Shoe Carnival (NASDAQ:SCVL) Shares Down 4.7% – Here’s Why

Shoe Carnival, Inc. (NASDAQ:SCVL)’s stock price dropped 4.7% on Monday . The stock traded as low as $37.86 and last traded at $37.87. Approximately 48,306 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 232,735 shares. The stock had previously closed at $39.73.

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.

Shoe Carnival Trading Down 5.9 %

The company has a fifty day simple moving average of $41.54 and a 200-day simple moving average of $38.38. The company has a market capitalization of $1.02 billion, a PE ratio of 13.77 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 for the quarter, topping the consensus estimate of $0.80 by $0.03. The company had revenue of $332.70 million during the quarter, compared to analyst estimates of $331.45 million. Shoe Carnival had a net margin of 6.26% and a return on equity of 13.26%. Shoe Carnival’s revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.71 earnings per share. On average, equities analysts predict that Shoe Carnival, Inc. will post 2.65 EPS for the current fiscal year.

Shoe Carnival Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, October 7th will be issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend is Monday, October 7th. Shoe Carnival’s payout ratio is 19.93%.

Institutional Trading of Shoe Carnival

A number of large investors have recently bought and sold shares of SCVL. Everence Capital Management Inc. purchased a new stake in shares of Shoe Carnival in the third quarter valued at approximately $224,000. Creative Planning purchased a new stake in shares of Shoe Carnival in the 2nd quarter worth about $281,000. Millennium Management LLC raised its position in Shoe Carnival by 726.1% during the second quarter. Millennium Management LLC now owns 101,831 shares of the company’s stock worth $3,757,000 after acquiring an additional 89,504 shares during the last quarter. Maverick Capital Ltd. lifted its holdings in shares of Shoe Carnival by 98.9% in the second quarter. Maverick Capital Ltd. now owns 56,790 shares of the company’s stock valued at $2,095,000 after purchasing an additional 28,233 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its stake in Shoe Carnival by 5.2% in the 2nd quarter. Public Sector Pension Investment Board now owns 39,420 shares of the company’s stock valued at $1,454,000 after buying an additional 1,946 shares in the last quarter. Institutional investors and hedge funds own 66.05% of the company’s stock.

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.