Caleres (NYSE:CAL) Announces Quarterly Earnings Results

Key Points

• Caleres reported quarterly earnings of $0.35 per share, missing the consensus estimate of $0.51 by $0.16.
• The company announced a quarterly dividend of $0.07 per share, resulting in an annualized dividend of $0.28 and a yield of 1.9%.
• Research analysts have downgraded shares of Caleres, with Zacks reporting a shift from a "hold" to a "strong sell" rating, reflecting concerns over the stock's performance.

Caleres (NYSE:CAL - Get Free Report) posted its earnings results on Thursday. The textile maker reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.16), Zacks reports. Caleres had a return on equity of 11.91% and a net margin of 2.26%.The firm had revenue of $658.52 million for the quarter, compared to analysts' expectations of $656.93 million. During the same period in the previous year, the company earned $0.98 earnings per share. The company's revenue was down 3.6% compared to the same quarter last year.

Caleres Stock Performance

Shares of NYSE CAL traded down $0.12 during mid-day trading on Monday, reaching $15.58. The company's stock had a trading volume of 1,105,716 shares, compared to its average volume of 909,610. The stock has a 50-day moving average of $14.41 and a two-hundred day moving average of $15.12. The stock has a market capitalization of $526.59 million, a P/E ratio of 8.90 and a beta of 1.08. Caleres has a 1-year low of $12.09 and a 1-year high of $38.93.

Caleres Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.8%. Caleres's dividend payout ratio is presently 16.00%.

Analysts Set New Price Targets

A number of brokerages have issued reports on CAL. Zacks Research downgraded Caleres from a "hold" rating to a "strong sell" rating in a research report on Friday, August 29th. Loop Capital decreased their target price on Caleres from $16.00 to $14.00 and set a "hold" rating on the stock in a research report on Friday, May 30th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus price target of $14.00.

Institutional Trading of Caleres

A number of hedge funds have recently bought and sold shares of CAL. Federated Hermes Inc. acquired a new stake in shares of Caleres in the second quarter valued at approximately $3,908,000. Arrowstreet Capital Limited Partnership boosted its stake in Caleres by 60.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 486,530 shares of the textile maker's stock worth $5,945,000 after buying an additional 183,927 shares during the last quarter. Bank of America Corp DE grew its holdings in Caleres by 110.5% in the 2nd quarter. Bank of America Corp DE now owns 302,568 shares of the textile maker's stock valued at $3,697,000 after buying an additional 158,829 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Caleres in the 2nd quarter worth $1,858,000. Finally, Paradigm Capital Management Inc. NY raised its holdings in shares of Caleres by 18.8% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 877,000 shares of the textile maker's stock worth $10,717,000 after acquiring an additional 138,500 shares during the period. Institutional investors and hedge funds own 98.44% of the company's stock.

Caleres Company Profile

Caleres, Inc engages in the retail and wholesale of footwear business in the United States, Canada, East Asia, and internationally. It operates through Famous Footwear and Brand Portfolio segments. The company offers licensed, branded, and private-label athletic, casual, and dress footwear products. The company provides brand name athletic, casual, and dress shoes, including Nike, Skechers, adidas, Vans, Crocs, Converse, Puma, Birkenstock, New Balance, Under Armour, Dr.