Shoe Carnival, Inc. (SCVL) Sees Strong Trading Volume Following Better-Than-Expected Earnings
Shoe Carnival, Inc. (NASDAQ:SCVL) shares saw an uptick in trading volume on Thursday after the company announced better than expected quarterly earnings. 3,330,112 shares were traded during trading, an increase of 2,098% from the previous session’s volume of 151,528 shares.The stock last traded at $20.10 and had previously closed at $16.42.
The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.20 by $0.04. Shoe Carnival had a return on equity of 7.27% and a net margin of 2.09%. The business had revenue of $235.10 million for the quarter, compared to analyst estimates of $232.26 million. During the same quarter in the previous year, the firm earned $0.22 EPS. The company’s quarterly revenue was up 1.4% compared to the same quarter last year.
SCVL has been the topic of several research analyst reports. Sidoti upgraded shares of Shoe Carnival from a “neutral” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Wednesday, June 28th. BidaskClub lowered shares of Shoe Carnival from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Zacks Investment Research upgraded shares of Shoe Carnival from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 5th. ValuEngine upgraded shares of Shoe Carnival from a “hold” rating to a “buy” rating in a research note on Wednesday, May 24th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $21.00 price target (down from $26.00) on shares of Shoe Carnival in a research note on Thursday, May 25th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $22.71.
Several institutional investors have recently made changes to their positions in the company. Royce & Associates LP increased its position in shares of Shoe Carnival by 2.6% in the first quarter. Royce & Associates LP now owns 2,032,719 shares of the company’s stock worth $49,944,000 after buying an additional 50,800 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Shoe Carnival by 4.2% in the first quarter. Vanguard Group Inc. now owns 687,504 shares of the company’s stock worth $16,893,000 after buying an additional 27,447 shares in the last quarter. Northern Trust Corp increased its position in shares of Shoe Carnival by 17.8% in the second quarter. Northern Trust Corp now owns 673,302 shares of the company’s stock worth $14,059,000 after buying an additional 101,530 shares in the last quarter. LSV Asset Management increased its position in shares of Shoe Carnival by 1.8% in the first quarter. LSV Asset Management now owns 238,486 shares of the company’s stock worth $5,859,000 after buying an additional 4,300 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Shoe Carnival by 7.5% in the first quarter. Geode Capital Management LLC now owns 225,430 shares of the company’s stock worth $5,537,000 after buying an additional 15,799 shares in the last quarter. 61.90% of the stock is owned by institutional investors and hedge funds.
The company has a 50-day moving average price of $17.61 and a 200 day moving average price of $21.56. The company has a market capitalization of $330.47 million, a price-to-earnings ratio of 16.28 and a beta of 0.95.
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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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