Franklin Resources Inc. Purchases New Stake in Shoe Carnival, Inc. (NASDAQ:SCVL)

Franklin Resources Inc. acquired a new position in shares of Shoe Carnival, Inc. (NASDAQ:SCVL) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 12,097 shares of the company’s stock, valued at approximately $530,000.

A number of other large investors also recently added to or reduced their stakes in SCVL. FMR LLC raised its stake in shares of Shoe Carnival by 8.7% during the third quarter. FMR LLC now owns 4,266 shares of the company’s stock worth $187,000 after buying an additional 343 shares during the last quarter. Rhumbline Advisers raised its position in shares of Shoe Carnival by 0.7% during the 2nd quarter. Rhumbline Advisers now owns 56,711 shares of the company’s stock valued at $2,092,000 after acquiring an additional 394 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Shoe Carnival by 1.1% in the 2nd quarter. Sei Investments Co. now owns 52,816 shares of the company’s stock valued at $1,948,000 after purchasing an additional 595 shares during the period. Foundry Partners LLC grew its stake in shares of Shoe Carnival by 0.6% during the third quarter. Foundry Partners LLC now owns 149,735 shares of the company’s stock worth $6,566,000 after purchasing an additional 940 shares during the period. Finally, Tectonic Advisors LLC increased its holdings in Shoe Carnival by 2.2% in the third quarter. Tectonic Advisors LLC now owns 48,986 shares of the company’s stock valued at $2,148,000 after purchasing an additional 1,056 shares during the last quarter. 66.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Shoe Carnival

In other Shoe Carnival news, Chairman Wayne J. Weaver purchased 285,500 shares of the business’s stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $33.91 per share, with a total value of $9,681,305.00. Following the transaction, the chairman now directly owns 4,173,529 shares of the company’s stock, valued at $141,524,368.39. This represents a 7.34 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 34.70% of the stock is currently owned by insiders.

Shoe Carnival Trading Down 3.8 %

SCVL stock opened at $34.32 on Tuesday. Shoe Carnival, Inc. has a 1-year low of $24.94 and a 1-year high of $46.92. The business’s 50-day moving average price is $35.23 and its two-hundred day moving average price is $38.42. The firm has a market cap of $932.65 million, a PE ratio of 12.62 and a beta of 1.53.

Shoe Carnival (NASDAQ:SCVL) last posted its earnings results on Thursday, November 21st. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.01. The business had revenue of $306.90 million during the quarter, compared to analysts’ expectations of $316.97 million. Shoe Carnival had a return on equity of 12.52% and a net margin of 6.12%. Shoe Carnival’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.80 EPS. On average, analysts forecast that Shoe Carnival, Inc. will post 2.6 earnings per share for the current year.

Shoe Carnival announced that its board has approved a stock repurchase plan on Thursday, December 12th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 5.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Shoe Carnival Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 27th. Stockholders of record on Monday, January 13th will be issued a $0.135 dividend. The ex-dividend date of this dividend is Monday, January 13th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.57%. Shoe Carnival’s dividend payout ratio (DPR) is presently 19.85%.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Shoe Carnival from a “sell” rating to a “hold” rating in a research report on Saturday, November 30th.

About Shoe Carnival

Shoe Carnival, Inc, together with its subsidiaries, operates as a family footwear retailer in the United States. The company offers range of dress, casual, work, and athletic shoes, as well as sandals and boots for men, women, and children; and various accessories. The company also operates stores, and sells its products through online shopping at shoecarnival.com, as well as through mobile app.