Short Interest in Shoe Carnival, Inc. (NASDAQ:SHOE) Rises By 48.5%

Key Points

• Short interest in Shoe Carnival rose 48.5% to 6.29 million shares as of July 31, representing 34.9% of shares outstanding and a 7.6-day days-to-cover ratio.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and a $22 average price target; recent actions included a downgrade from Zacks Research to “Hold.”
• The stock recently traded at $15.38, near its 50-day moving average, while the company maintains a quarterly dividend of $0.17 per share, equivalent to a 4.4% annualized yield.

Shoe Carnival, Inc. (NASDAQ:SHOE - Get Free Report) saw a large increase in short interest in July. As of July 31st, there was short interest totaling 6,288,942 shares, an increase of 48.5% from the July 15th total of 4,235,024 shares. Based on an average daily trading volume, of 822,176 shares, the days-to-cover ratio is presently 7.6 days. Currently, 34.9% of the company's stock are short sold.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Zacks Research downgraded shares of 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 report on Monday, June 15th. They set a "hold (c-)" rating for the company. One analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.00.

Shoe Carnival Stock Down 0.8%

Shares of NASDAQ SHOE traded down $0.12 during trading hours on Tuesday, hitting $15.38. 400,277 shares of the stock were exchanged, compared to its average volume of 499,314. Shoe Carnival has a one year low of $14.00 and a one year high of $26.57. The business's 50 day moving average is $15.37. The stock has a market cap of $417.57 million, a price-to-earnings ratio of 11.39 and a beta of 1.43.

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 (EPS) for the quarter. Shoe Carnival had a net margin of 3.31% and a return on equity of 7.24%. The company had revenue of $270.73 million during the quarter. On average, analysts anticipate that Shoe Carnival will post 1.5 EPS for the current year.

Shoe Carnival Announces Dividend

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

Institutional Trading of Shoe Carnival

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC acquired a new stake in Shoe Carnival during the fourth quarter worth about $28,000. Huntington National Bank grew its holdings 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 worth $37,000 after purchasing an additional 678 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Shoe Carnival during the fourth quarter valued at approximately $44,000. Legal & General Group Plc acquired a new position in shares of Shoe Carnival in the second quarter valued at $56,000. Finally, State of Wyoming bought a new position in Shoe Carnival in the second quarter worth $61,000. 66.05% of the stock is currently owned by institutional investors and hedge funds.

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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