Published On: Thu, Sep 22nd, 2016

Shoe Carnival Inc. (SCVL) Upgraded to Buy at Zacks Investment Research

Shoe Carnival Inc. (NASDAQ:SCVL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage presently has a $30.00 target price on the stock. Zacks Investment Research’s price target would suggest a potential upside of 11.82% from the stock’s current price.
According to Zacks, “Shoe Carnival, Inc. is a high volume, value-oriented retailer of family footwear. They adhere to a highly promotional marketing concept that enables them to be competitive in the retail markets they enter. They provide a selection and variety of footwear normally associated with a category killer superstore in an exciting retail environment. “
A number of other equities analysts have also commented on SCVL. Jefferies Group lifted their price objective on Shoe Carnival from $24.00 to $29.00 and gave the stock a “hold” rating in a research note on Thursday, September 1st. Susquehanna assumed coverage on Shoe Carnival in a research note on Thursday, September 15th. They issued a “neutral” rating and a $27.00 price objective on the stock. Sterne Agee CRT reaffirmed a “buy” rating on shares of Shoe Carnival in a research note on Thursday, May 26th. Finally, Sidoti assumed coverage on Shoe Carnival in a research note on Tuesday, June 7th. They issued a “neutral” rating and a $27.00 price objective on the stock. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $28.00.

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Shoe Carnival (NASDAQ:SCVL) opened at 26.83 on Thursday. Shoe Carnival has a 52 week low of $17.36 and a 52 week high of $30.13. The stock’s 50 day moving average is $27.30 and its 200 day moving average is $25.82. The company has a market capitalization of $504.99 million, a PE ratio of 18.28 and a beta of 0.96.
Shoe Carnival (NASDAQ:SCVL) last posted its quarterly earnings data on Wednesday, August 31st. The company reported $0.22 EPS for the quarter, missing the Zacks’ consensus estimate of $0.27 by $0.05. The company earned $231.90 million during the quarter, compared to analyst estimates of $237.22 million. Shoe Carnival had a return on equity of 8.33% and a net margin of 2.84%. Shoe Carnival’s revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 earnings per share. Analysts predict that Shoe Carnival will post $1.61 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend is Thursday, September 29th. Shoe Carnival’s dividend payout ratio (DPR) is presently 19.18%.
A number of institutional investors have recently modified their holdings of SCVL. Victory Capital Management Inc. increased its stake in Shoe Carnival by 5.1% in the second quarter. Victory Capital Management Inc. now owns 647,978 shares of the company’s stock valued at $16,239,000 after buying an additional 31,348 shares in the last quarter. Nationwide Fund Advisors increased its stake in Shoe Carnival by 157.6% in the second quarter. Nationwide Fund Advisors now owns 39,148 shares of the company’s stock valued at $981,000 after buying an additional 23,950 shares in the last quarter. Alambic Investment Management L.P. increased its stake in Shoe Carnival by 69.9% in the second quarter. Alambic Investment Management L.P. now owns 42,898 shares of the company’s stock valued at $1,075,000 after buying an additional 17,647 shares in the last quarter. LSV Asset Management increased its stake in Shoe Carnival by 62.8% in the second quarter. LSV Asset Management now owns 229,298 shares of the company’s stock valued at $5,746,000 after buying an additional 88,486 shares in the last quarter. Finally, California Public Employees Retirement System increased its stake in Shoe Carnival by 4.4% in the second quarter. California Public Employees Retirement System now owns 61,900 shares of the company’s stock valued at $1,551,000 after buying an additional 2,600 shares in the last quarter. 62.24% of the stock is currently owned by hedge funds and other institutional investors.
Shoe Carnival Company Profile
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. The Company’s products assortment includes dress and casual shoes, sandals, boots and an assortment of athletic footwear for men, women and children.

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