Caleres (NYSE:CAL) Shares Gap Up on Strong Earnings

Caleres, Inc. (NYSE:CAL) shares gapped up before the market opened 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 trading hands.

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

Caleres Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, March 27th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Thursday, March 27th. This represents a $0.28 annualized dividend and a yield of 1.71%. Caleres’s dividend payout ratio (DPR) is currently 6.24%.

Analyst Upgrades and Downgrades

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

Insider Activity at Caleres

In related news, Director Kyle Gendreau bought 5,000 shares of Caleres stock in a transaction dated Friday, January 17th. The shares were bought at an average cost of $19.93 per share, with a total value of $99,650.00. Following the acquisition, the director now owns 5,000 shares in the company, valued at $99,650. This trade represents a ? increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 3.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Caleres

Several institutional investors and hedge funds have recently bought and sold shares of the company. Smartleaf Asset Management LLC increased its stake in Caleres by 254.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,733 shares of the textile maker’s stock valued at $40,000 after acquiring an additional 1,244 shares during the last quarter. Golden State Wealth Management LLC bought a new position in shares of Caleres in the 4th quarter valued at $59,000. Lee Danner & Bass Inc. acquired a new position in shares of Caleres during the 4th quarter worth $81,000. Canada Pension Plan Investment Board bought a new stake in shares of Caleres during the 4th quarter worth $86,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Caleres in the fourth quarter valued at about $149,000. Institutional investors own 98.44% of the company’s stock.

Caleres Price Performance

The stock has a market cap of $550.61 million, a P/E ratio of 3.62 and a beta of 1.82. The stock has a 50-day simple moving average of $17.78 and a 200-day simple moving average of $25.78.

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.