Caleres, Inc. (CAL) Sees Large Volume Increase Following Dividend Announcement
Shares of Caleres, Inc. (NYSE:CAL) saw an uptick in trading volume on Thursday following a dividend announcement from the company. 952,745 shares traded hands during mid-day trading, an increase of 210% from the previous session’s volume of 306,977 shares.The stock last traded at $25.26 and had previously closed at $24.50.
The newly announced dividend which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 18th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Friday, September 15th. This represents a $0.28 annualized dividend and a dividend yield of 1.06%. Caleres’s dividend payout ratio is presently 19.18%.
Several brokerages have recently commented on CAL. BidaskClub downgraded Caleres from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. TheStreet upgraded Caleres from a “c+” rating to a “b-” rating in a research note on Thursday, July 27th. Susquehanna Bancshares Inc upgraded Caleres from a “neutral” rating to a “positive” rating and set a $31.00 target price for the company in a research note on Tuesday, May 30th. UBS AG upgraded Caleres from a “neutral” rating to a “positive” rating in a research note on Tuesday, May 30th. Finally, Zacks Investment Research upgraded Caleres from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a research note on Wednesday, July 12th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $31.40.
The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of 18.03 and a beta of 1.07. The stock’s 50-day moving average price is $26.13 and its 200-day moving average price is $27.40.
Caleres (NYSE:CAL) last issued its quarterly earnings results on Thursday, May 25th. The textile maker reported $0.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.03. Caleres had a net margin of 2.39% and a return on equity of 13.80%. The business had revenue of $631.50 million for the quarter, compared to analyst estimates of $621.31 million. During the same quarter in the prior year, the business posted $0.41 EPS. Caleres’s revenue for the quarter was up 8.0% compared to the same quarter last year. Analysts expect that Caleres, Inc. will post $2.18 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of CAL. Verition Fund Management LLC bought a new position in shares of Caleres during the second quarter worth about $229,000. State Street Corp raised its position in shares of Caleres by 8.0% in the second quarter. State Street Corp now owns 1,251,450 shares of the textile maker’s stock worth $34,764,000 after buying an additional 92,687 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Caleres by 11.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,588,016 shares of the textile maker’s stock worth $99,676,000 after buying an additional 367,654 shares during the last quarter. Citadel Advisors LLC raised its position in shares of Caleres by 62.1% in the second quarter. Citadel Advisors LLC now owns 88,106 shares of the textile maker’s stock worth $2,447,000 after buying an additional 33,739 shares during the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in shares of Caleres by 14.5% in the second quarter. Parametric Portfolio Associates LLC now owns 152,863 shares of the textile maker’s stock worth $4,247,000 after buying an additional 19,341 shares during the last quarter. Institutional investors and hedge funds own 83.92% of the company’s stock.
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Caleres Company Profile
Caleres, 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. The Company operates through two segments: Famous Footwear and Brand Portfolio.
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