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 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. “

A number of other equities analysts have also issued reports on CAL. Loop Capital decreased their price target on Caleres to $26.00 and set a “hold” rating for the company in a research note on Friday, March 22nd. TheStreet lowered Caleres from a “b-” rating to a “c” rating in a research note on Friday, March 22nd. Macquarie set a $38.00 price target on Caleres and gave the company a “buy” rating in a research note on Friday, March 22nd. Wedbush reaffirmed an “outperform” rating on shares of Caleres in a research note on Tuesday, March 12th. Finally, ValuEngine lowered Caleres from a “hold” rating to a “sell” rating in a research note on Friday, March 22nd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $39.25.

CAL traded up $0.83 during trading hours on Monday, hitting $26.69. The company’s stock had a trading volume of 709,650 shares, compared to its average volume of 470,012. Caleres has a fifty-two week low of $22.85 and a fifty-two week 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. The stock has a market cap of $1.08 billion, a P/E ratio of 12.08 and a beta of 0.73.

Caleres (NYSE:CAL) last posted its earnings results on Thursday, March 21st. The textile maker reported $0.38 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.07). Caleres had a negative net margin of 0.19% and a positive return on equity of 13.26%. The business had revenue of $720.26 million during the quarter, compared to analyst estimates of $738.12 million. During the same quarter in the prior year, the business earned $0.48 earnings per share. The firm’s revenue was up 2.5% compared to the same quarter last year. Equities analysts anticipate 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 stock in a transaction on Thursday, February 21st. The stock was sold at an average price of $30.00, for a total transaction of $150,000.00. Following the completion of the transaction, the insider now directly owns 74,046 shares of the company’s stock, valued at approximately $2,221,380. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 5.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of CAL. Bank of New York Mellon Corp boosted its stake in Caleres by 3.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 613,261 shares of the textile maker’s stock valued at $21,992,000 after purchasing an additional 20,474 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Caleres by 3.5% during the 3rd quarter. BlackRock Inc. now owns 6,085,926 shares of the textile maker’s stock worth $218,239,000 after acquiring an additional 205,275 shares in the last quarter. Riverhead Capital Management LLC boosted its stake in shares of Caleres by 36.9% during the 3rd quarter. Riverhead Capital Management LLC now owns 5,196 shares of the textile maker’s stock worth $186,000 after acquiring an additional 1,400 shares in the last quarter. Envestnet Asset Management Inc. bought a new stake in shares of Caleres during the 3rd quarter worth $2,790,000. Finally, Pacer Advisors Inc. boosted its stake in shares of Caleres by 121.5% during the 3rd quarter. Pacer Advisors Inc. now owns 7,704 shares of the textile maker’s stock worth $276,000 after acquiring an additional 4,226 shares in the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

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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