Shoe Carnival (NASDAQ:SHOE) Shares Pass Above 200 Day Moving Average - Here's What Happened

Key Points

• Shoe Carnival shares crossed above their 200-day moving average, reaching $15.55 before closing around $15.50 on trading volume of 504,817 shares.
• Analyst sentiment remains cautiously positive: the stock has a “Moderate Buy” consensus rating and a $22.00 average price target, although Weiss Ratings initiated coverage with a “Hold” rating and Zacks Research downgraded the stock to “Hold.”
• The company reported quarterly EPS of $0.23 on revenue of $270.73 million and recently paid a $0.17 quarterly dividend, equivalent to a 4.4% annualized yield.

Shoe Carnival, Inc. (NASDAQ:SHOE - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $0.00 and traded as high as $15.55. Shoe Carnival shares last traded at $15.50, with a volume of 504,817 shares trading hands.

Analysts Set New Price Targets

SHOE has been the subject of a number of research reports. Weiss Ratings started coverage on Shoe Carnival in a report on Monday, June 15th. They issued a "hold (c-)" rating for the company. Zacks Research cut Shoe Carnival from a "strong-buy" rating to a "hold" rating in a report on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Shoe Carnival presently has an average rating of "Moderate Buy" and a consensus target price of $22.00.

Shoe Carnival Stock Performance

The firm has a market capitalization of $420.82 million, a P/E ratio of 11.48 and a beta of 1.43. The company's 50 day simple moving average is $15.37.

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

Shoe Carnival Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 20th. Stockholders of record on Monday, July 6th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, July 6th. Shoe Carnival's dividend payout ratio (DPR) is 50.37%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SHOE. Global Retirement Partners LLC purchased a new stake in Shoe Carnival during the 4th quarter valued at about $28,000. Huntington National Bank grew its position in Shoe Carnival by 45.5% during the 4th quarter. Huntington National Bank now owns 2,169 shares of the company's stock worth $37,000 after acquiring an additional 678 shares during the last quarter. Kestra Advisory Services LLC bought a new position in Shoe Carnival during the 4th quarter worth approximately $44,000. Legal & General Group Plc purchased a new position in Shoe Carnival in the 2nd quarter worth approximately $56,000. Finally, State of Wyoming purchased a new position in Shoe Carnival in the 2nd quarter worth approximately $61,000. Hedge funds and other institutional investors own 66.05% of the company's stock.

Shoe Carnival Company 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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