Zacks Investment Research Lowers Caleres (NYSE:CAL) to Sell

Caleres (NYSE:CAL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, Zacks.com reports.

According to Zacks, “Caleres, Inc. is a footwear retailer and wholesaler. The Company is involved in the operation of retail shoe stores and e-commerce Websites as well as the design, sourcing and marketing of footwear for women and men. Its operating segment consists of Famous Footwear and Brand Portfolio. The company brands include Nike, Skechers, Bearpaw, Converse, Vans, New Balance, adidas, Asics, Sperry and Sof Sole, LifeStride, Dr. Scholl’s, Fergalicious, Naturalizer and Carlos. Caleres, Inc., formerly known as Brown Shoe Company, Inc., is headquartered in St. Louis, Missouri. “

Other equities research analysts also recently issued reports about the company. Loop Capital reduced their price target on Caleres to $25.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Needham & Company LLC reiterated a “buy” rating and issued a $24.00 target price on shares of Caleres in a research note on Wednesday, November 27th. ValuEngine upgraded Caleres from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, Susquehanna Bancshares reiterated a “buy” rating and set a $26.00 target price on shares of Caleres in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $26.80.

Shares of CAL stock traded down $0.39 during trading hours on Tuesday, reaching $21.23. 386,284 shares of the stock were exchanged, compared to its average volume of 656,416. Caleres has a 12-month low of $14.30 and a 12-month high of $32.28. The company has a current ratio of 1.01, a quick ratio of 0.29 and a debt-to-equity ratio of 1.27. The company’s 50-day moving average price is $22.62 and its 200-day moving average price is $20.29. The firm has a market capitalization of $864.49 million, a price-to-earnings ratio of 9.61 and a beta of 0.83.

Caleres (NYSE:CAL) last posted its quarterly earnings data on Monday, November 25th. The textile maker reported $0.78 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($0.03). The firm had revenue of $792.40 million during the quarter, compared to analysts’ expectations of $819.97 million. Caleres had a positive return on equity of 13.84% and a negative net margin of 0.44%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $0.81 earnings per share. On average, sell-side analysts expect that Caleres will post 2.37 EPS for the current year.

Hedge funds have recently modified their holdings of the business. Versant Capital Management Inc grew its stake in Caleres by 5,789.5% in the third quarter. Versant Capital Management Inc now owns 1,119 shares of the textile maker’s stock worth $26,000 after purchasing an additional 1,100 shares in the last quarter. Quadrant Capital Group LLC raised its position in Caleres by 128.9% during the 3rd quarter. Quadrant Capital Group LLC now owns 3,886 shares of the textile maker’s stock valued at $89,000 after purchasing an additional 2,188 shares in the last quarter. Bank of Montreal Can raised its position in Caleres by 267.0% during the 2nd quarter. Bank of Montreal Can now owns 4,782 shares of the textile maker’s stock valued at $96,000 after purchasing an additional 3,479 shares in the last quarter. Quantamental Technologies LLC raised its position in Caleres by 15.4% during the 2nd quarter. Quantamental Technologies LLC now owns 5,986 shares of the textile maker’s stock valued at $119,000 after purchasing an additional 801 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Caleres by 22.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 6,378 shares of the textile maker’s stock worth $149,000 after buying an additional 1,162 shares during the period. Institutional investors and hedge funds own 97.07% of the company’s stock.

About Caleres

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: Quiet Period Expirations

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