Shoe Carnival (NASDAQ:SCVL) Shares Gap Down - Time to Sell?

Shoe Carnival, Inc. (NASDAQ:SCVL - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $22.65, but opened at $21.40. Shoe Carnival shares last traded at $22.72, with a volume of 136,518 shares trading hands.

Analyst Upgrades and Downgrades

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

Shoe Carnival Price Performance

The company's 50-day simple moving average is $25.07 and its two-hundred day simple moving average is $32.80. The firm has a market capitalization of $605.73 million, a P/E ratio of 8.19 and a beta of 1.50.

Shoe Carnival (NASDAQ:SCVL - Get Free Report) last released its earnings results on Thursday, March 20th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.12. Shoe Carnival had a return on equity of 12.52% and a net margin of 6.12%. The company had revenue of $262.90 million for the quarter, compared to the consensus estimate of $277.89 million. During the same period in the previous year, the business earned $0.59 earnings per share. Shoe Carnival's quarterly revenue was down 6.2% compared to the same quarter last year. Analysts predict that Shoe Carnival, Inc. will post 2.6 earnings per share for the current year.

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Shoe Carnival Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Monday, April 7th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.69%. This is a positive change from Shoe Carnival's previous quarterly dividend of $0.14. The ex-dividend date is Monday, April 7th. Shoe Carnival's dividend payout ratio is currently 22.39%.

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

Institutional Trading of Shoe Carnival

A number of hedge funds and other institutional investors have recently modified their holdings of SCVL. Barclays PLC boosted its holdings in Shoe Carnival by 189.7% in the 3rd quarter. Barclays PLC now owns 30,342 shares of the company's stock worth $1,330,000 after buying an additional 19,868 shares during the period. Victory Capital Management Inc. lifted its position in shares of Shoe Carnival by 138.3% in the third quarter. Victory Capital Management Inc. now owns 59,239 shares of the company's stock valued at $2,598,000 after acquiring an additional 34,382 shares in the last quarter. State Street Corp boosted its stake in shares of Shoe Carnival by 2.2% in the third quarter. State Street Corp now owns 793,318 shares of the company's stock worth $34,787,000 after acquiring an additional 17,086 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Shoe Carnival by 16.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 50,069 shares of the company's stock worth $2,196,000 after purchasing an additional 6,946 shares in the last quarter. Finally, Hodges Capital Management Inc. grew its position in shares of Shoe Carnival by 20.0% during the fourth quarter. Hodges Capital Management Inc. now owns 581,508 shares of the company's stock worth $19,236,000 after purchasing an additional 96,753 shares in the last quarter. 66.05% of the stock is owned by hedge funds and other 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.