Shares of Shoe Carnival, Inc. (NASDAQ:SCVL) were up 10.7% during trading on Friday . The stock traded as high as $25.51 and last traded at $25.37. Approximately 585,262 shares were traded during trading, an increase of 122% from the average daily volume of 263,326 shares. The stock had previously closed at $22.91.
Several analysts recently commented on SCVL shares. Pivotal Research raised Shoe Carnival from a “hold” rating to a “buy” rating and raised their target price for the stock from $29.00 to $30.00 in a report on Friday. Wedbush reaffirmed a “buy” rating and set a $33.00 target price (up from $27.00) on shares of Shoe Carnival in a report on Tuesday, December 19th. BidaskClub raised Shoe Carnival from a “sell” rating to a “hold” rating in a report on Thursday, December 21st. Jefferies Group set a $22.00 target price on Shoe Carnival and gave the stock a “hold” rating in a report on Saturday, November 18th. Finally, Zacks Investment Research lowered Shoe Carnival from a “buy” rating to a “hold” rating in a report on Wednesday, February 21st. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $26.14.
The stock has a market capitalization of $430.07, a PE ratio of 19.08, a PEG ratio of 1.16 and a beta of 0.85.
Shoe Carnival declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 19th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
A number of hedge funds have recently modified their holdings of the business. Alambic Investment Management L.P. boosted its position in Shoe Carnival by 15.5% during the fourth quarter. Alambic Investment Management L.P. now owns 19,337 shares of the company’s stock worth $517,000 after purchasing an additional 2,600 shares in the last quarter. Rhumbline Advisers boosted its position in Shoe Carnival by 12.9% during the fourth quarter. Rhumbline Advisers now owns 29,078 shares of the company’s stock worth $778,000 after purchasing an additional 3,324 shares in the last quarter. Wells Fargo & Company MN boosted its position in Shoe Carnival by 24.8% during the fourth quarter. Wells Fargo & Company MN now owns 18,041 shares of the company’s stock worth $482,000 after purchasing an additional 3,580 shares in the last quarter. Crossmark Global Holdings Inc. boosted its position in Shoe Carnival by 36.6% during the fourth quarter. Crossmark Global Holdings Inc. now owns 13,580 shares of the company’s stock worth $363,000 after purchasing an additional 3,640 shares in the last quarter. Finally, MetLife Investment Advisors LLC purchased a new position in Shoe Carnival during the fourth quarter worth approximately $110,000. Institutional investors own 78.26% of the company’s stock.
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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