Shoe Carnival (NASDAQ:SCVL) Hits New 12-Month Low – Here’s What Happened

Shoe Carnival, Inc. (NASDAQ:SCVL) shares hit a new 52-week low during mid-day trading on Monday . The company traded as low as $25.43 and last traded at $25.46, with a volume of 350816 shares. The stock had previously closed at $27.06.

Analyst Ratings Changes

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

Shoe Carnival Stock Down 5.9 %

The firm has a market cap of $691.75 million, a PE ratio of 9.36 and a beta of 1.50. The company’s fifty day moving average price is $32.45 and its two-hundred day moving average price is $37.16.

Shoe Carnival (NASDAQ:SCVL) last posted its earnings results 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. Shoe Carnival had a return on equity of 12.52% and a net margin of 6.12%. The company had revenue of $306.90 million for the quarter, compared to analyst estimates of $316.97 million. During the same quarter in the prior year, the company earned $0.80 earnings per share. Shoe Carnival’s revenue was down 4.1% compared to the same quarter last year. As a group, analysts predict that Shoe Carnival, Inc. will post 2.6 earnings per share for the current year.

Shoe Carnival Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, January 27th. Shareholders of record on Monday, January 13th were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend was Monday, January 13th. Shoe Carnival’s dividend payout ratio (DPR) is presently 19.85%.

Shoe Carnival announced that its board has initiated a share repurchase plan on Thursday, December 12th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Shoe Carnival

In other news, Chairman Wayne J. Weaver bought 285,500 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $33.91 per share, for a total transaction of $9,681,305.00. Following the completion of the transaction, the chairman now owns 4,173,529 shares in the company, valued at $141,524,368.39. The trade was a 7.34 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 34.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Shoe Carnival

Several hedge funds have recently made changes to their positions in SCVL. Sei Investments Co. lifted its position in Shoe Carnival by 1.1% during the second quarter. Sei Investments Co. now owns 52,816 shares of the company’s stock worth $1,948,000 after buying an additional 595 shares during the period. Millennium Management LLC lifted its holdings in shares of Shoe Carnival by 726.1% during the 2nd quarter. Millennium Management LLC now owns 101,831 shares of the company’s stock worth $3,757,000 after acquiring an additional 89,504 shares during the period. Creative Planning acquired a new stake in shares of Shoe Carnival in the second quarter worth approximately $281,000. Everence Capital Management Inc. purchased a new stake in Shoe Carnival in the third quarter valued at approximately $224,000. Finally, Tectonic Advisors LLC increased its position in Shoe Carnival by 2.2% during the third quarter. Tectonic Advisors LLC now owns 48,986 shares of the company’s stock worth $2,148,000 after purchasing an additional 1,056 shares during the last quarter. Institutional investors and hedge funds own 66.05% of the company’s stock.

About Shoe Carnival

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.