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

Shares of 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 traded.

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

Caleres Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, March 27th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend is Thursday, March 27th. Caleres’s payout ratio is 9.12%.

Analysts Set New Price Targets

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

Insider Transactions at Caleres

In other Caleres news, Director Kyle Gendreau acquired 5,000 shares of the firm’s stock in a transaction dated Friday, January 17th. The shares were acquired at an average price of $19.93 per share, for a total transaction of $99,650.00. Following the completion of the acquisition, the director now directly owns 5,000 shares of the company’s stock, valued at $99,650. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Caleres

Several hedge funds have recently made changes to their positions in the business. Smartleaf Asset Management LLC boosted its holdings 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 acquired a new position in Caleres in the fourth quarter valued at $59,000. Lee Danner & Bass Inc. acquired a new position in Caleres in the fourth quarter valued at $81,000. Canada Pension Plan Investment Board purchased a new position in Caleres in the fourth quarter valued at about $86,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Caleres in the fourth quarter valued at about $149,000. Institutional investors and hedge funds own 98.44% of the company’s stock.

Caleres Price Performance

The firm has a market capitalization of $556.90 million, a PE ratio of 3.69 and a beta of 1.82. The stock has a 50-day moving average price of $17.59 and a 200-day moving average price of $25.54.

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.