Pinnacle Associates Ltd. Has $2.04 Million Position in Shoe Carnival, Inc. (NASDAQ:SCVL)

Pinnacle Associates Ltd. boosted its stake in shares of Shoe Carnival, Inc. (NASDAQ:SCVL) by 69.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,540 shares of the company’s stock after acquiring an additional 19,030 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Shoe Carnival were worth $2,041,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of SCVL. Innealta Capital LLC acquired a new stake in Shoe Carnival in the second quarter worth about $41,000. Everence Capital Management Inc. bought a new position in Shoe Carnival during the third quarter worth about $224,000. Maryland State Retirement & Pension System bought a new position in Shoe Carnival during the first quarter worth about $240,000. Summit Global Investments bought a new position in Shoe Carnival during the second quarter worth about $244,000. Finally, EMC Capital Management boosted its holdings in Shoe Carnival by 11.9% during the first quarter. EMC Capital Management now owns 7,468 shares of the company’s stock worth $274,000 after buying an additional 793 shares during the last quarter. 66.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Williams Trading lifted their price objective on Shoe Carnival from $42.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, August 29th.

Shoe Carnival Stock Performance

Shares of Shoe Carnival stock opened at $34.15 on Friday. The business’s 50 day simple moving average is $40.31 and its 200 day simple moving average is $38.42. Shoe Carnival, Inc. has a 52-week low of $21.50 and a 52-week high of $46.92. The firm has a market cap of $927.99 million, a PE ratio of 12.11 and a beta of 1.53.

Shoe Carnival (NASDAQ:SCVL) last announced its earnings results on Thursday, September 5th. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.03. The business had revenue of $332.70 million for the quarter, compared to analyst estimates of $331.45 million. Shoe Carnival had a return on equity of 13.26% and a net margin of 6.26%. Shoe Carnival’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.71 EPS. As a group, equities research analysts predict that Shoe Carnival, Inc. will post 2.65 EPS for the current year.

Shoe Carnival Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, October 21st. Shareholders of record on Monday, October 7th were given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 1.58%. The ex-dividend date was Monday, October 7th. Shoe Carnival’s dividend payout ratio (DPR) is 19.15%.

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.