Caleres (NYSE:CAL) Issues Earnings Results, Meets Estimates

Caleres (NYSE:CAL) posted its earnings results on Tuesday. The textile maker reported $0.86 EPS for the quarter, hitting the consensus estimate of $0.86, Briefing.com reports. The company had revenue of $697.10 million during the quarter, compared to the consensus estimate of $694.32 million. Caleres had a net margin of 6.10% and a return on equity of 29.77%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.65 earnings per share.

Caleres Trading Up 3.8 %

NYSE:CAL traded up $1.52 during trading hours on Thursday, hitting $41.57. 134,872 shares of the company traded hands, compared to its average volume of 376,502. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 8.33 and a beta of 1.99. Caleres has a twelve month low of $16.85 and a twelve month high of $41.89. The firm has a 50-day moving average of $34.88 and a 200 day moving average of $30.57.

Caleres Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Thursday, March 28th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.67%. The ex-dividend date is Wednesday, March 27th. Caleres’s payout ratio is currently 5.82%.

Insider Activity at Caleres

In related news, CEO John W. Schmidt sold 25,332 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $38.71, for a total transaction of $980,601.72. Following the completion of the transaction, the chief executive officer now directly owns 335,663 shares in the company, valued at approximately $12,993,514.73. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Willis Hill sold 1,650 shares of the stock in a transaction on Monday, January 8th. The shares were sold at an average price of $30.07, for a total value of $49,615.50. Following the completion of the transaction, the insider now owns 59,214 shares in the company, valued at approximately $1,780,564.98. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO John W. Schmidt sold 25,332 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $38.71, for a total transaction of $980,601.72. Following the completion of the transaction, the chief executive officer now owns 335,663 shares of the company’s stock, valued at approximately $12,993,514.73. The disclosure for this sale can be found here. Insiders sold a total of 52,318 shares of company stock worth $1,834,002 in the last ninety days. 5.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Caleres

A number of hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in shares of Caleres by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 445,331 shares of the textile maker’s stock worth $8,608,000 after purchasing an additional 3,167 shares during the last quarter. Citigroup Inc. grew its holdings in shares of Caleres by 6.3% in the 1st quarter. Citigroup Inc. now owns 36,560 shares of the textile maker’s stock worth $706,000 after purchasing an additional 2,172 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Caleres in the 1st quarter worth about $535,000. MetLife Investment Management LLC grew its holdings in shares of Caleres by 53.3% in the 1st quarter. MetLife Investment Management LLC now owns 20,589 shares of the textile maker’s stock worth $398,000 after purchasing an additional 7,161 shares during the last quarter. Finally, Panagora Asset Management Inc. grew its holdings in shares of Caleres by 6.9% in the 1st quarter. Panagora Asset Management Inc. now owns 42,925 shares of the textile maker’s stock worth $830,000 after purchasing an additional 2,776 shares during the last quarter. Institutional investors and hedge funds own 88.44% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on CAL shares. KeyCorp started coverage on shares of Caleres in a research report on Wednesday, February 7th. They issued a “sector weight” rating for the company. Piper Sandler boosted their price objective on shares of Caleres from $30.00 to $35.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Loop Capital boosted their price objective on shares of Caleres from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.00.

About Caleres

Caleres, Inc engages in the retail and wholesale of footwear business in the United States, Canada, Eastern 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.