Shares of Caleres Inc (NYSE:CAL) traded down 11.7% during mid-day trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $26.81 and last traded at $27.95, with a volume of 2,187,332 shares. The stock had previously closed at $31.65.
The company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.38 by $0.05. The company had revenue of $639.49 million for the quarter, compared to analysts’ expectations of $630.22 million. Caleres had a net margin of 3.28% and a return on equity of 13.54%. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.26 earnings per share.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Tuesday, March 21st will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, March 17th. This represents a $0.28 annualized dividend and a dividend yield of 1.00%. Caleres’s payout ratio is currently 14.43%.
Several equities research analysts recently commented on the company. Zacks Investment Research upgraded Caleres from a “sell” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Tuesday, March 7th. Morgan Stanley upgraded Caleres from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $33.00 to $37.00 in a report on Friday, March 3rd. They noted that the move was a valuation call. Jefferies Group LLC reiterated a “hold” rating on shares of Caleres in a report on Tuesday, January 3rd. CL King downgraded Caleres from a “buy” rating to a “neutral” rating in a report on Tuesday, December 13th. Finally, Susquehanna Bancshares Inc reiterated a “buy” rating and set a $25.00 target price on shares of Caleres in a report on Thursday, December 8th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $30.17.
In other Caleres news, insider Richard M. Ausick sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 20th. The stock was sold at an average price of $35.39, for a total transaction of $530,850.00. Following the completion of the sale, the insider now owns 93,834 shares in the company, valued at approximately $3,320,785.26. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Diane M. Sullivan sold 21,630 shares of the firm’s stock in a transaction that occurred on Thursday, December 22nd. The shares were sold at an average price of $33.41, for a total value of $722,658.30. Following the sale, the chief executive officer now owns 595,423 shares of the company’s stock, valued at approximately $19,893,082.43. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,630 shares of company stock worth $1,470,658. Company insiders own 3.20% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Caleres during the fourth quarter worth $26,762,000. Teachers Advisors LLC raised its stake in shares of Caleres by 435.3% in the third quarter. Teachers Advisors LLC now owns 360,486 shares of the company’s stock worth $9,117,000 after buying an additional 293,148 shares during the period. BlackRock Fund Advisors raised its stake in shares of Caleres by 8.1% in the third quarter. BlackRock Fund Advisors now owns 3,067,758 shares of the company’s stock worth $77,584,000 after buying an additional 230,781 shares during the period. Penn Capital Management Co. Inc. raised its stake in shares of Caleres by 116.8% in the third quarter. Penn Capital Management Co. Inc. now owns 375,468 shares of the company’s stock worth $9,496,000 after buying an additional 202,280 shares during the period. Finally, Bogle Investment Management L P DE acquired a new stake in shares of Caleres during the fourth quarter worth $6,368,000. Hedge funds and other institutional investors own 85.77% of the company’s stock.
The firm has a market capitalization of $1.20 billion, a PE ratio of 14.50 and a beta of 0.61. The firm’s 50 day moving average price is $30.48 and its 200 day moving average price is $29.12.
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Caleres Company Profile
Caleres, Inc, formerly Brown Shoe Company, Inc, is a global footwear retailer and wholesaler. The Company is engaged in the operation of retail shoe stores and e-commerce Websites, as well as the design, sourcing and marketing of footwear for women and men. It operates through two segments: Famous Footwear, which includes its Famous Footwear stores and Famous.com, and Brand Portfolio, which offers retailers and consumers a portfolio of brands from its Healthy Living and Contemporary Fashion platforms.
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