Williams Trading Upgrades Shoe Carnival (NASDAQ:SCVL) to “Strong-Buy”

Shoe Carnival (NASDAQ:SCVL) was upgraded by analysts at Williams Trading from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other research analysts also recently issued reports on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Shoe Carnival in a research note on Monday, December 29th. Zacks Research cut shares of Shoe Carnival from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 25th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $22.00.

Shoe Carnival Price Performance

SCVL stock opened at $20.32 on Wednesday. Shoe Carnival has a 1-year low of $15.21 and a 1-year high of $26.57. The business has a fifty day moving average price of $19.19 and a 200-day moving average price of $19.62. The stock has a market capitalization of $556.37 million, a P/E ratio of 9.56 and a beta of 1.36.

Shoe Carnival declared that its board has authorized a stock buyback plan on Friday, December 12th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 9.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Shoe Carnival

Several institutional investors have recently made changes to their positions in SCVL. Meros Investment Management LP bought a new position in Shoe Carnival during the 4th quarter valued at about $7,007,000. ProShare Advisors LLC bought a new stake in shares of Shoe Carnival during the 2nd quarter worth approximately $5,809,000. Millennium Management LLC increased its stake in Shoe Carnival by 215.9% in the first quarter. Millennium Management LLC now owns 321,764 shares of the company’s stock worth $7,076,000 after purchasing an additional 219,918 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of Shoe Carnival by 51.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 642,771 shares of the company’s stock valued at $12,026,000 after purchasing an additional 219,443 shares during the period. Finally, Divisadero Street Capital Management LP purchased a new position in Shoe Carnival in the 3rd quarter worth about $3,813,000. Institutional investors own 66.05% of the company’s stock.

Shoe Carnival Company Profile

Shoe Carnival, Inc (NASDAQ: SCVL) is a U.S.-based specialty retailer offering a broad assortment of footwear, apparel and accessories for the entire family. Through its network of brick-and-mortar stores and e-commerce platform, the company provides casual, athletic and dress shoes for men, women and children, as well as complementary apparel, handbags, socks and other accessories designed to deliver value and variety. Its distinctive in-store carnival host service model aims to create an engaging shopping experience and foster customer loyalty.

Founded in 1978 and headquartered in Evansville, Indiana, Shoe Carnival has expanded over four decades to operate more than 350 retail locations across over 30 states.