Shoe Carnival (NASDAQ:SCVL) Sets New 1-Year Low - Here's Why

Shares of Shoe Carnival, Inc. (NASDAQ:SCVL - Get Free Report) reached a new 52-week low during trading on Monday . The stock traded as low as $25.43 and last traded at $25.46, with a volume of 350816 shares. The stock had previously closed at $27.06.

Analysts Set New Price Targets

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

Shoe Carnival Stock Down 3.1 %

The company has a market capitalization of $699.36 million, a P/E ratio of 9.46 and a beta of 1.50. The company's 50-day simple moving average is $31.84 and its 200 day simple moving average is $36.84.

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

Shoe Carnival Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, January 27th. Investors of record on Monday, January 13th were paid a $0.135 dividend. The ex-dividend date was Monday, January 13th. This represents a $0.54 dividend on an annualized basis and a yield of 2.10%. Shoe Carnival's payout ratio is presently 19.85%.

Shoe Carnival declared that its board 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 stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Insider Activity at Shoe Carnival

In other news, Chairman Wayne J. Weaver bought 285,500 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost 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 of the company's stock, valued at $141,524,368.39. This represents a 7.34 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 34.70% of the stock is currently owned by company insiders.

Institutional Trading of Shoe Carnival

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC grew its position in Shoe Carnival by 8.7% in the 3rd quarter. FMR LLC now owns 4,266 shares of the company's stock worth $187,000 after purchasing an additional 343 shares during the last quarter. Foundry Partners LLC grew its position in Shoe Carnival by 0.6% in the 3rd quarter. Foundry Partners LLC now owns 149,735 shares of the company's stock worth $6,566,000 after purchasing an additional 940 shares during the last quarter. Tectonic Advisors LLC grew its position in Shoe Carnival by 2.2% in the 3rd quarter. Tectonic Advisors LLC now owns 48,986 shares of the company's stock worth $2,148,000 after purchasing an additional 1,056 shares during the last quarter. New York State Teachers Retirement System grew its position in Shoe Carnival by 6.0% in the 3rd quarter. New York State Teachers Retirement System now owns 23,545 shares of the company's stock worth $1,032,000 after purchasing an additional 1,341 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new stake in Shoe Carnival in the 3rd quarter worth $62,000. 66.05% of the stock is currently owned by institutional investors and hedge funds.

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.