Cato Corp’s Same Store Sales Numbers Beat Analysts’ Estimates (NYSE:CATO)

Cato’s (NYSE:CATO) same store sales climbed 5% during the month of August. Cato’s shares rose by 0.9% in the first day of trading following the news.

Several brokerages have recently commented on CATO. MKM Partners upped their price target on Cato to $20.00 and gave the company a “neutral” rating in a research note on Friday, May 25th. ValuEngine raised Cato from a “hold” rating to a “buy” rating in a research note on Thursday, June 7th.

Shares of Cato stock opened at $20.91 on Friday. Cato has a 52 week low of $10.76 and a 52 week high of $26.88. The firm has a market capitalization of $529.21 million, a PE ratio of 18.33 and a beta of 0.55.

Cato (NYSE:CATO) last announced its quarterly earnings results on Thursday, August 23rd. The specialty retailer reported $0.26 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.04). Cato had a net margin of 2.01% and a return on equity of 8.70%. The business had revenue of $208.92 million during the quarter.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Monday, September 17th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 6.31%. The ex-dividend date is Friday, September 14th.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in Cato by 29.3% during the 1st quarter. BlackRock Inc. now owns 4,088,134 shares of the specialty retailer’s stock worth $60,257,000 after acquiring an additional 926,833 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Cato by 0.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 617,118 shares of the specialty retailer’s stock worth $15,193,000 after acquiring an additional 5,249 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in Cato by 17.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 472,599 shares of the specialty retailer’s stock worth $11,636,000 after acquiring an additional 70,064 shares in the last quarter. WINTON GROUP Ltd acquired a new position in Cato during the 2nd quarter worth about $9,310,000. Finally, Acadian Asset Management LLC lifted its stake in Cato by 593.9% during the 2nd quarter. Acadian Asset Management LLC now owns 237,117 shares of the specialty retailer’s stock worth $5,837,000 after acquiring an additional 202,945 shares in the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

About Cato

The Cato Corporation, together with its subsidiaries, operates as a specialty retailer of fashion apparel and accessories primarily in the southeastern United States. It operates through two segments, Retail and Credit. The company's stores and e-commerce Websites offer a range of apparel and accessories, including dressy, career, and casual sportswear; and dresses, coats, shoes, lingerie, costume jewelry, and handbags.

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