Cato Corporation (The) Same Store Sales Decrease by 10% in August, Stock Drops by 0.7% (NYSE:CATO)

Cato Corporation (The)’s (NYSE:CATO) same-store sales decreased by 10% during the month of August. Cato Corporation (The)’s stock dropped by 0.7% in the first day of trading following the news.

CATO has been the subject of a number of research analyst reports. MKM Partners reaffirmed a “neutral” rating and issued a $20.00 target price (down from $23.00) on shares of Cato Corporation (The) in a research note on Friday, June 9th. BidaskClub raised shares of Cato Corporation (The) from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, TheStreet downgraded shares of Cato Corporation (The) from a “c” rating to a “d+” rating in a research note on Thursday, August 17th.

In other Cato Corporation (The) news, Director Edward I. Weisiger, Jr. purchased 3,000 shares of the stock in a transaction dated Friday, June 23rd. The stock was bought at an average price of $17.20 per share, for a total transaction of $51,600.00. Following the transaction, the director now directly owns 23,084 shares in the company, valued at $397,044.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel Harding Stowe purchased 2,500 shares of the stock in a transaction dated Friday, August 18th. The shares were acquired at an average price of $13.71 per share, with a total value of $34,275.00. Following the transaction, the director now owns 16,686 shares in the company, valued at $228,765.06. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 13,500 shares of company stock valued at $202,525. Insiders own 8.98% of the company’s stock.

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Shares of Cato Corporation (NYSE CATO) opened at 13.19 on Monday. The firm has a market cap of $327.51 million, a PE ratio of 20.84 and a beta of 1.13. Cato Corporation has a 12 month low of $12.20 and a 12 month high of $36.64. The stock’s 50 day moving average is $14.97 and its 200 day moving average is $19.30.

Cato Corporation (The) (NYSE:CATO) last issued its quarterly earnings data on Thursday, August 17th. The specialty retailer reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by $0.14. The business had revenue of $207 million during the quarter, compared to the consensus estimate of $209.50 million. Cato Corporation (The) had a net margin of 1.92% and a return on equity of 4.37%. The firm’s quarterly revenue was down 13.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.57 EPS. Analysts forecast that Cato Corporation will post $0.85 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Monday, September 11th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 10.01%. The ex-dividend date of this dividend is Friday, September 8th. Cato Corporation (The)’s dividend payout ratio is presently 206.25%.

A number of large investors have recently added to or reduced their stakes in CATO. Denver Investment Advisors LLC increased its position in Cato Corporation (The) by 50.3% during the 2nd quarter. Denver Investment Advisors LLC now owns 700,099 shares of the specialty retailer’s stock valued at $12,315,000 after purchasing an additional 234,436 shares during the period. Marshall Wace North America L.P. acquired a new stake in Cato Corporation (The) during the 2nd quarter valued at approximately $2,633,000. State Street Corp increased its position in Cato Corporation (The) by 11.3% during the 2nd quarter. State Street Corp now owns 880,952 shares of the specialty retailer’s stock valued at $15,494,000 after purchasing an additional 89,475 shares during the period. Systematic Financial Management LP acquired a new stake in Cato Corporation (The) during the 2nd quarter valued at approximately $1,361,000. Finally, Ameriprise Financial Inc. increased its position in Cato Corporation (The) by 17.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 271,666 shares of the specialty retailer’s stock valued at $4,779,000 after purchasing an additional 41,038 shares during the period. 88.41% of the stock is owned by institutional investors and hedge funds.

Cato Corporation (The) Company Profile

The Cato Corporation is a fashion specialty retailer. The Company’s merchandise lines include dressy, career, and casual sportswear, dresses, coats, shoes, lingerie, costume jewelry, handbags, men’s wear and lines for kids and newborns. The Company has two segments: the operation of a fashion specialty stores segment (Retail Segment) and a credit card segment (Credit Segment).

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