Shoe Carnival (SCVL) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Shoe Carnival (NASDAQ:SCVL) from a strong-buy rating to a hold rating in a research note published on Wednesday.

According to Zacks, “Shoe Carnival, Inc. is one of the nation’s largest family footwear retailers, offering a broad assortment of moderately priced dress, casual and athletic footwear for men, women and children with emphasis on national and regional name brands. The Company operates 404 stores in 33 states and Puerto Rico, and offers online shopping at www.shoecarnival.com. Headquartered in Evansville, IN, Shoe Carnival trades on the NASDAQ Stock Market LLC under the symbol SCVL. Shoe Carnival is committed to earning the highest level of respect of their customers, shareholders, communities and employees. “

SCVL has been the subject of a number of other research reports. Wedbush restated an outperform rating and issued a $38.00 price objective (up previously from $33.00) on shares of Shoe Carnival in a research report on Thursday, August 23rd. BidaskClub upgraded shares of Shoe Carnival from a hold rating to a buy rating in a research report on Tuesday, August 21st. Citigroup downgraded shares of Shoe Carnival from a buy rating to a neutral rating and set a $32.00 price objective for the company. in a research report on Thursday, July 19th. They noted that the move was a valuation call. Pivotal Research downgraded shares of Shoe Carnival from a buy rating to a hold rating and lifted their price target for the company from $43.00 to $45.00 in a research report on Tuesday, September 4th. Finally, Susquehanna Bancshares reiterated a neutral rating on shares of Shoe Carnival in a research report on Thursday, July 19th. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $35.17.

Shares of NASDAQ:SCVL opened at $40.80 on Wednesday. The stock has a market capitalization of $656.43 million, a P/E ratio of 17.29 and a beta of 0.79. Shoe Carnival has a 52 week low of $18.01 and a 52 week high of $45.00.

Shoe Carnival (NASDAQ:SCVL) last announced its quarterly earnings data on Tuesday, August 28th. The company reported $0.76 EPS for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.20. The firm had revenue of $268.37 million during the quarter, compared to the consensus estimate of $265.16 million. Shoe Carnival had a net margin of 2.98% and a return on equity of 12.06%. The firm’s revenue was up 14.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.24 earnings per share. Equities analysts forecast that Shoe Carnival will post 2.16 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, October 22nd. Stockholders of record on Monday, October 8th were given a dividend of $0.08 per share. The ex-dividend date was Thursday, October 4th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.78%. Shoe Carnival’s payout ratio is 21.48%.

In other news, Director Kent A. Kleeberger sold 2,172 shares of Shoe Carnival stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $44.11, for a total transaction of $95,806.92. Following the completion of the sale, the director now directly owns 16,460 shares in the company, valued at approximately $726,050.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 22.70% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. Wells Fargo & Company MN lifted its position in shares of Shoe Carnival by 7.4% during the 3rd quarter. Wells Fargo & Company MN now owns 18,701 shares of the company’s stock valued at $719,000 after acquiring an additional 1,289 shares during the period. Mackay Shields LLC lifted its position in shares of Shoe Carnival by 5.9% during the 2nd quarter. Mackay Shields LLC now owns 57,200 shares of the company’s stock valued at $1,856,000 after acquiring an additional 3,200 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Shoe Carnival during the 2nd quarter valued at approximately $125,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Shoe Carnival during the 2nd quarter valued at approximately $141,000. Finally, Harvest Fund Management Co. Ltd lifted its position in shares of Shoe Carnival by 311.6% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 5,754 shares of the company’s stock valued at $222,000 after acquiring an additional 4,356 shares during the period. Institutional investors own 78.69% of the company’s stock.

About Shoe Carnival

Shoe Carnival, Inc, together with its subsidiaries, operates as a family footwear retailer in the United States. The company offers various dress, casual, and athletic footwear products for men, women, and children; and accessories, such as socks, belts, shoe care items, handbags, sport bags, backpacks, jewelry, scarves, and wallets.

Further Reading: Ex-Dividend

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