Caleres (NYSE:CAL) Shares Down 4.6% - What's Next?

Key Points

• Caleres shares experienced a significant decline of 4.6%, reaching a trading low of $15.07 before settling at $14.96 during mid-day trading.
• Analysts have lowered their ratings, with Zacks Research issuing a "strong sell" rating and Loop Capital reducing their price target from $16.00 to $14.00.
• Caleres' latest earnings report revealed a missed EPS estimate of $0.35 compared to the consensus of $0.51, alongside a 3.6% year-over-year revenue decline.

Caleres, Inc. (NYSE:CAL - Get Free Report)'s stock price dropped 4.6% during mid-day trading on Friday . The stock traded as low as $15.07 and last traded at $14.96. Approximately 67,817 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 908,363 shares. The stock had previously closed at $15.68.

Analysts Set New Price Targets

CAL has been the topic of several recent research reports. Zacks Research downgraded Caleres from a "hold" rating to a "strong sell" rating in a research report on Friday, August 29th. Loop Capital reduced their price objective 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 equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus target price of $14.00.

Caleres Stock Up 3.4%

The company has a market capitalization of $531.96 million, a price-to-earnings ratio of 9.05 and a beta of 1.08. The company has a 50 day simple moving average of $14.68 and a 200 day simple moving average of $15.09.

Caleres (NYSE:CAL - Get Free Report) last announced its quarterly earnings results on Thursday, September 4th. The textile maker reported $0.35 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.16). The firm had revenue of $658.52 million for the quarter, compared to analyst estimates of $656.93 million. Caleres had a return on equity of 11.91% and a net margin of 2.26%.The business's revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.98 earnings per share. On average, research analysts forecast that Caleres, Inc. will post 3.23 EPS for the current fiscal year.

Caleres Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a $0.07 dividend. The ex-dividend date 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 (DPR) is 16.00%.

Institutional Investors Weigh In On Caleres

A number of large investors have recently modified their holdings of CAL. Invenomic Capital Management LP acquired a new stake in shares of Caleres in the first quarter valued at about $11,596,000. Wellington Management Group LLP acquired a new stake in shares of Caleres in the first quarter valued at about $6,642,000. Voloridge Investment Management LLC acquired a new stake in shares of Caleres in the fourth quarter valued at about $8,259,000. Federated Hermes Inc. acquired a new stake in shares of Caleres in the second quarter valued at about $3,908,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Caleres by 60.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 486,530 shares of the textile maker's stock valued at $5,945,000 after buying an additional 183,927 shares in the last quarter. 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.