Caleres Inc. (NYSE:CAL) executive chair Diane M. Sullivan has sold a significant portion of her shares in the company, according to recent filings. Over the course of two days, Sullivan sold a total of 36,625 shares of Caleres stock, with the transactions amounting to over $1.35 million.
The sales were executed in multiple transactions with prices ranging from $35.9897 to $37.4741 per share. On April 22, 2024, Sullivan sold 12,126 shares at a weighted average price of $35.9897. The following day, two separate sales were made: one for 1,500 shares at an average price of $36.5598 and another for 22,999 shares at an average price of $37.4741.
These transactions were part of a pre-arranged trading plan under Rule 10b5-1, which allows company insiders to set up a scheduled plan for buying or selling securities. This plan was adopted by Sullivan on January 19, 2024, indicating that the sales were planned well in advance and not based on any immediate market information.
Following the transactions, Sullivan's direct holdings in Caleres have decreased but still amount to a substantial portion of company stock, reflecting her ongoing investment in the footwear manufacturer's future.
Investors and followers of Caleres Inc. often monitor insider sales as they can provide insights into executives' perspectives on the company's valuation and future prospects. However, it's worth noting that such sales can be motivated by a variety of personal financial planning reasons and may not necessarily signal a change in company outlook.
Caleres Inc., headquartered in St. Louis, Missouri, is a global footwear company with a portfolio of renowned brands. The company continues to be a significant player in the footwear industry, with a focus on innovation and strategic growth.
InvestingPro Insights
Amidst the news of executive chair Diane M. Sullivan's share sales, Caleres Inc. (NYSE:CAL) has shown notable financial metrics that could be of interest to investors seeking to understand the company's current market position. According to InvestingPro data, Caleres boasts a market capitalization of approximately $1.3 billion, with a price-to-earnings (P/E) ratio of 7.73, indicating that the stock may be trading at a low earnings multiple compared to industry peers.
InvestingPro data also reveals that the company has maintained a consistent dividend, with a current yield of 0.74%, showcasing its commitment to returning value to shareholders. Furthermore, Caleres has experienced significant stock price appreciation, with a 65.8% return over the last year and a 23.45% return over the last three months, highlighting potential investor confidence in the company's performance.
InvestingPro Tips suggest that Caleres has a high shareholder yield, which could be an attractive feature for income-focused investors. Additionally, the company is predicted to be profitable this year, an aspect that might reassure investors looking for stable earnings growth.
For those interested in a deeper dive into Caleres Inc.'s financial health and future prospects, InvestingPro offers additional tips that could further inform investment decisions. For instance, there are 4 analysts who have recently revised their earnings estimates downwards for the upcoming period, which may warrant attention. For more comprehensive analysis, visit https://www.investing.com/pro/CAL and use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. In total, there are 11 InvestingPro Tips available to help guide your investment strategy.
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