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

Shoe Carnival, Inc. (NASDAQ:SCVL) shares were up 3.1% during mid-day trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $42.06 and last traded at $41.88. Approximately 102,617 shares traded hands during 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 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.03. The firm had revenue of $332.70 million for the quarter, compared to analysts’ expectations of $331.45 million. Shoe Carnival had a return on equity of 13.02% and a net margin of 6.20%. The company’s revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.71 EPS.

Shoe Carnival Dividend Announcement

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

Analyst Ratings Changes

Separately, Williams Trading raised their price target on Shoe Carnival from $42.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th.

Institutional Investors Weigh In On Shoe Carnival

A number of large investors have recently made changes to their positions in the business. Creative Planning bought a new stake in shares of Shoe Carnival during the second quarter valued at approximately $281,000. Millennium Management LLC raised its stake in Shoe Carnival by 726.1% during the second quarter. Millennium Management LLC now owns 101,831 shares of the company’s stock valued at $3,757,000 after buying an additional 89,504 shares during the last quarter. Maverick Capital Ltd. raised its stake in Shoe Carnival by 98.9% during the second quarter. Maverick Capital Ltd. now owns 56,790 shares of the company’s stock valued at $2,095,000 after buying an additional 28,233 shares during the last quarter. Public Sector Pension Investment Board raised its stake 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 valued at $1,454,000 after buying an additional 1,946 shares during the last quarter. Finally, Sei Investments Co. raised its stake in Shoe Carnival by 1.1% during the second quarter. Sei Investments Co. now owns 52,816 shares of the company’s stock valued at $1,948,000 after buying an additional 595 shares during the last quarter. 66.05% of the stock is currently owned by institutional investors.

Shoe Carnival Price Performance

The stock has a 50 day simple moving average of $40.04 and a 200-day simple moving average of $36.55. The firm has a market cap of $1.09 billion, a PE 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.