Shoe Carnival (NASDAQ:SCVL) Shares Gap Up Following Strong Earnings

Shoe Carnival, Inc. (NASDAQ:SCVL)’s stock price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $37.55, but opened at $40.10. Shoe Carnival shares last traded at $42.01, with a volume of 174,364 shares changing hands.

The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.03. The company 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 13.02% and a net margin of 6.20%. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.71 EPS.

Shoe Carnival Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 22nd. Stockholders of record on Monday, July 8th were paid a dividend of $0.135 per share. The ex-dividend date was Monday, July 8th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.34%. Shoe Carnival’s dividend payout ratio (DPR) is presently 19.93%.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Shoe Carnival

Several hedge funds and other institutional investors have recently bought and sold shares of SCVL. Innealta Capital LLC purchased a new position in shares of Shoe Carnival in the second quarter valued at $41,000. Maryland State Retirement & Pension System purchased a new position in Shoe Carnival during the 1st quarter valued at about $240,000. Summit Global Investments acquired a new position in Shoe Carnival during the second quarter worth about $244,000. EMC Capital Management lifted its holdings in shares of Shoe Carnival by 11.9% in the first quarter. EMC Capital Management now owns 7,468 shares of the company’s stock valued at $274,000 after purchasing an additional 793 shares in the last quarter. Finally, Creative Planning acquired a new stake in shares of Shoe Carnival in the second quarter valued at approximately $281,000. 66.05% of the stock is owned by institutional investors and hedge funds.

Shoe Carnival Price Performance

The firm’s 50-day moving average price is $40.04 and its 200 day moving average price is $36.55. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 14.82 and a beta of 1.53.

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.