Invesco Ltd. Buys 41,434 Shares of Caleres, Inc. $CAL

Key Points

• Invesco Ltd. increased its stake in Caleres, Inc. by 5.4%, now owning approximately 2.42% of the company's shares, valued at $13.99 million.
• Caleres reported a quarterly earnings miss, with $0.22 EPS compared to an estimate of $0.37, and a revenue decline of 6.8% year-over-year to $614.22 million.
• Loop Capital downgraded Caleres' price target from $16.00 to $14.00 and maintains a "hold" rating, reflecting a cautious outlook for the stock.

Invesco Ltd. lifted its stake in Caleres, Inc. (NYSE:CAL - Free Report) by 5.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 811,952 shares of the textile maker's stock after purchasing an additional 41,434 shares during the period. Invesco Ltd. owned 2.42% of Caleres worth $13,990,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CAL. Versant Capital Management Inc boosted its stake in Caleres by 244.0% in the first quarter. Versant Capital Management Inc now owns 1,455 shares of the textile maker's stock valued at $25,000 after acquiring an additional 1,032 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in Caleres in the fourth quarter valued at approximately $86,000. Golden State Wealth Management LLC boosted its stake in Caleres by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 5,097 shares of the textile maker's stock valued at $88,000 after acquiring an additional 2,548 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Caleres by 33.4% in the first quarter. PNC Financial Services Group Inc. now owns 5,424 shares of the textile maker's stock valued at $93,000 after acquiring an additional 1,359 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Caleres by 1,201.7% in the first quarter. GAMMA Investing LLC now owns 5,988 shares of the textile maker's stock valued at $103,000 after acquiring an additional 5,528 shares during the last quarter. Institutional investors and hedge funds own 98.44% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Loop Capital reduced their price objective on shares of Caleres from $16.00 to $14.00 and set a "hold" rating on the stock in a research note on Friday, May 30th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, Caleres presently has an average rating of "Hold" and a consensus target price of $14.00.

Caleres Price Performance

Shares of NYSE CAL traded down $0.18 during midday trading on Thursday, reaching $15.33. 1,123,736 shares of the stock were exchanged, compared to its average volume of 606,804. The company has a market capitalization of $517.99 million, a price-to-earnings ratio of 6.39 and a beta of 1.14. Caleres, Inc. has a 12 month low of $12.09 and a 12 month high of $43.34. The business has a 50-day simple moving average of $14.12 and a two-hundred day simple moving average of $15.24.

Caleres (NYSE:CAL - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The textile maker reported $0.22 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.15). The company had revenue of $614.22 million during the quarter, compared to the consensus estimate of $622.93 million. Caleres had a net margin of 3.11% and a return on equity of 14.94%. The company's revenue was down 6.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.88 earnings per share. Equities research analysts expect that Caleres, Inc. will post 3.23 earnings per share for the current fiscal year.

Caleres Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.8%. Caleres's dividend payout ratio is currently 11.67%.

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.