Shoe Carnival, Inc. (SCVL) Sees Large Volume Increase on Better-Than-Expected Earnings

Shoe Carnival, Inc. (NASDAQ:SCVL) saw strong trading volume on Friday following a better than expected earnings announcement. 2,410,951 shares traded hands during mid-day trading, an increase of 1,161% from the previous session’s volume of 191,135 shares.The stock last traded at $26.75 and had previously closed at $20.63.

The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.58 by $0.08. Shoe Carnival had a return on equity of 7.82% and a net margin of 2.17%. The business had revenue of $287.47 million during the quarter, compared to analysts’ expectations of $286.90 million.

A number of brokerages have commented on SCVL. Wedbush reissued an “outperform” rating and issued a $25.00 price objective (down previously from $27.00) on shares of Shoe Carnival in a research note on Friday. Zacks Investment Research cut Shoe Carnival from a “buy” rating to a “hold” rating in a research note on Saturday, September 30th. Susquehanna Bancshares Inc raised Shoe Carnival from a “neutral” rating to a “positive” rating and raised their price objective for the company from $19.00 to $23.00 in a research note on Wednesday, September 20th. BidaskClub cut Shoe Carnival from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Finally, UBS AG raised Shoe Carnival from a “neutral” rating to a “positive” rating in a research note on Wednesday, September 20th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. Shoe Carnival presently has a consensus rating of “Hold” and an average target price of $23.86.

In other Shoe Carnival news, Director Charles B. Tomm purchased 11,190 shares of the company’s stock in a transaction that occurred on Friday, September 29th. The shares were acquired at an average cost of $22.69 per share, for a total transaction of $253,901.10. Following the completion of the acquisition, the director now owns 16,948 shares of the company’s stock, valued at approximately $384,550.12. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 28.50% of the company’s stock.

A number of institutional investors have recently modified their holdings of SCVL. JPMorgan Chase & Co. lifted its holdings in Shoe Carnival by 482.3% during the first quarter. JPMorgan Chase & Co. now owns 7,558 shares of the company’s stock worth $186,000 after acquiring an additional 6,260 shares during the period. Principal Financial Group Inc. lifted its holdings in Shoe Carnival by 3.5% during the first quarter. Principal Financial Group Inc. now owns 104,527 shares of the company’s stock worth $2,568,000 after acquiring an additional 3,544 shares during the period. California Public Employees Retirement System lifted its holdings in Shoe Carnival by 5.6% during the first quarter. California Public Employees Retirement System now owns 46,800 shares of the company’s stock worth $1,150,000 after acquiring an additional 2,500 shares during the period. Vanguard Group Inc. lifted its holdings in Shoe Carnival by 4.2% during the first quarter. Vanguard Group Inc. now owns 687,504 shares of the company’s stock worth $16,893,000 after acquiring an additional 27,447 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Shoe Carnival by 7.5% during the first quarter. Geode Capital Management LLC now owns 225,430 shares of the company’s stock worth $5,537,000 after acquiring an additional 15,799 shares during the period. Institutional investors and hedge funds own 62.25% of the company’s stock.

The company has a quick ratio of 0.25, a current ratio of 3.38 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $455.29, a price-to-earnings ratio of 18.45, a P/E/G ratio of 1.54 and a beta of 0.90.

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About Shoe Carnival

Shoe Carnival, Inc is a family footwear retailer. The Company’s primary activity is the sale of footwear and related products through its retail stores in approximately 30 states within the continental United States and in Puerto Rico. It also offers online shopping on its e-commerce site at www.shoecarnival.com.

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