First Manhattan CO. LLC. Boosts Stake in Caleres, Inc. $CAL

Key Points

• First Manhattan CO. LLC increased its stake in Caleres, Inc. by 12.2% in the first quarter, owning approximately 1.67% of the company valued at $9.694 million.
• Multiple institutional investors, including Versant Capital Management Inc. and GAMMA Investing LLC, significantly increased their holdings in Caleres during the same period.
• Caleres recently announced a quarterly dividend of $0.07 per share, yielding approximately 1.9% for investors of record before the ex-dividend date.

First Manhattan CO. LLC. lifted its stake in Caleres, Inc. (NYSE:CAL - Free Report) by 12.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 560,343 shares of the textile maker's stock after buying an additional 60,757 shares during the period. First Manhattan CO. LLC. owned approximately 1.67% of Caleres worth $9,694,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CAL. Nokomis Capital L.L.C. purchased a new position in shares of Caleres in the fourth quarter worth about $18,336,000. Wellington Management Group LLP purchased a new position in shares of Caleres in the first quarter worth about $6,642,000. Voloridge Investment Management LLC purchased a new position in shares of Caleres in the fourth quarter worth about $8,259,000. Bridgeway Capital Management LLC increased its holdings in shares of Caleres by 579.9% in the fourth quarter. Bridgeway Capital Management LLC now owns 256,312 shares of the textile maker's stock worth $5,936,000 after buying an additional 218,611 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in shares of Caleres by 1,022.6% in the fourth quarter. Janus Henderson Group PLC now owns 183,368 shares of the textile maker's stock worth $4,247,000 after buying an additional 167,034 shares during the period. Hedge funds and other institutional investors own 98.44% of the company's stock.

Caleres Price Performance

NYSE:CAL traded up $1.48 during mid-day trading on Friday, reaching $15.72. 1,373,566 shares of the company's stock traded hands, compared to its average volume of 711,995. Caleres, Inc. has a 12-month low of $12.09 and a 12-month high of $39.76. The company has a 50 day moving average price of $14.41 and a 200-day moving average price of $15.15. The firm has a market capitalization of $531.17 million, a price-to-earnings ratio of 8.98 and a beta of 1.08.

Caleres (NYSE:CAL - Get Free Report) last posted its earnings results on Thursday, September 4th. The textile maker reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.51 by ($0.16). Caleres had a return on equity of 11.97% 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 quarter last year, the company posted $0.98 EPS. The firm's revenue was down 3.6% on a year-over-year basis. As a group, analysts forecast that Caleres, Inc. will post 3.23 EPS for the current year.

Caleres Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be issued a dividend of $0.07 per share. 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 is 16.00%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CAL shares. Loop Capital reduced 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. Zacks Research downgraded Caleres from a "hold" rating to a "strong sell" rating in a report on Friday, August 29th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Caleres presently has a consensus rating of "Reduce" and a consensus target price of $14.00.

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.