Caleres (NYSE:CAL) Shares Gap Up Following Insider Buying Activity

Caleres, Inc. (NYSE:CAL - Get Free Report)'s share price gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $17.23, but opened at $17.73. Caleres shares last traded at $17.70, with a volume of 106,009 shares.

Specifically, Director Lori Greeley bought 9,000 shares of Caleres stock in a transaction on Thursday, March 27th. The shares were bought at an average cost of $17.77 per share, for a total transaction of $159,930.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at approximately $177,700. This trade represents a 900.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Wall Street Analysts Forecast Growth

Separately, Loop Capital cut their price objective on shares of Caleres from $17.00 to $16.00 and set a "hold" rating for the company in a research report on Friday.

Caleres Trading Up 3.1 %

The business has a 50 day simple moving average of $17.02 and a two-hundred day simple moving average of $24.21. The company has a market cap of $537.90 million, a PE ratio of 3.56 and a beta of 1.82.

Caleres (NYSE:CAL - Get Free Report) last released its earnings results on Thursday, March 20th. The textile maker reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.06. The firm had revenue of $639.20 million for the quarter, compared to the consensus estimate of $645.79 million. Caleres had a return on equity of 22.71% and a net margin of 5.69%. The firm's revenue for the quarter was down 8.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.86 earnings per share. On average, equities research analysts expect that Caleres, Inc. will post 3.23 earnings per share for the current fiscal year.

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Caleres Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, March 27th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.75%. The ex-dividend date is Thursday, March 27th. Caleres's dividend payout ratio (DPR) is 9.12%.

Hedge Funds Weigh In On Caleres

A number of large investors have recently bought and sold shares of CAL. Nokomis Capital L.L.C. purchased a new position in shares of Caleres in the 4th quarter worth $18,336,000. Voloridge Investment Management LLC purchased a new position in shares of Caleres in the 4th quarter worth about $8,259,000. Invesco Ltd. lifted its stake in shares of Caleres by 48.6% in the 4th quarter. Invesco Ltd. now owns 770,518 shares of the textile maker's stock valued at $17,845,000 after purchasing an additional 252,140 shares in the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of Caleres by 579.9% during the 4th quarter. Bridgeway Capital Management LLC now owns 256,312 shares of the textile maker's stock worth $5,936,000 after purchasing an additional 218,611 shares during the period. Finally, FMR LLC increased its position in Caleres by 30.1% during the 3rd quarter. FMR LLC now owns 929,968 shares of the textile maker's stock worth $30,735,000 after purchasing an additional 215,372 shares in the last quarter. Hedge funds and other institutional investors own 98.44% of the company's stock.

About Caleres

Caleres, Inc engages in the retail and wholesale of footwear business in the United States, Canada, East Asia, and internationally. It operates through Famous Footwear and Brand Portfolio segments. The company offers licensed, branded, and private-label athletic, casual, and dress footwear products. The company provides brand name athletic, casual, and dress shoes, including Nike, Skechers, adidas, Vans, Crocs, Converse, Puma, Birkenstock, New Balance, Under Armour, Dr.