Caleres (NYSE:CAL) Shares Gap Up Following Better-Than-Expected Earnings

Caleres, Inc. (NYSE:CAL) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $16.39, but opened at $16.80. Caleres shares last traded at $16.93, with a volume of 79,229 shares changing hands.

The textile maker reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.06. The firm had revenue of $639.20 million during the quarter, compared to analyst estimates of $645.79 million. Caleres had a return on equity of 22.71% and a net margin of 5.69%. The company’s revenue was down 8.3% on a year-over-year basis. During the same period last year, the company earned $0.86 earnings per share.

Caleres Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, March 27th will be given a $0.07 dividend. The ex-dividend date is Thursday, March 27th. This represents a $0.28 annualized dividend and a dividend yield of 1.71%. Caleres’s dividend payout ratio is currently 6.24%.

Wall Street Analysts Forecast Growth

Separately, Loop Capital lowered their price target on Caleres from $30.00 to $25.00 and set a “hold” rating for the company in a research note on Friday, December 6th.

Insider Activity

In other Caleres news, Director Kyle Gendreau bought 5,000 shares of Caleres stock in a transaction on Friday, January 17th. The shares were purchased at an average cost of $19.93 per share, for a total transaction of $99,650.00. Following the completion of the acquisition, the director now owns 5,000 shares in the company, valued at approximately $99,650. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 3.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Caleres

Several large investors have recently modified their holdings of CAL. Pacer Advisors Inc. acquired a new position in shares of Caleres in the 3rd quarter valued at approximately $49,783,000. Nokomis Capital L.L.C. bought a new position in Caleres in the fourth quarter valued at approximately $18,336,000. Voloridge Investment Management LLC acquired a new position in shares of Caleres in the fourth quarter valued at approximately $8,259,000. Invesco Ltd. increased its position in shares of Caleres by 48.6% during the fourth quarter. Invesco Ltd. now owns 770,518 shares of the textile maker’s stock worth $17,845,000 after acquiring an additional 252,140 shares in the last quarter. Finally, Bridgeway Capital Management LLC lifted its position in Caleres by 579.9% in the 4th quarter. Bridgeway Capital Management LLC now owns 256,312 shares of the textile maker’s stock valued at $5,936,000 after acquiring an additional 218,611 shares in the last quarter. 98.44% of the stock is currently owned by institutional investors.

Caleres Stock Performance

The firm’s 50-day moving average is $17.78 and its 200 day moving average is $25.78. The firm has a market capitalization of $550.61 million, a P/E ratio of 3.62 and a beta of 1.82.

Caleres Company Profile

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.