Arizona State Retirement System purchased a new position in Shoe Carnival, Inc. (NASDAQ:SCVL) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 19,167 shares of the company’s stock, valued at approximately $513,000. Arizona State Retirement System owned about 0.11% of Shoe Carnival as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SCVL. Texas Permanent School Fund acquired a new position in shares of Shoe Carnival in the fourth quarter worth $206,000. Crossmark Global Holdings Inc. acquired a new position in shares of Shoe Carnival in the third quarter worth $222,000. Cubist Systematic Strategies LLC acquired a new position in shares of Shoe Carnival in the third quarter worth $224,000. GSA Capital Partners LLP acquired a new position in shares of Shoe Carnival in the third quarter worth $304,000. Finally, Wells Fargo & Company MN raised its holdings in shares of Shoe Carnival by 24.8% in the fourth quarter. Wells Fargo & Company MN now owns 18,041 shares of the company’s stock worth $482,000 after acquiring an additional 3,580 shares during the last quarter. 78.20% of the stock is owned by institutional investors.
SCVL has been the subject of a number of analyst reports. Pivotal Research raised Shoe Carnival from a “hold” rating to a “buy” rating and boosted their price target for the stock from $29.00 to $30.00 in a report on Friday, March 16th. Wedbush reissued a “buy” rating and issued a $33.00 price target (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 research report on Thursday, December 21st. Finally, Zacks Investment Research downgraded Shoe Carnival from a “buy” rating to a “hold” rating in a research report on Wednesday, February 21st. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $26.14.
Shares of SCVL stock opened at $24.28 on Wednesday. The company has a market capitalization of $430.07, a price-to-earnings ratio of 18.26, a PEG ratio of 1.16 and a beta of 0.85. Shoe Carnival, Inc. has a 1 year low of $15.07 and a 1 year high of $28.38.
Shoe Carnival announced that its Board of Directors has approved a share buyback plan on Tuesday, December 19th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Shoe Carnival 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. It also offers online shopping on its e-commerce site at www.shoecarnival.com.
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