Caleres (CAL) Shares Down 8.7% After Earnings Miss

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Caleres Inc (NYSE:CAL) shares traded down 8.7% during trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $22.95 and last traded at $23.51. 2,053,025 shares traded hands during trading, an increase of 388% from the average session volume of 421,092 shares. The stock had previously closed at $25.75.

The textile maker reported $0.38 EPS for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.07). The business had revenue of $720.26 million for the quarter, compared to the consensus estimate of $738.12 million. Caleres had a return on equity of 13.58% and a net margin of 3.21%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the company earned $0.48 earnings per share.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 9th. Investors of record on Tuesday, March 26th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Monday, March 25th. This represents a $0.28 dividend on an annualized basis and a yield of 1.19%. Caleres’s dividend payout ratio (DPR) is presently 12.96%.

Caleres announced that its board has approved a share buyback program on Friday, December 14th that allows the company to buyback 2,500,000 outstanding shares. This buyback authorization allows the textile maker to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

A number of equities research analysts recently commented on the company. Loop Capital decreased their price target on Caleres to $26.00 and set a “hold” rating on the stock in a research report on Friday. Wedbush reiterated an “outperform” rating on shares of Caleres in a research report on Tuesday, March 12th. Finally, Zacks Investment Research upgraded Caleres from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 23rd. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Caleres presently has a consensus rating of “Hold” and an average price target of $38.75.

In other Caleres news, insider Daniel R. Freidman sold 5,000 shares of the stock in a transaction on Thursday, February 21st. The stock was sold at an average price of $30.00, for a total value of $150,000.00. Following the transaction, the insider now directly owns 74,046 shares in the company, valued at approximately $2,221,380. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.60% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. First Hawaiian Bank bought a new position in shares of Caleres in the 4th quarter worth $25,000. Riverhead Capital Management LLC boosted its position in shares of Caleres by 36.9% in the 3rd quarter. Riverhead Capital Management LLC now owns 5,196 shares of the textile maker’s stock worth $186,000 after purchasing an additional 1,400 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of Caleres by 121.5% in the 3rd quarter. Pacer Advisors Inc. now owns 7,704 shares of the textile maker’s stock worth $276,000 after purchasing an additional 4,226 shares during the last quarter. Lenox Wealth Management Inc. boosted its position in shares of Caleres by 3,574.6% in the 4th quarter. Lenox Wealth Management Inc. now owns 10,252 shares of the textile maker’s stock worth $286,000 after purchasing an additional 9,973 shares during the last quarter. Finally, Rafferty Asset Management LLC bought a new position in shares of Caleres in the 3rd quarter worth $288,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

The company has a quick ratio of 0.39, a current ratio of 1.19 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $1.11 billion, a PE ratio of 10.88 and a beta of 0.76.

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Caleres Company Profile (NYSE:CAL)

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

Further Reading: Cost of Equity

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