Shoe Carnival (NASDAQ:SCVL) Sets New 1-Year Low – What’s Next?

Shoe Carnival, Inc. (NASDAQ:SCVL)’s share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $25.38 and last traded at $25.46, with a volume of 14892 shares trading hands. The stock had previously closed at $25.74.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Shoe Carnival from a “sell” rating to a “hold” rating in a research note on Saturday, November 30th.

Shoe Carnival Price Performance

The company has a market capitalization of $692.56 million, a price-to-earnings ratio of 9.37 and a beta of 1.50. The business’s 50-day moving average price is $31.29 and its two-hundred day moving average price is $36.45.

Shoe Carnival (NASDAQ:SCVL) last announced its quarterly earnings data on Thursday, November 21st. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.01. The firm had revenue of $306.90 million during the quarter, compared to analysts’ expectations of $316.97 million. Shoe Carnival had a return on equity of 12.52% and a net margin of 6.12%. The company’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.80 EPS. As a group, research analysts predict that Shoe Carnival, Inc. will post 2.6 EPS for the current year.

Shoe Carnival Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 27th. Shareholders of record on Monday, January 13th were paid a dividend of $0.135 per share. The ex-dividend date of this dividend was Monday, January 13th. This represents a $0.54 dividend on an annualized basis and a yield of 2.12%. Shoe Carnival’s payout ratio is 19.85%.

Shoe Carnival announced that its board has authorized a stock repurchase program on Thursday, December 12th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to repurchase up to 5.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, Chairman Wayne J. Weaver purchased 285,500 shares of Shoe Carnival stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $33.91 per share, for a total transaction of $9,681,305.00. Following the purchase, the chairman now owns 4,173,529 shares in the company, valued at approximately $141,524,368.39. This trade represents a 7.34 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 34.70% of the company’s stock.

Hedge Funds Weigh In On Shoe Carnival

A number of institutional investors have recently added to or reduced their stakes in the stock. Creative Planning bought a new stake in shares of Shoe Carnival during the second quarter worth $281,000. Everence Capital Management Inc. bought a new stake in Shoe Carnival during the 3rd quarter worth $224,000. Tectonic Advisors LLC grew its position in Shoe Carnival by 2.2% during the 3rd quarter. Tectonic Advisors LLC now owns 48,986 shares of the company’s stock worth $2,148,000 after acquiring an additional 1,056 shares during the last quarter. New York State Teachers Retirement System increased its holdings in Shoe Carnival by 6.0% in the 3rd quarter. New York State Teachers Retirement System now owns 23,545 shares of the company’s stock worth $1,032,000 after purchasing an additional 1,341 shares in the last quarter. Finally, Pinnacle Associates Ltd. raised its position in Shoe Carnival by 69.2% in the third quarter. Pinnacle Associates Ltd. now owns 46,540 shares of the company’s stock valued at $2,041,000 after purchasing an additional 19,030 shares during the last quarter. 66.05% of the stock is currently owned by institutional investors and hedge funds.

Shoe Carnival Company Profile

Shoe Carnival, Inc, together with its subsidiaries, operates as a family footwear retailer in the United States. The company offers range of dress, casual, work, and athletic shoes, as well as sandals and boots for men, women, and children; and various accessories. The company also operates stores, and sells its products through online shopping at shoecarnival.com, as well as through mobile app.