Caleres (CAL) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Caleres (NYSE:CAL) from a hold rating to a sell rating in a research report sent to investors on Monday morning, 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. “

CAL has been the subject of a number of other research reports. Macquarie set a $38.00 target price on shares of Caleres and gave the stock a buy rating in a research report on Friday, March 22nd. ValuEngine cut Caleres from a hold rating to a sell rating in a report on Friday, March 22nd. Loop Capital upgraded Caleres from a hold rating to a buy rating and upped their price target for the stock from $26.00 to $32.00 in a report on Wednesday, April 10th. TheStreet cut Caleres from a b- rating to a c rating in a report on Friday, March 22nd. Finally, Wedbush restated an outperform rating on shares of Caleres in a report on Tuesday, March 12th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $39.25.

CAL opened at $26.69 on Monday. The company has a market cap of $1.08 billion, a P/E ratio of 12.08 and a beta of 0.73. Caleres has a 1 year low of $22.85 and a 1 year high of $41.09. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.14 and a quick ratio of 0.34.

Caleres (NYSE:CAL) last posted its earnings results on Thursday, March 21st. The textile maker reported $0.38 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.07). The business had revenue of $720.26 million for the quarter, compared to analyst estimates of $738.12 million. Caleres had a positive return on equity of 13.26% and a negative net margin of 0.19%. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period last year, the company posted $0.48 EPS. On average, analysts expect that Caleres will post 2.52 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 9th. Shareholders of record on Tuesday, March 26th were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend was Monday, March 25th. Caleres’s dividend payout ratio is presently 12.67%.

In other Caleres news, insider Daniel R. Freidman sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, February 21st. The stock was sold at an average price of $30.00, for a total value of $150,000.00. Following the completion of the transaction, the insider now owns 74,046 shares in the company, valued at approximately $2,221,380. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.60% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the company. Blueshift Asset Management LLC bought a new position in Caleres during the fourth quarter worth $586,000. Legal & General Group Plc lifted its stake in Caleres by 8.9% during the third quarter. Legal & General Group Plc now owns 102,127 shares of the textile maker’s stock worth $3,665,000 after purchasing an additional 8,324 shares during the last quarter. Macquarie Group Ltd. lifted its stake in Caleres by 76.0% during the third quarter. Macquarie Group Ltd. now owns 1,378,173 shares of the textile maker’s stock worth $49,421,000 after purchasing an additional 594,937 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Caleres by 2.5% during the fourth quarter. Bank of New York Mellon Corp now owns 628,486 shares of the textile maker’s stock worth $17,491,000 after purchasing an additional 15,225 shares during the last quarter. Finally, Royce & Associates LP lifted its stake in Caleres by 94.0% during the fourth quarter. Royce & Associates LP now owns 725,923 shares of the textile maker’s stock worth $20,202,000 after purchasing an additional 351,780 shares during the last quarter. Institutional investors own 91.59% 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.

Read More: What Does a Sell-Side Analyst Rating Mean?

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