Caleres Inc. (CAL) Trading 14.2% Higher Following Analyst Upgrade
Caleres Inc. (NYSE:CAL) was up 14.2% on Thursday after Jefferies Group raised their price target on the stock from $24.00 to $27.00. Jefferies Group currently has a hold rating on the stock. Caleres traded as high as $33.47 and last traded at $32.49, with a volume of 1,649,405 shares changing hands. The stock had previously closed at $28.45.
The analysts wrote, “Caleres drove solid 3Q results against a challenging retail backdrop. Better than expected top-line at Famous Footwear and GM expansion helped deliver a bottom-line beat. That said, we continue to view risk/reward balanced here and maintain our Hold rating.””
A number of other equities research analysts also recently commented on the stock. Zacks Investment Research raised shares of Caleres from a “sell” rating to a “hold” rating in a research report on Friday, September 23rd. Susquehanna started coverage on shares of Caleres in a research report on Friday, September 16th. They issued a “neutral” rating and a $25.00 target price for the company. Finally, Morgan Stanley reaffirmed a “hold” rating and issued a $30.00 target price on shares of Caleres in a research report on Wednesday, September 7th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $28.17.
Several hedge funds and other institutional investors have recently modified their holdings of CAL. Piedmont Investment Advisors LLC acquired a new position in shares of Caleres during the third quarter valued at $434,000. Hillcrest Asset Management LLC boosted its position in shares of Caleres by 1.3% in the third quarter. Hillcrest Asset Management LLC now owns 248,521 shares of the company’s stock valued at $6,285,000 after buying an additional 3,250 shares in the last quarter. Penn Capital Management Co. Inc. boosted its position in shares of Caleres by 116.8% in the third quarter. Penn Capital Management Co. Inc. now owns 375,468 shares of the company’s stock valued at $9,496,000 after buying an additional 202,280 shares in the last quarter. Panagora Asset Management Inc. boosted its position in shares of Caleres by 9.5% in the third quarter. Panagora Asset Management Inc. now owns 343,606 shares of the company’s stock valued at $8,690,000 after buying an additional 29,780 shares in the last quarter. Finally, Gotham Asset Management LLC boosted its position in shares of Caleres by 91.8% in the third quarter. Gotham Asset Management LLC now owns 43,498 shares of the company’s stock valued at $1,100,000 after buying an additional 20,825 shares in the last quarter. Institutional investors and hedge funds own 85.04% of the company’s stock.
The firm has a 50-day moving average of $26.19 and a 200 day moving average of $25.17. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of 17.19 and a beta of 0.52.
Caleres (NYSE:CAL) last posted its earnings results on Tuesday, November 22nd. The company reported $0.81 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.01. Caleres had a net margin of 3.28% and a return on equity of 13.76%. The company earned $732.20 million during the quarter, compared to analysts’ expectations of $734.09 million. During the same quarter in the prior year, the company posted $0.80 earnings per share. Caleres’s revenue for the quarter was up .5% compared to the same quarter last year. On average, equities analysts forecast that Caleres Inc. will post $2.02 earnings per share for the current fiscal year.
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Caleres Company Profile
Caleres, Inc, formerly Brown Shoe Company, Inc, is a global footwear retailer and wholesaler. The Company is engaged 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. It operates through two segments: Famous Footwear, which includes its Famous Footwear stores and Famous.com, and Brand Portfolio, which offers retailers and consumers a portfolio of brands from its Healthy Living and Contemporary Fashion platforms.
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