Cato Corporation (The) Same Store Sales Decrease by 16% in July, Stock Falls by 7.4% (NYSE:CATO)

Cato Corporation (The)’s (NYSE:CATO) same-store sales decreased by 16% during the month of July. Cato Corporation (The)’s stock fell by 7.4% in the first full-day of trading following the report.

CATO has been the subject of several research analyst reports. MKM Partners restated a “neutral” rating and set a $20.00 price target (down from $23.00) on shares of Cato Corporation (The) in a research note on Friday, June 9th. BidaskClub upgraded Cato Corporation (The) from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st.

In other news, Director Edward I. Weisiger, Jr. bought 3,000 shares of Cato Corporation (The) stock in a transaction on Friday, June 23rd. The shares were bought at an average price of $17.20 per share, with a total value of $51,600.00. Following the acquisition, the director now directly owns 23,084 shares in the company, valued at approximately $397,044.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel Harding Stowe bought 2,500 shares of Cato Corporation (The) stock in a transaction on Friday, August 18th. The shares were purchased at an average cost of $13.71 per share, for a total transaction of $34,275.00. Following the acquisition, the director now owns 16,686 shares in the company, valued at $228,765.06. The disclosure for this purchase can be found here. In the last quarter, insiders bought 6,500 shares of company stock valued at $102,635. Insiders own 8.98% of the company’s stock.

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Cato Corporation (CATO) opened at 13.60 on Friday. The company has a market cap of $342.88 million, a P/E ratio of 10.95 and a beta of 1.10. Cato Corporation has a 12-month low of $12.20 and a 12-month high of $36.64. The firm’s 50-day moving average price is $16.37 and its 200-day moving average price is $20.54.

Cato Corporation (The) (NYSE:CATO) last announced its earnings results on Thursday, August 17th. The specialty retailer reported ($0.03) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by $0.14. Cato Corporation (The) had a return on equity of 8.30% and a net margin of 3.70%. The business had revenue of $207 million for the quarter, compared to the consensus estimate of $209.50 million. During the same period in the prior year, the business posted $0.57 earnings per share. The firm’s revenue for the quarter was down 13.4% compared to the same quarter last year. Analysts expect that Cato Corporation will post $1.35 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in CATO. Municipal Employees Retirement System of Michigan boosted its position in shares of Cato Corporation (The) by 21.5% in the second quarter. Municipal Employees Retirement System of Michigan now owns 10,010 shares of the specialty retailer’s stock valued at $176,000 after buying an additional 1,770 shares in the last quarter. Tudor Investment Corp ET AL acquired a new position in shares of Cato Corporation (The) during the second quarter valued at approximately $339,000. Nationwide Fund Advisors boosted its position in shares of Cato Corporation (The) by 20.1% in the second quarter. Nationwide Fund Advisors now owns 21,618 shares of the specialty retailer’s stock valued at $380,000 after buying an additional 3,616 shares in the last quarter. Airain ltd boosted its position in shares of Cato Corporation (The) by 15.3% in the second quarter. Airain ltd now owns 31,598 shares of the specialty retailer’s stock valued at $556,000 after buying an additional 4,199 shares in the last quarter. Finally, AMG National Trust Bank boosted its position in shares of Cato Corporation (The) by 7.4% in the second quarter. AMG National Trust Bank now owns 38,676 shares of the specialty retailer’s stock valued at $681,000 after buying an additional 2,674 shares in the last quarter. 85.35% of the stock is currently owned by institutional investors.

About Cato Corporation (The)

The Cato Corporation is a fashion specialty retailer. The Company’s merchandise lines include dressy, career, and casual sportswear, dresses, coats, shoes, lingerie, costume jewelry, handbags, men’s wear and lines for kids and newborns. The Company has two segments: the operation of a fashion specialty stores segment (Retail Segment) and a credit card segment (Credit Segment).

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