Shoe Carnival, Inc. (NASDAQ:SCVL) shares saw strong trading volume on Friday following a better than expected earnings announcement. 2,410,951 shares traded hands during trading, an increase of 1,161% from the previous session’s volume of 191,135 shares.The stock last traded at $26.75 and had previously closed at $20.63.
The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.08. The business had revenue of $287.47 million for the quarter, compared to analyst estimates of $286.90 million. Shoe Carnival had a return on equity of 7.82% and a net margin of 2.17%.
Several research analysts have issued reports on SCVL shares. Zacks Investment Research upgraded Shoe Carnival from a “sell” rating to a “hold” rating in a report on Wednesday, July 26th. BidaskClub lowered Shoe Carnival from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Wedbush started coverage on Shoe Carnival in a report on Monday, August 14th. They issued an “outperform” rating and a $21.00 price target on the stock. Susquehanna Bancshares Inc reiterated a “hold” rating and issued a $18.00 price target on shares of Shoe Carnival in a report on Monday, August 28th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $20.00 price objective (down from $21.00) on shares of Shoe Carnival in a research note on Thursday, August 31st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $24.14.
In other Shoe Carnival news, Director Charles B. Tomm purchased 11,190 shares of the firm’s stock in a transaction that occurred on Friday, September 29th. The stock was bought at an average cost of $22.69 per share, with a total value of $253,901.10. Following the completion of the transaction, the director now owns 16,948 shares of the company’s stock, valued at approximately $384,550.12. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 28.50% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of SCVL. Marshall Wace North America L.P. purchased a new stake in Shoe Carnival in the second quarter worth $2,052,000. Russell Investments Group Ltd. increased its position in Shoe Carnival by 67.4% in the second quarter. Russell Investments Group Ltd. now owns 89,641 shares of the company’s stock worth $1,872,000 after buying an additional 36,100 shares during the last quarter. Prudential Financial Inc. increased its position in Shoe Carnival by 35.7% in the second quarter. Prudential Financial Inc. now owns 153,749 shares of the company’s stock worth $3,210,000 after buying an additional 40,480 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in Shoe Carnival by 33.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 124,803 shares of the company’s stock worth $2,606,000 after buying an additional 30,936 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in Shoe Carnival by 19.3% in the second quarter. Ameriprise Financial Inc. now owns 83,309 shares of the company’s stock worth $1,741,000 after buying an additional 13,459 shares during the last quarter. 62.25% of the stock is owned by institutional investors.
The company has a quick ratio of 0.25, a current ratio of 3.38 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $455.29, a PE ratio of 18.45, a PEG ratio of 1.54 and a beta of 0.90.
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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