Shoe Carnival (NASDAQ:SCVL) Hits New 12-Month Low - Here's What Happened

Shoe Carnival, Inc. (NASDAQ:SCVL - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $24.28 and last traded at $24.60, with a volume of 374673 shares traded. The stock had previously closed at $24.73.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Shoe Carnival from a "sell" rating to a "hold" rating in a report on Saturday, November 30th.

Shoe Carnival Trading Down 2.7 %

The stock has a market capitalization of $598.01 million, a P/E ratio of 8.09 and a beta of 1.50. The business has a 50-day moving average price of $29.58 and a two-hundred day moving average price of $35.58.

Shoe Carnival (NASDAQ:SCVL - Get Free Report) last posted its quarterly earnings results on Thursday, November 21st. The company reported $0.71 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.01. The business had revenue of $306.90 million during the quarter, compared to the consensus estimate of $316.97 million. Shoe Carnival had a return on equity of 12.52% and a net margin of 6.12%. Shoe Carnival's revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.80 earnings per share. On average, sell-side analysts forecast that Shoe Carnival, Inc. will post 2.6 earnings per share for the current fiscal year.

Shoe Carnival Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, January 27th. Stockholders of record on Monday, January 13th were issued a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date was Monday, January 13th. Shoe Carnival's dividend payout ratio (DPR) is presently 19.85%.

Shoe Carnival declared that its Board of Directors has initiated a share repurchase plan on Thursday, December 12th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 5.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Shoe Carnival

In other Shoe Carnival news, Chairman Wayne J. Weaver purchased 285,500 shares of the firm's stock in a transaction dated Friday, December 6th. The shares were bought at an average price of $33.91 per share, for a total transaction of $9,681,305.00. Following the purchase, the chairman now owns 4,173,529 shares in the company, valued at approximately $141,524,368.39. This trade represents a 7.34 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 34.70% of the company's stock.

Institutional Trading of Shoe Carnival

Several institutional investors and hedge funds have recently modified their holdings of SCVL. Harvest Fund Management Co. Ltd acquired a new position in Shoe Carnival during the third quarter worth about $62,000. Quarry LP acquired a new position in Shoe Carnival during the 3rd quarter worth approximately $66,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Shoe Carnival in the 3rd quarter valued at approximately $76,000. KLP Kapitalforvaltning AS bought a new position in Shoe Carnival in the 4th quarter valued at approximately $99,000. Finally, SG Americas Securities LLC acquired a new stake in Shoe Carnival in the fourth quarter valued at approximately $178,000. 66.05% of the stock is currently owned by institutional investors.

About Shoe Carnival

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.