Caleres (NYSE:CAL) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Posted by Adam Dyson on Mar 16th, 2023

Caleres (NYSE:CAL – Get Rating) released its quarterly earnings results on Tuesday. The textile maker reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.01, Yahoo Finance reports. Caleres had a return on equity of 48.52% and a net margin of 5.92%. The business had revenue of $696.40 million during the quarter, compared to analyst estimates of $691.56 million. During the same quarter in the previous year, the company posted $0.91 earnings per share. Caleres’s revenue for the quarter was up 2.5% on a year-over-year basis.

Caleres Stock Up 1.1 %

Shares of Caleres stock opened at $23.47 on Thursday. The stock’s 50-day simple moving average is $24.68 and its 200-day simple moving average is $24.64. Caleres has a 52 week low of $18.98 and a 52 week high of $31.13. The company has a market capitalization of $836.00 million, a price-to-earnings ratio of 5.04 and a beta of 1.75.

Caleres Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 6th. Stockholders of record on Thursday, March 23rd will be given a $0.07 dividend. The ex-dividend date of this dividend is Wednesday, March 22nd. This represents a $0.28 annualized dividend and a dividend yield of 1.19%. Caleres’s payout ratio is 6.01%.

Insider Activity

In other news, insider Diane M. Sullivan sold 19,900 shares of the business’s stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $26.99, for a total value of $537,101.00. Following the transaction, the insider now directly owns 125,291 shares in the company, valued at $3,381,604.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Diane M. Sullivan sold 1,900 shares of the business’s stock in a transaction dated Tuesday, January 31st. The stock was sold at an average price of $26.08, for a total value of $49,552.00. Following the transaction, the insider now directly owns 158,336 shares in the company, valued at $4,129,402.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Diane M. Sullivan sold 19,900 shares of the business’s stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $26.99, for a total value of $537,101.00. Following the completion of the transaction, the insider now owns 125,291 shares in the company, valued at $3,381,604.09. The disclosure for this sale can be found here. Insiders have sold 24,580 shares of company stock worth $659,476 over the last ninety days. Corporate insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On Caleres

Several large investors have recently made changes to their positions in CAL. Moneta Group Investment Advisors LLC lifted its position in shares of Caleres by 108,172.2% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 32,231,553 shares of the textile maker’s stock worth $718,119,000 after buying an additional 32,201,784 shares in the last quarter. BlackRock Inc. lifted its position in shares of Caleres by 0.6% in the first quarter. BlackRock Inc. now owns 5,968,696 shares of the textile maker’s stock worth $115,374,000 after buying an additional 36,096 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Caleres by 4.7% in the first quarter. Vanguard Group Inc. now owns 3,840,810 shares of the textile maker’s stock worth $74,243,000 after buying an additional 171,567 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Caleres by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,734,821 shares of the textile maker’s stock worth $33,535,000 after buying an additional 33,793 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its position in shares of Caleres by 4.3% in the third quarter. Neuberger Berman Group LLC now owns 878,135 shares of the textile maker’s stock worth $21,302,000 after buying an additional 35,937 shares in the last quarter. 87.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CAL has been the subject of several recent research reports. StockNews.com lowered Caleres from a “buy” rating to a “hold” rating in a report on Wednesday. CL King cut their price target on Caleres from $37.00 to $35.00 in a report on Thursday, November 17th. Finally, Piper Sandler raised Caleres from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $26.00 to $35.00 in a report on Tuesday, February 21st.

About Caleres

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Caleres, Inc engages in the retail and wholesale of footwear. It operates through the following segments: Famous Footwear, Brand Portfolio, and Other. The Famous Footwear segment provides brand-name athletic, casual, and dress shoes for the entire family. The Brand Portfolio segment offers retailers and consumers a portfolio of brands by designing, developing, sourcing, manufacturing, and marketing branded footwear for women and men.