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 company traded as low as $15.07 and last traded at $14.96. Approximately 67,817 shares changed 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.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CAL shares. Zacks Research lowered Caleres from a "hold" rating to a "strong sell" rating in a research note on Friday, August 29th. Loop Capital lowered their price target on Caleres from $16.00 to $14.00 and set a "hold" rating on the stock in a report on Friday, May 30th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus price target of $14.00.

Caleres Stock Down 5.6%

The firm has a market capitalization of $500.76 million, a P/E ratio of 8.49 and a beta of 1.08. The stock has a fifty day simple moving average of $14.59 and a 200 day simple moving average of $15.12.

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

Caleres Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given 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 1.9%. Caleres's dividend payout ratio is 16.00%.

Institutional Trading of Caleres

Several hedge funds have recently made changes to their positions in the company. Osaic Holdings Inc. grew its stake in shares of Caleres by 1,662.8% in the 2nd quarter. Osaic Holdings Inc. now owns 1,992 shares of the textile maker's stock valued at $25,000 after buying an additional 1,879 shares during the period. Nomura Holdings Inc. acquired a new stake in shares of Caleres in the 2nd quarter valued at $136,000. Public Sector Pension Investment Board grew its position in shares of Caleres by 9.0% in the 2nd quarter. Public Sector Pension Investment Board now owns 116,204 shares of the textile maker's stock valued at $1,420,000 after buying an additional 9,571 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in shares of Caleres by 12.8% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 29,795 shares of the textile maker's stock valued at $364,000 after buying an additional 3,385 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Caleres by 299.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 17,711 shares of the textile maker's stock worth $216,000 after purchasing an additional 13,272 shares during the last quarter. Hedge funds and other institutional investors own 98.44% of the company's stock.

About Caleres

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.

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