Shoe Carnival, Inc. (SCVL) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Shoe Carnival, Inc. (NASDAQ:SCVL) from a hold rating to a buy rating in a report issued on Tuesday morning. Zacks Investment Research currently has $25.00 target price on the stock.
According to Zacks, “Shoe Carnival, Inc. is a high volume, value-oriented retailer of family footwear. They adhere to a highly promotional marketing concept that enables them to be competitive in the retail markets they enter. They provide a selection and variety of footwear normally associated with a category killer superstore in an exciting retail environment. “
A number of other equities research analysts have also issued reports on the company. Susquehanna Bancshares Inc raised Shoe Carnival from a neutral rating to a positive rating and upped their target price for the company from $19.00 to $23.00 in a research note on Wednesday, September 20th. UBS AG raised Shoe Carnival from a neutral rating to a positive rating in a research note on Wednesday, September 20th. Jefferies Group LLC reiterated a hold rating and issued a $20.00 price target (down from $21.00) on shares of Shoe Carnival in a report on Thursday, August 31st. Wedbush began coverage on Shoe Carnival in a report on Monday, August 14th. They issued an outperform rating and a $21.00 price target for the company. Finally, BidaskClub downgraded Shoe Carnival from a sell rating to a strong sell rating in a report on Thursday, August 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. The company currently has an average rating of Hold and an average target price of $22.57.
Shoe Carnival (SCVL) traded up 0.09% during midday trading on Tuesday, hitting $22.20. The company had a trading volume of 106,416 shares. The stock’s 50-day moving average price is $19.16 and its 200-day moving average price is $20.67. The stock has a market cap of $377.82 million, a PE ratio of 18.36 and a beta of 0.94. Shoe Carnival has a 52-week low of $15.08 and a 52-week high of $31.79.
Shoe Carnival (NASDAQ:SCVL) last posted its earnings results on Wednesday, August 30th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.04. Shoe Carnival had a return on equity of 7.37% and a net margin of 2.09%. The firm had revenue of $235.10 million for the quarter, compared to analyst estimates of $232.26 million. During the same quarter in the prior year, the company earned $0.22 EPS. Shoe Carnival’s revenue was up 1.4% on a year-over-year basis. On average, equities research analysts expect that Shoe Carnival will post $1.45 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be issued a dividend of $0.075 per share. The ex-dividend date of this dividend is Friday, September 29th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.35%. Shoe Carnival’s payout ratio is 24.79%.
In related news, Director Charles B. Tomm purchased 11,190 shares of the stock in a transaction that occurred on Friday, September 29th. The stock was purchased at an average cost of $22.69 per share, for a total transaction of $253,901.10. Following the acquisition, the director now owns 16,948 shares in the company, valued at $384,550.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 28.50% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Shoe Carnival by 5.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,059 shares of the company’s stock valued at $100,000 after purchasing an additional 200 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Shoe Carnival by 482.3% in the 1st quarter. JPMorgan Chase & Co. now owns 7,558 shares of the company’s stock valued at $186,000 after purchasing an additional 6,260 shares in the last quarter. Tower Research Capital LLC TRC acquired a new stake in Shoe Carnival in the 2nd quarter valued at $175,000. Tudor Investment Corp ET AL acquired a new stake in Shoe Carnival in the 1st quarter valued at $249,000. Finally, Alliancebernstein L.P. increased its holdings in Shoe Carnival by 13.6% in the 2nd quarter. Alliancebernstein L.P. now owns 10,850 shares of the company’s stock valued at $227,000 after purchasing an additional 1,300 shares in the last quarter. Hedge funds and other institutional investors own 62.74% of the company’s stock.
About Shoe Carnival
Shoe Carnival, Inc is a family footwear retailer. The Company’s primary activity is the sale of footwear and related products through its retail stores in approximately 30 states within the continental United States and in Puerto Rico. It also offers online shopping on its e-commerce site at www.shoecarnival.com.
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