Zacks Investment Research Downgrades Caleres (CAL) to Sell

Caleres (NYSE:CAL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday, 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 analysts have also issued reports about the company. Loop Capital upgraded Caleres from a “hold” rating to a “buy” rating and raised their target price for the company from $26.00 to $32.00 in a report on Wednesday, April 10th. Macquarie set a $38.00 target price on Caleres and gave the company a “buy” rating in a report on Friday, March 22nd. TheStreet lowered Caleres from a “b-” rating to a “c” rating in a report on Friday, March 22nd. Wedbush restated an “outperform” rating on shares of Caleres in a report on Tuesday, March 12th. Finally, ValuEngine lowered Caleres from a “hold” rating to a “sell” rating in a report on Friday, March 22nd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $39.25.

Shares of NYSE:CAL traded up $0.83 during midday trading on Monday, hitting $26.69. 709,650 shares of the stock were exchanged, compared to its average volume of 470,012. The company has a current ratio of 1.14, a quick ratio of 0.34 and a debt-to-equity ratio of 0.31. Caleres has a 52-week low of $22.85 and a 52-week high of $41.09. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 12.08 and a beta of 0.73.

Caleres (NYSE:CAL) last announced its quarterly earnings data on Thursday, March 21st. The textile maker reported $0.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.07). Caleres had a positive return on equity of 13.26% and a negative net margin of 0.19%. The firm had revenue of $720.26 million for the quarter, compared to analysts’ expectations of $738.12 million. During the same quarter in the prior year, the business posted $0.48 earnings per share. Caleres’s revenue was up 2.5% on a year-over-year basis. On average, sell-side analysts forecast that Caleres will post 2.52 EPS for the current year.

In other Caleres news, insider Daniel R. Freidman sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 21st. The stock was sold at an average price of $30.00, for a total transaction of $150,000.00. Following the transaction, the insider now directly owns 74,046 shares in the company, valued at $2,221,380. The transaction was disclosed in a filing with the SEC, which is available through this link. 5.60% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of CAL. Norges Bank bought a new position in shares of Caleres in the fourth quarter worth about $28,085,000. Macquarie Group Ltd. increased its stake in shares of Caleres by 76.0% in 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 period. Royce & Associates LP increased its stake in shares of Caleres by 94.0% in 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 period. Eagle Asset Management Inc. bought a new position in shares of Caleres in the fourth quarter worth about $6,544,000. Finally, BlackRock Inc. increased its stake in shares of Caleres by 3.5% in the third quarter. BlackRock Inc. now owns 6,085,926 shares of the textile maker’s stock worth $218,239,000 after purchasing an additional 205,275 shares during the period. Institutional investors and hedge funds 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.

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