Shoe Carnival (NASDAQ:SCVL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Shoe Carnival, Inc. is one of the nation’s largest family footwear retailers, offering a broad assortment of moderately priced dress, casual and athletic footwear for men, women and children with emphasis on national and regional name brands. The Company operates 404 stores in 33 states and Puerto Rico, and offers online shopping at www.shoecarnival.com. Headquartered in Evansville, IN, Shoe Carnival trades on the NASDAQ Stock Market LLC under the symbol SCVL. Shoe Carnival is committed to earning the highest level of respect of their customers, shareholders, communities and employees. “
Other research analysts have also recently issued reports about the stock. TheStreet raised shares of Shoe Carnival from a “c” rating to a “b-” rating in a research note on Friday, November 17th. Susquehanna Bancshares reissued a “buy” rating and issued a $28.00 price objective on shares of Shoe Carnival in a research note on Friday, November 17th. Wedbush reissued a “buy” rating and issued a $33.00 price objective (up from $27.00) on shares of Shoe Carnival in a research note on Tuesday, December 19th. BidaskClub raised shares of Shoe Carnival from a “sell” rating to a “hold” rating in a research note on Thursday, December 21st. 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. Eight investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $25.86.
Shoe Carnival (SCVL) opened at $23.25 on Wednesday. The stock has a market cap of $405.99, a P/E ratio of 17.48, a P/E/G ratio of 1.09 and a beta of 0.91. Shoe Carnival has a one year low of $15.07 and a one year high of $28.38.
Shoe Carnival announced that its board has authorized a share repurchase program 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. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
Several hedge funds and other institutional investors have recently bought and sold shares of the business. MetLife Investment Advisors LLC bought a new stake in shares of Shoe Carnival during the fourth quarter worth $110,000. Gotham Asset Management LLC bought a new stake in shares of Shoe Carnival during the fourth quarter worth $307,000. Millennium Management LLC lifted its holdings in shares of Shoe Carnival by 133.3% during the fourth quarter. Millennium Management LLC now owns 595,428 shares of the company’s stock worth $15,928,000 after purchasing an additional 340,224 shares during the period. Cornerstone Capital Management Holdings LLC. acquired a new position in shares of Shoe Carnival during the fourth quarter worth $1,650,000. Finally, Two Sigma Investments LP lifted its holdings in shares of Shoe Carnival by 21.9% during the fourth quarter. Two Sigma Investments LP now owns 112,208 shares of the company’s stock worth $3,002,000 after purchasing an additional 20,165 shares during the period. 70.33% of the stock is currently owned by hedge funds and other institutional investors.
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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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