Shoe Carnival (NASDAQ:SCVL) Upgraded at Williams Trading

Williams Trading upgraded shares of Shoe Carnival (NASDAQ:SCVL) from a hold rating to a strong-buy rating in a report released on Wednesday morning,Zacks.com reports.

Several other research analysts also recently weighed in on SCVL. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Shoe Carnival in a report on Monday, December 29th. Zacks Research downgraded Shoe Carnival from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 25th. One analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.00.

Shoe Carnival Trading Down 2.4%

Shares of NASDAQ:SCVL opened at $20.19 on Wednesday. The stock has a 50 day moving average of $19.22 and a 200 day moving average of $19.62. The company has a market cap of $552.80 million, a PE ratio of 9.61 and a beta of 1.36. Shoe Carnival has a 12-month low of $15.21 and a 12-month high of $26.57.

Shoe Carnival Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 26th. Shareholders of record on Monday, January 12th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, January 12th. Shoe Carnival’s dividend payout ratio is 28.57%.

Shoe Carnival declared that its Board of Directors has authorized a share buyback plan on Friday, December 12th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to reacquire up to 9.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Shoe Carnival

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SCVL. Royal Bank of Canada grew its holdings in Shoe Carnival by 13.0% during the 1st quarter. Royal Bank of Canada now owns 80,923 shares of the company’s stock valued at $1,779,000 after buying an additional 9,298 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Shoe Carnival by 367.2% in the first quarter. AQR Capital Management LLC now owns 52,303 shares of the company’s stock valued at $1,150,000 after purchasing an additional 41,108 shares in the last quarter. Millennium Management LLC increased its position in Shoe Carnival by 215.9% in the first quarter. Millennium Management LLC now owns 321,764 shares of the company’s stock worth $7,076,000 after purchasing an additional 219,918 shares during the last quarter. Empowered Funds LLC increased its position in Shoe Carnival by 3.0% in the first quarter. Empowered Funds LLC now owns 140,151 shares of the company’s stock worth $3,082,000 after purchasing an additional 4,108 shares during the last quarter. Finally, CWM LLC raised its stake in Shoe Carnival by 44.5% during the second quarter. CWM LLC now owns 5,610 shares of the company’s stock valued at $105,000 after purchasing an additional 1,727 shares in the last quarter. 66.05% of the stock is owned by institutional investors.

Shoe Carnival Company Profile

Shoe Carnival, Inc (NASDAQ: SCVL) is a U.S.-based specialty retailer offering a broad assortment of footwear, apparel and accessories for the entire family. Through its network of brick-and-mortar stores and e-commerce platform, the company provides casual, athletic and dress shoes for men, women and children, as well as complementary apparel, handbags, socks and other accessories designed to deliver value and variety. Its distinctive in-store carnival host service model aims to create an engaging shopping experience and foster customer loyalty.

Founded in 1978 and headquartered in Evansville, Indiana, Shoe Carnival has expanded over four decades to operate more than 350 retail locations across over 30 states.