Shoe Carnival (NASDAQ:SCVL) Hits New 1-Year Low – Here’s Why

Shoe Carnival, Inc. (NASDAQ:SCVL)’s share price hit a new 52-week low during 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.

Wall Street Analysts Forecast Growth

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

Shoe Carnival Stock Performance

The firm has a market cap of $614.59 million, a P/E ratio of 8.32 and a beta of 1.50. The firm’s fifty day simple moving average is $30.06 and its 200 day simple moving average is $35.78.

Shoe Carnival (NASDAQ:SCVL) last posted its earnings results on Thursday, November 21st. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $316.97 million. During the same period in the previous year, the business earned $0.80 earnings per share. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. On average, equities research analysts predict that Shoe Carnival, Inc. will post 2.6 earnings per share for the current year.

Shoe Carnival Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 27th. Investors of record on Monday, January 13th were issued a $0.135 dividend. 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 dividend payout ratio (DPR) is presently 19.85%.

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

Insider Buying and Selling at Shoe Carnival

In other Shoe Carnival news, Chairman Wayne J. Weaver bought 285,500 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $33.91 per share, with a total value of $9,681,305.00. Following the completion of the purchase, the chairman now owns 4,173,529 shares in the company, valued at $141,524,368.39. This represents a 7.34 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 34.70% of the company’s stock.

Hedge Funds Weigh In On Shoe Carnival

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Shoe Carnival by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 1,397,109 shares of the company’s stock worth $46,216,000 after purchasing an additional 8,826 shares during the last quarter. Copeland Capital Management LLC lifted its holdings in Shoe Carnival by 2.5% during the 4th quarter. Copeland Capital Management LLC now owns 1,204,443 shares of the company’s stock valued at $39,843,000 after buying an additional 29,280 shares in the last quarter. Invesco Ltd. lifted its holdings in Shoe Carnival by 10.1% during the 4th quarter. Invesco Ltd. now owns 880,047 shares of the company’s stock valued at $29,112,000 after buying an additional 80,871 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in Shoe Carnival in the 3rd quarter valued at about $37,440,000. Finally, State Street Corp grew its stake in Shoe Carnival by 2.2% in the 3rd quarter. State Street Corp now owns 793,318 shares of the company’s stock worth $34,787,000 after acquiring an additional 17,086 shares in the last quarter. Hedge funds and other institutional investors 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.