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

Caleres, Inc. (NYSE:CAL)’s share price gapped up before the market opened on Thursday following a better than expected earnings announcement. 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, beating analysts’ consensus estimates of $0.27 by $0.06. The business had revenue of $639.20 million for the quarter, compared to analysts’ expectations of $645.79 million. Caleres had a net margin of 5.69% and a return on equity of 22.71%. The company’s quarterly revenue was down 8.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.86 EPS.

Caleres Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, March 27th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Thursday, March 27th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.66%. Caleres’s payout ratio is 6.24%.

Analyst Ratings Changes

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

Insider Activity at Caleres

In other news, Director Kyle Gendreau acquired 5,000 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 5,000 shares in the company, valued at approximately $99,650. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 3.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Caleres

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Caleres in the 4th quarter valued at $1,616,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Caleres by 31.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 100,962 shares of the textile maker’s stock valued at $2,338,000 after buying an additional 24,316 shares during the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Caleres during the 4th quarter worth $8,259,000. Vident Advisory LLC boosted its position in shares of Caleres by 32.6% during the 4th quarter. Vident Advisory LLC now owns 15,918 shares of the textile maker’s stock worth $369,000 after purchasing an additional 3,912 shares in the last quarter. Finally, Tidal Investments LLC purchased a new stake in shares of Caleres during the 4th quarter worth $406,000. 98.44% of the stock is currently owned by hedge funds and other institutional investors.

Caleres Stock Performance

The company has a market capitalization of $568.83 million, a PE ratio of 3.77 and a beta of 1.82. The firm’s 50-day simple moving average is $17.68 and its 200 day simple moving average is $25.72.

About Caleres

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.