Shoe Carnival (NASDAQ:SCVL) Trading 3.1% Higher After Better-Than-Expected Earnings

Shoe Carnival, Inc. (NASDAQ:SCVL)’s share price was up 3.1% during mid-day trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $42.06 and last traded at $41.88. Approximately 102,617 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 210,923 shares. The stock had previously closed at $40.63.

The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.03. The company had revenue of $332.70 million during the quarter, compared to analysts’ expectations of $331.45 million. Shoe Carnival had a net margin of 6.20% and a return on equity of 13.02%. Shoe Carnival’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the business earned $0.71 EPS.

Shoe Carnival Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 22nd. Investors of record on Monday, July 8th were issued a $0.135 dividend. The ex-dividend date was Monday, July 8th. This represents a $0.54 annualized dividend and a yield of 1.34%. Shoe Carnival’s dividend payout ratio (DPR) is presently 19.93%.

Analyst Upgrades and Downgrades

Separately, Williams Trading lifted their price objective on Shoe Carnival from $42.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, August 29th.

Hedge Funds Weigh In On Shoe Carnival

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Creative Planning acquired a new stake in Shoe Carnival in the 2nd quarter valued at about $281,000. Millennium Management LLC grew its position in shares of Shoe Carnival by 726.1% in the second quarter. Millennium Management LLC now owns 101,831 shares of the company’s stock valued at $3,757,000 after purchasing an additional 89,504 shares in the last quarter. Maverick Capital Ltd. increased its holdings in shares of Shoe Carnival by 98.9% in the second quarter. Maverick Capital Ltd. now owns 56,790 shares of the company’s stock valued at $2,095,000 after purchasing an additional 28,233 shares during the last quarter. Public Sector Pension Investment Board lifted its position in Shoe Carnival by 5.2% during the second quarter. Public Sector Pension Investment Board now owns 39,420 shares of the company’s stock worth $1,454,000 after buying an additional 1,946 shares in the last quarter. Finally, Sei Investments Co. lifted its position in Shoe Carnival by 1.1% during the second quarter. Sei Investments Co. now owns 52,816 shares of the company’s stock worth $1,948,000 after buying an additional 595 shares in the last quarter. Hedge funds and other institutional investors own 66.05% of the company’s stock.

Shoe Carnival Price Performance

The stock has a 50 day simple moving average of $40.04 and a two-hundred day simple moving average of $36.60. The company has a market cap of $1.09 billion, a price-to-earnings ratio of 14.82 and a beta of 1.53.

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.