Zacks Investment Research upgrades Caleres (NYSE:CAL) to “Strong-Buy”


Caleres (NYSE: CAL – Get a Grade) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note released Thursday, Zacks.com reports. The company currently has a price target of $31.00 on shares of the textile maker. Zacks Investment Research’s target price would suggest a potential upside of 12.48% from the company’s current price.

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 includes Famous Footwear and Brand Portfolio. The Company’s 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. “

Several other research analysts have also recently published reports on the company. TheStreet upgraded Caleres from a “c+” rating to a “b-” rating in a research note on Tuesday. StockNews.com upgraded Caleres from a “buy” rating to a “strong buy” rating in a Monday, April 11 research rating. Finally, Telsey Advisory Group raised its target price on Caleres to $32.00 in a research note on Wednesday. Two research analysts gave the stock a buy rating and two gave the company a strong buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and a consensus target price of $33.00.

NYSE:CAL shares traded down $0.37 on Thursday, hitting $27.56. The company’s shares had a trading volume of 1,648,678 shares, compared to an average volume of 693,634. Caleres has a 12-month low of $17.82 and a 12-month high of $29.36 . The company has a market capitalization of $1.05 billion, a price-earnings ratio of 7.76 and a beta of 2.09. The stock’s 50-day moving average is $22.15 and its two-hundred-day moving average is $22.69.

Caleres (NYSE:CAL – Get Rating) last released its quarterly results on Tuesday, May 24. The textile maker reported earnings per share (EPS) of $1.32 for the quarter, beating the consensus estimate of $0.83 by $0.49. Caleres had a return on equity of 61.12% and a net margin of 4.93%. The company posted revenue of $735.12 million in the quarter, compared to $677.28 million expected by analysts. In the same quarter a year earlier, the company posted earnings of $0.60 per share. The company’s revenue for the quarter increased by 15.1% compared to the same quarter last year. On average, equity research analysts expect Caleres to post earnings per share of 3.88 for the current year.

Separately, director Carla C. Hendra sold 3,261 shares in a trade dated Thursday, March 17. The stock was sold at an average price of $20.74, for a total value of $67,633.14. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. Additionally, CAO Todd E. Hasty acquired 2,500 shares of Caleres in a trade that took place on Thursday, March 17. The shares were acquired at an average cost of $21.00 per share, with a total value of $52,500.00. Disclosure of this purchase can be found here. Company insiders own 4.90% of the company’s shares.

Institutional investors have recently changed their positions in the stock. California State Teachers Retirement System increased its shareholding in Caleres by 0.9% during the third quarter. California State Teachers Retirement System now owns 51,187 shares of the textile maker worth $1,137,000 after buying 445 additional shares last quarter. Cornercap Investment Counsel Inc. increased its stake in Caleres shares by 1.0% during the 3rd quarter. Cornercap Investment Counsel Inc. now owns 48,348 shares of the textile maker worth $1,074,000 after buying 461 additional shares last quarter. Barclays PLC increased its stake in Caleres shares by 1.6% during the 4th quarter. Barclays PLC now owns 44,747 shares in the textile maker worth $1,015,000 after buying an additional 725 shares last quarter. Claris Advisors LLC MO increased its equity stake in Caleres by 7.6% during the 1st quarter. Claris Advisors LLC MO now owns 12,762 shares of the textile maker worth $247,000 after buying 903 additional shares last quarter. Finally, Deutsche Bank AG increased its stake in Caleres shares by 4.3% during the third quarter. Deutsche Bank AG now owns 25,013 shares of the textile maker worth $556,000 after buying 1,032 more shares last quarter. 81.45% of the shares are held by hedge funds and other institutional investors.

About Caleres (Get an evaluation)

Caleres, Inc is engaged in the retail and wholesale of footwear in the United States, Canada, China and Guam. It operates through Famous Footwear and Brand Portfolio segments. The Company offers licensed, branded and private label athletic, casual and dress shoes for women, men and children.

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