Shoe Carnival (NASDAQ:SCVL) Reaches New 12-Month Low – Here’s What Happened

Shoe Carnival, Inc. (NASDAQ:SCVL)’s stock price reached a new 52-week low during trading on Wednesday . The company traded as low as $20.51 and last traded at $21.24, with a volume of 654021 shares traded. The stock had previously closed at $21.38.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Shoe Carnival from a “sell” rating to a “hold” rating in a research note on Saturday, November 30th.

Shoe Carnival Price Performance

The firm has a market capitalization of $609.54 million, a price-to-earnings ratio of 8.25 and a beta of 1.50. The firm has a 50 day moving average price of $27.52 and a 200-day moving average price of $34.48.

Shoe Carnival Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 27th. Stockholders of record on Monday, January 13th were paid a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend was Monday, January 13th. Shoe Carnival’s payout ratio is currently 19.85%.

Shoe Carnival announced that its Board of Directors has initiated a stock repurchase plan on Thursday, December 12th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Shoe Carnival

Several hedge funds have recently modified their holdings of SCVL. Pacer Advisors Inc. acquired a new stake in Shoe Carnival in the third quarter valued at $37,440,000. BNP Paribas Financial Markets raised its stake in Shoe Carnival by 241.2% in the fourth quarter. BNP Paribas Financial Markets now owns 203,805 shares of the company’s stock valued at $6,742,000 after buying an additional 144,066 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Shoe Carnival by 215.0% in the fourth quarter. JPMorgan Chase & Co. now owns 194,627 shares of the company’s stock valued at $6,438,000 after buying an additional 132,844 shares in the last quarter. Renaissance Technologies LLC raised its stake in Shoe Carnival by 219.0% in the fourth quarter. Renaissance Technologies LLC now owns 148,868 shares of the company’s stock valued at $4,925,000 after buying an additional 102,200 shares in the last quarter. Finally, Hodges Capital Management Inc. raised its stake in Shoe Carnival by 20.0% in the fourth quarter. Hodges Capital Management Inc. now owns 581,508 shares of the company’s stock valued at $19,236,000 after buying an additional 96,753 shares in the last quarter. 66.05% of the stock is currently owned by institutional investors and hedge funds.

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.