Shares of Shoe Carnival, Inc. (NASDAQ:SCVL) dropped 5.6% during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $30.41 and last traded at $30.46. Approximately 987,188 shares changed hands during trading, an increase of 119% from the average daily volume of 451,155 shares. The stock had previously closed at $32.26.
The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.06). Shoe Carnival had a net margin of 3.70% and a return on equity of 12.42%. The business had revenue of $253.80 million for the quarter, compared to analysts’ expectations of $259.24 million. During the same quarter in the prior year, the firm earned $0.83 EPS. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis.
SCVL has been the topic of a number of research analyst reports. BidaskClub downgraded Shoe Carnival from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 31st. ValuEngine downgraded Shoe Carnival from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Wedbush reiterated an “outperform” rating and set a $47.00 target price on shares of Shoe Carnival in a report on Monday, March 18th. Pivotal Research reiterated a “buy” rating and set a $45.00 target price on shares of Shoe Carnival in a report on Wednesday, March 20th. Finally, Zacks Investment Research downgraded Shoe Carnival from a “buy” rating to a “hold” rating in a report on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $40.80.
In other Shoe Carnival news, Director Jeffrey C. Gerstel sold 1,200 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $36.50, for a total transaction of $43,800.00. Following the transaction, the director now owns 5,526 shares in the company, valued at approximately $201,699. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 23.60% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the business. Arizona State Retirement System grew its holdings in shares of Shoe Carnival by 1.9% during the 4th quarter. Arizona State Retirement System now owns 15,449 shares of the company’s stock worth $518,000 after acquiring an additional 290 shares during the period. Swiss National Bank grew its holdings in shares of Shoe Carnival by 3.0% during the 1st quarter. Swiss National Bank now owns 20,500 shares of the company’s stock worth $698,000 after acquiring an additional 600 shares during the period. Legal & General Group Plc boosted its position in shares of Shoe Carnival by 4.4% in the 3rd quarter. Legal & General Group Plc now owns 22,217 shares of the company’s stock worth $850,000 after purchasing an additional 942 shares in the last quarter. State of Tennessee Treasury Department boosted its position in shares of Shoe Carnival by 11.8% in the 1st quarter. State of Tennessee Treasury Department now owns 10,081 shares of the company’s stock worth $343,000 after purchasing an additional 1,061 shares in the last quarter. Finally, NumerixS Investment Technologies Inc bought a new stake in shares of Shoe Carnival in the 1st quarter worth approximately $60,000. Hedge funds and other institutional investors own 93.50% of the company’s stock.
The stock has a market capitalization of $447.93 million, a P/E ratio of 10.95 and a beta of 0.76.
About Shoe Carnival (NASDAQ:SCVL)
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, scarves, and wallets.
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