Gabelli Funds LLC Purchases New Position in Shoe Carnival, Inc. $SHOE

Key Points

• Gabelli Funds LLC acquired 139,636 shares of Shoe Carnival in the second quarter, worth approximately $2.07 million and representing a 0.51% stake.
• Institutional investors own 66.05% of the company. Analyst sentiment is generally favorable, with a “Moderate Buy” consensus and a $22 average price target, despite recent downgrades to “Hold.”
• Shoe Carnival reported quarterly revenue of $270.73 million and earnings of $0.23 per share, while maintaining a quarterly dividend of $0.17, or $0.68 annually, yielding about 4.4%.

Gabelli Funds LLC acquired a new position in Shoe Carnival, Inc. (NASDAQ:SHOE - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 139,636 shares of the company's stock, valued at approximately $2,071,000. Gabelli Funds LLC owned 0.51% of Shoe Carnival at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Global Retirement Partners LLC purchased a new stake in shares of Shoe Carnival during the fourth quarter worth $28,000. Huntington National Bank raised its stake in shares of Shoe Carnival by 45.5% during the 4th quarter. Huntington National Bank now owns 2,169 shares of the company's stock valued at $37,000 after purchasing an additional 678 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of Shoe Carnival during the 4th quarter valued at $44,000. State of Wyoming purchased a new stake in Shoe Carnival during the 2nd quarter worth about $61,000. Finally, Los Angeles Capital Management LLC purchased a new stake in Shoe Carnival during the 4th quarter worth about $86,000. 66.05% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on SHOE. Zacks Research downgraded Shoe Carnival from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 12th. Weiss Ratings initiated coverage on Shoe Carnival in a research report on Monday, June 15th. They set a "hold (c-)" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Shoe Carnival currently has an average rating of "Moderate Buy" and a consensus price target of $22.00.

Shoe Carnival Stock Performance

Shares of NASDAQ:SHOE opened at $15.47 on Friday. The firm has a fifty day moving average price of $15.38. The company has a market cap of $420.01 million, a P/E ratio of 11.46 and a beta of 1.43. Shoe Carnival, Inc. has a one year low of $14.00 and a one year high of $26.57.

Shoe Carnival (NASDAQ:SHOE - Get Free Report) last released its quarterly earnings results on Thursday, May 21st. The company reported $0.23 earnings per share for the quarter. Shoe Carnival had a net margin of 3.31% and a return on equity of 7.24%. The firm had revenue of $270.73 million for the quarter. As a group, sell-side analysts forecast that Shoe Carnival, Inc. will post 1.5 earnings per share for the current fiscal year.

Shoe Carnival Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 20th. Shareholders of record on Monday, July 6th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date was Monday, July 6th. Shoe Carnival's dividend payout ratio is currently 50.37%.

Shoe Carnival Profile

Shoe Carnival, Inc NASDAQ: SCVL is a U.S.-based specialty retailer offering a broad assortment of footwear, apparel and accessories for the entire family. Through its network of brick-and-mortar stores and e-commerce platform, the company provides casual, athletic and dress shoes for men, women and children, as well as complementary apparel, handbags, socks and other accessories designed to deliver value and variety. Its distinctive in-store carnival host service model aims to create an engaging shopping experience and foster customer loyalty.

Founded in 1978 and headquartered in Evansville, Indiana, Shoe Carnival has expanded over four decades to operate more than 350 retail locations across over 30 states.

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