Caleres, Inc. (NYSE:CAL) was the recipient of a large decrease in short interest in September. As of September 30th, there was short interest totalling 2,090,000 shares, a decrease of 26.7% from the September 15th total of 2,850,000 shares. Approximately 5.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 796,200 shares, the days-to-cover ratio is presently 2.6 days.
Hedge funds and other institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its holdings in shares of Caleres by 252.0% in the second quarter. PNC Financial Services Group Inc. now owns 5,846 shares of the textile maker's stock worth $48,000 after buying an additional 4,185 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Caleres by 5,295.0% in the first quarter. Tower Research Capital LLC TRC now owns 7,553 shares of the textile maker's stock worth $39,000 after acquiring an additional 7,413 shares during the period. Bank of Montreal Can increased its stake in shares of Caleres by 187.3% in the second quarter. Bank of Montreal Can now owns 7,680 shares of the textile maker's stock worth $52,000 after acquiring an additional 5,007 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of Caleres by 25.2% in the second quarter. Public Employees Retirement System of Ohio now owns 10,510 shares of the textile maker's stock worth $88,000 after acquiring an additional 2,116 shares during the period. Finally, Advisor Group Holdings Inc. acquired a new stake in shares of Caleres in the first quarter worth $55,000. 78.88% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently issued reports on CAL shares. Zacks Investment Research upgraded shares of Caleres from a "sell" rating to a "hold" rating and set a $12.00 target price on the stock in a research report on Wednesday, September 2nd. ValuEngine upgraded shares of Caleres from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, July 7th. Finally, 140166 upgraded shares of Caleres from a "negative" rating to a "positive" rating and set a $7.00 price target on the stock in a report on Friday, July 10th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. The stock has an average rating of "Buy" and a consensus price target of $16.60.
NYSE:CAL traded down $0.42 during midday trading on Friday, reaching $9.27. 411,022 shares of the stock traded hands, compared to its average volume of 913,955. Caleres has a 12-month low of $3.12 and a 12-month high of $24.86. The business has a 50-day moving average of $9.68 and a two-hundred day moving average of $7.64. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.35 and a current ratio of 0.91. The stock has a market capitalization of $351.44 million, a PE ratio of -1.02 and a beta of 1.99.
Caleres (NYSE:CAL) last posted its earnings results on Tuesday, September 1st. The textile maker reported ($0.57) EPS for the quarter, beating the Zacks' consensus estimate of ($1.02) by $0.45. The company had revenue of $501.40 million during the quarter, compared to analysts' expectations of $450.11 million. Caleres had a negative net margin of 14.57% and a negative return on equity of 5.67%. Caleres's revenue for the quarter was down 33.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.62 earnings per share. Research analysts anticipate that Caleres will post -1.92 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Friday, September 11th were issued a $0.07 dividend. The ex-dividend date of this dividend was Thursday, September 10th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 3.02%. Caleres's dividend payout ratio is currently 13.33%.
Caleres Company Profile
Caleres, Inc engages in the retail and wholesale of footwear in the United States, China, Canada, Guam, and Italy. It operates through Famous Footwear and Brand Portfolio segments. The company offers licensed, branded, and private-label casual, dress, and athletic footwear products to women, men, and children.
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7 Tech Stocks To Buy On Sale
This too shall pass. Those four words should be taped to the computer screen of every investor. If you own shares of the tech sector, you’ve seen your portfolio take quite a hit. Tech stocks were largely immune from the effects of the pandemic.
However, as investors are looking to rebalance their portfolios, tech stocks were obvious targets for some profit-taking. And at the end of the day, that’s what I believe the latest tech selloff amounts to. Stocks don’t move in one direction all the time. Sure, there may be some saber-rattling about breaking up big tech. But with an election in less than two months, nobody will have the political will to do anything.
That doesn’t mean that it’s all going to be smooth sailing. Sure, the Federal Reserve did its part by promising low-interest rates until the end of time (or at least through 2023 whatever comes first). But the rest of 2020 is likely to be volatile for stocks.
First, there’s still the novel coronavirus hanging around. It’s not going to simply disappear after election day. That will take some combination of a vaccine and/or therapeutic. And all the likely candidates seem to be getting farther away the deeper into clinical trials they get.
And we have an election. But we are not likely to know the winner of the election on election night. In fact, for those who remember the spectacle of “hanging chads”, this election could make that one look like amateur hour.
The bottom line is there will be uncertainty. But there are always gains to be found, particularly now that their stock price has come down a little bit. Here are seven tech stocks that you can look to add or increase a position in now that they’re trading at a discount.
View the "7 Tech Stocks To Buy On Sale".