Shoe Carnival (NASDAQ:SCVL) Reaches New 52-Week Low – Here’s What Happened

Shoe Carnival, Inc. (NASDAQ:SCVL) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $24.28 and last traded at $24.60, with a volume of 374673 shares changing hands. The stock had previously closed at $24.73.

Analyst Ratings Changes

Separately, StockNews.com raised Shoe Carnival from a “sell” rating to a “hold” rating in a research report on Saturday, November 30th.

Shoe Carnival Stock Down 1.8 %

The firm has a market capitalization of $614.59 million, a PE ratio of 8.32 and a beta of 1.50. The company’s 50-day simple moving average is $30.06 and its 200 day simple moving average is $35.78.

Shoe Carnival (NASDAQ:SCVL) last posted its quarterly earnings data on Thursday, November 21st. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.70 by $0.01. The firm had revenue of $306.90 million during the quarter, compared to analyst estimates of $316.97 million. Shoe Carnival had a net margin of 6.12% and a return on equity of 12.52%. Shoe Carnival’s revenue was down 4.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.80 EPS. On average, sell-side analysts forecast that Shoe Carnival, Inc. will post 2.6 earnings per share for the current fiscal year.

Shoe Carnival Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 27th. Stockholders of record on Monday, January 13th were given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date was Monday, January 13th. Shoe Carnival’s payout ratio is presently 19.85%.

Shoe Carnival declared that its Board of Directors has initiated a stock buyback plan on Thursday, December 12th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Shoe Carnival

In related news, Chairman Wayne J. Weaver purchased 285,500 shares of the business’s stock in a transaction on Friday, December 6th. The shares were acquired at an average price 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 of the company’s stock, valued at $141,524,368.39. This trade represents a 7.34 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 34.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Shoe Carnival

Institutional investors and hedge funds have recently made changes to their positions in the stock. Harvest Fund Management Co. Ltd acquired a new position in shares of Shoe Carnival in the 3rd quarter valued at $62,000. Quarry LP purchased a new stake in Shoe Carnival during the 3rd quarter valued at about $66,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Shoe Carnival in the third quarter valued at about $76,000. KLP Kapitalforvaltning AS purchased a new position in shares of Shoe Carnival in the fourth quarter worth about $99,000. Finally, SG Americas Securities LLC purchased a new position in shares of Shoe Carnival in the fourth quarter worth about $178,000. 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.