosted its position in Caleres by 94.0% during the fourth quarter. Royce & Associates LP now owns 725,923 shares of the textile maker’s stock worth $20,202,000 after purchasing an additional 351,780 shares during the period. Eagle Asset Management Inc. bought a new stake in Caleres during the fourth quarter worth approximately $6,544,000. Finally, BlackRock Inc. boosted its position in Caleres by 3.5% during the third quarter. BlackRock Inc. now owns 6,085,926 shares of the textile maker’s stock worth $218,239,000 after purchasing an additional 205,275 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.
The stock has a market capitalization of $1.10 billion, a PE ratio of 10.64 and a beta of 0.76. The company has a quick ratio of 0.39, a current ratio of 1.19 and a debt-to-equity ratio of 0.26.
Caleres Company Profile (NYSE:CAL)
Caleres, Inc engages in the retail and wholesale of footwear in the United States, Canada, Guam, and Italy. It operates through Famous Footwear and Brand Portfolio segments. The company offers licensed, branded, and private-label casual, dress, and athletic footwear products to women, men, and children.
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