Shoe Carnival (NASDAQ:SCVL) Stock Price Down 15.9% – Here’s What Happened

Shares of Shoe Carnival, Inc. (NASDAQ:SCVL) were down 15.9% during trading on Thursday . The stock traded as low as $20.10 and last traded at $19.35. Approximately 123,786 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 339,779 shares. The stock had previously closed at $23.00.

Shoe Carnival Stock Up 3.5 %

The company’s fifty day moving average price is $23.38 and its two-hundred day moving average price is $31.61. The firm has a market cap of $541.33 million, a PE ratio of 7.32 and a beta of 1.35.

Shoe Carnival (NASDAQ:SCVL) last announced its quarterly earnings data on Thursday, March 20th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.12. The company had revenue of $262.90 million for the quarter, compared to analyst estimates of $277.89 million. Shoe Carnival had a return on equity of 12.52% and a net margin of 6.12%. The firm’s revenue for the quarter was down 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.59 EPS. As a group, analysts predict that Shoe Carnival, Inc. will post 2.6 earnings per share for the current year.

Shoe Carnival Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be given a $0.15 dividend. This is a boost from Shoe Carnival’s previous quarterly dividend of $0.14. The ex-dividend date is Monday, April 7th. This represents a $0.60 annualized dividend and a yield of 3.01%. Shoe Carnival’s dividend payout ratio is presently 22.39%.

Shoe Carnival announced that its Board of Directors has approved a stock repurchase program on Thursday, December 12th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Shoe Carnival

A number of large investors have recently made changes to their positions in the stock. Versant Capital Management Inc purchased a new stake in Shoe Carnival during the first quarter worth about $33,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Shoe Carnival during the 4th quarter worth approximately $2,513,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Shoe Carnival by 19.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 59,740 shares of the company’s stock worth $1,976,000 after acquiring an additional 9,671 shares during the period. Voloridge Investment Management LLC purchased a new position in Shoe Carnival in the 4th quarter valued at approximately $1,231,000. Finally, Wolverine Trading LLC acquired a new position in Shoe Carnival during the fourth quarter worth $372,000. Hedge funds and other institutional investors own 66.05% of the company’s stock.

Shoe Carnival Company Profile

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.