Shoe Carnival (NASDAQ:SCVL) Shares Gap Down – What’s Next?

Shares of Shoe Carnival, Inc. (NASDAQ:SCVL) gapped down before the market opened on Thursday . The stock had previously closed at $22.65, but opened at $21.40. Shoe Carnival shares last traded at $22.72, with a volume of 136,518 shares trading hands.

Analysts Set New Price Targets

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

Shoe Carnival Price Performance

The company’s 50-day moving average price is $25.07 and its two-hundred day moving average price is $32.87. The company has a market capitalization of $584.81 million, a price-to-earnings ratio of 7.91 and a beta of 1.51.

Shoe Carnival (NASDAQ:SCVL) last posted its quarterly earnings data on Thursday, March 20th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.12. Shoe Carnival had a net margin of 6.12% and a return on equity of 12.52%. The company had revenue of $262.90 million during the quarter, compared to analysts’ expectations of $277.89 million. During the same period in the prior year, the company posted $0.59 earnings per share. Shoe Carnival’s revenue for the quarter was down 6.2% compared to the same quarter last year. On average, equities research analysts expect that Shoe Carnival, Inc. will post 2.6 EPS for the current fiscal year.

Shoe Carnival Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.79%. This is a boost from Shoe Carnival’s previous quarterly dividend of $0.14. The ex-dividend date is Monday, April 7th. Shoe Carnival’s dividend payout ratio (DPR) is presently 19.85%.

Shoe Carnival announced that its board has approved a share repurchase program on Thursday, December 12th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 5.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Shoe Carnival

A number of large investors have recently bought and sold shares of the stock. FMR LLC grew its holdings in Shoe Carnival by 8.7% in the third quarter. FMR LLC now owns 4,266 shares of the company’s stock worth $187,000 after purchasing an additional 343 shares during the period. Sei Investments Co. grew its holdings in Shoe Carnival by 0.8% in the fourth quarter. Sei Investments Co. now owns 56,940 shares of the company’s stock worth $1,884,000 after purchasing an additional 437 shares during the period. Sterling Capital Management LLC grew its holdings in Shoe Carnival by 5.8% in the fourth quarter. Sterling Capital Management LLC now owns 9,284 shares of the company’s stock worth $307,000 after purchasing an additional 511 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Shoe Carnival by 17.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,795 shares of the company’s stock worth $225,000 after purchasing an additional 987 shares during the period. Finally, Snowden Capital Advisors LLC grew its holdings in Shoe Carnival by 9.1% in the fourth quarter. Snowden Capital Advisors LLC now owns 13,447 shares of the company’s stock worth $445,000 after purchasing an additional 1,123 shares during the period. 66.05% of the stock is currently owned by institutional investors and hedge funds.

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.