Shoe Carnival (NASDAQ:SCVL) Reaches New 12-Month Low – Here’s What Happened

Shares of Shoe Carnival, Inc. (NASDAQ:SCVL) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $20.51 and last traded at $21.24, with a volume of 654021 shares changing hands. The stock had previously closed at $21.38.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Shoe Carnival from a “sell” rating to a “hold” rating in a research report on Saturday, November 30th.

Shoe Carnival Stock Up 5.2 %

The company has a market capitalization of $609.54 million, a PE ratio of 8.25 and a beta of 1.50. The firm has a 50-day moving average of $27.52 and a two-hundred day moving average of $34.48.

Shoe Carnival Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 27th. Investors of record on Monday, January 13th were given a $0.135 dividend. The ex-dividend date of this dividend was Monday, January 13th. This represents a $0.54 annualized dividend and a yield of 2.41%. Shoe Carnival’s payout ratio is 19.85%.

Shoe Carnival declared that its Board of Directors has authorized a stock repurchase program on Thursday, December 12th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to repurchase up to 5.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Harvest Fund Management Co. Ltd acquired a new position in Shoe Carnival during the third quarter worth $62,000. Quarry LP acquired a new position in Shoe Carnival during the third quarter worth $66,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Shoe Carnival during the third quarter worth $76,000. KLP Kapitalforvaltning AS acquired a new position in Shoe Carnival during the fourth quarter worth $99,000. Finally, SG Americas Securities LLC acquired a new position in Shoe Carnival during the fourth quarter worth $178,000. 66.05% of the stock is currently owned by hedge funds and other institutional investors.

Shoe Carnival Company Profile

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.