Shoe Carnival (NASDAQ:SCVL)‘s stock had its “buy” rating restated by equities researchers at Wedbush in a research note issued on Tuesday. They presently have a $33.00 target price on the stock, up from their previous target price of $27.00. Wedbush’s target price suggests a potential upside of 21.15% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. TheStreet upgraded shares of Shoe Carnival from a “c” rating to a “b-” rating in a research note on Friday, November 17th. Susquehanna Bancshares restated a “buy” rating and set a $28.00 target price on shares of Shoe Carnival in a research note on Friday, November 17th. Zacks Investment Research upgraded shares of Shoe Carnival from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research note on Thursday, September 7th. Jefferies Group restated a “hold” rating and set a $20.00 target price (down previously from $21.00) on shares of Shoe Carnival in a research note on Thursday, August 31st. Finally, Pivotal Research initiated coverage on shares of Shoe Carnival in a research note on Tuesday, November 21st. They set a “hold” rating and a $28.00 target price on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. Shoe Carnival currently has an average rating of “Hold” and an average price target of $25.63.

Shoe Carnival (SCVL) opened at $27.24 on Tuesday. The stock has a market cap of $461.77, a P/E ratio of 17.92, a P/E/G ratio of 1.47 and a beta of 1.06. Shoe Carnival has a 1-year low of $15.07 and a 1-year high of $29.30.

Shoe Carnival (NASDAQ:SCVL) last released its earnings results on Thursday, November 16th. The company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.08. Shoe Carnival had a net margin of 2.17% and a return on equity of 7.81%. The company had revenue of $287.47 million for the quarter, compared to analysts’ expectations of $286.90 million. analysts anticipate that Shoe Carnival will post 1.48 earnings per share for the current fiscal year.

Shoe Carnival announced that its board has initiated a stock repurchase plan on Tuesday, December 19th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

In related news, Director Charles B. Tomm acquired 11,190 shares of Shoe Carnival stock in a transaction dated Friday, September 29th. The shares were purchased at an average price of $22.69 per share, for a total transaction of $253,901.10. Following the completion of the transaction, the director now directly owns 16,948 shares in the company, valued at approximately $384,550.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 32.60% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC bought a new stake in shares of Shoe Carnival during the second quarter valued at approximately $175,000. Crossmark Global Holdings Inc. bought a new stake in shares of Shoe Carnival during the third quarter valued at approximately $222,000. Cubist Systematic Strategies LLC bought a new stake in shares of Shoe Carnival during the third quarter valued at approximately $224,000. Nine Chapters Capital Management LLC bought a new stake in shares of Shoe Carnival during the third quarter valued at approximately $242,000. Finally, Alliancebernstein L.P. raised its position in shares of Shoe Carnival by 13.6% during the second quarter. Alliancebernstein L.P. now owns 10,850 shares of the company’s stock valued at $227,000 after buying an additional 1,300 shares during the last quarter. Hedge funds and other institutional investors own 66.01% of the company’s stock.

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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.

Analyst Recommendations for Shoe Carnival (NASDAQ:SCVL)

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