Shoe Carnival (NASDAQ:SCVL) Shares Gap Up on Strong Earnings

Shoe Carnival, Inc. (NASDAQ:SCVL) shares gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $37.55, but opened at $40.10. Shoe Carnival shares last traded at $42.01, with a volume of 174,364 shares traded.

The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.03. The firm had revenue of $332.70 million during 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 firm’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.71 EPS.

Shoe Carnival Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 22nd. Stockholders of record on Monday, July 8th were given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date was Monday, July 8th. Shoe Carnival’s dividend payout ratio is presently 19.93%.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Shoe Carnival

Several institutional investors have recently added to or reduced their stakes in SCVL. Innealta Capital LLC purchased a new stake in Shoe Carnival in the 2nd quarter valued at about $41,000. Maryland State Retirement & Pension System acquired a new stake in shares of Shoe Carnival in the first quarter worth approximately $240,000. Summit Global Investments acquired a new stake in shares of Shoe Carnival in the second quarter worth approximately $244,000. EMC Capital Management grew its holdings in Shoe Carnival by 11.9% in the first quarter. EMC Capital Management now owns 7,468 shares of the company’s stock valued at $274,000 after purchasing an additional 793 shares during the period. Finally, Creative Planning acquired a new position in Shoe Carnival during the second quarter worth approximately $281,000. 66.05% of the stock is currently owned by institutional investors and hedge funds.

Shoe Carnival Stock Down 1.1 %

The company has a market cap of $1.09 billion, a PE ratio of 14.82 and a beta of 1.53. The stock’s 50 day simple moving average is $40.04 and its two-hundred day simple moving average is $36.55.

About Shoe Carnival

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.