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

Shoe Carnival, Inc. (NASDAQ:SCVL) gapped up before the market opened on Thursday following a better than expected earnings announcement. 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 traded.

The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.03. Shoe Carnival had a return on equity of 13.02% and a net margin of 6.20%. The firm had revenue of $332.70 million during the quarter, compared to the consensus estimate of $331.45 million. During the same period in the prior year, the company posted $0.71 earnings per share. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year.

Shoe Carnival Announces Dividend

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

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Shoe Carnival

A number of institutional investors have recently modified their holdings of the business. Empowered Funds LLC increased its position in Shoe Carnival by 40.4% in the 1st quarter. Empowered Funds LLC now owns 114,073 shares of the company’s stock valued at $4,180,000 after acquiring an additional 32,827 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Shoe Carnival by 268.8% during the fourth quarter. BNP Paribas Financial Markets now owns 33,081 shares of the company’s stock worth $999,000 after purchasing an additional 24,110 shares during the period. Wasatch Advisors LP lifted its holdings in shares of Shoe Carnival by 22.2% during the fourth quarter. Wasatch Advisors LP now owns 295,412 shares of the company’s stock worth $8,924,000 after purchasing an additional 53,702 shares during the period. Maryland State Retirement & Pension System purchased a new position in Shoe Carnival in the 1st quarter valued at $240,000. Finally, Russell Investments Group Ltd. increased its stake in Shoe Carnival by 25.1% in the 4th quarter. Russell Investments Group Ltd. now owns 80,300 shares of the company’s stock valued at $2,426,000 after buying an additional 16,107 shares during the period. 66.05% of the stock is owned by institutional investors and hedge funds.

Shoe Carnival Stock Performance

The company has a market cap of $1.09 billion, a PE ratio of 14.82 and a beta of 1.53. The stock’s 50-day simple moving average is $40.04 and its 200 day simple moving average is $36.55.

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.