Victory Capital Management Inc. cut its position in shares of Steven Madden, Ltd. (NASDAQ:SHOO) by 23.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,489,757 shares of the textile maker’s stock after selling 459,788 shares during the period. Victory Capital Management Inc.’s holdings in Steven Madden were worth $78,809,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raymond James & Associates increased its position in shares of Steven Madden by 10.4% during the second quarter. Raymond James & Associates now owns 35,285 shares of the textile maker’s stock valued at $1,874,000 after purchasing an additional 3,325 shares during the period. CIBC Asset Management Inc bought a new stake in Steven Madden in the second quarter valued at $226,000. SG Americas Securities LLC grew its position in Steven Madden by 36.6% in the second quarter. SG Americas Securities LLC now owns 40,237 shares of the textile maker’s stock valued at $2,137,000 after acquiring an additional 10,782 shares during the period. State of Wisconsin Investment Board grew its position in Steven Madden by 14.3% in the second quarter. State of Wisconsin Investment Board now owns 200,000 shares of the textile maker’s stock valued at $10,620,000 after acquiring an additional 25,000 shares during the period. Finally, Swiss National Bank grew its position in Steven Madden by 5.5% in the second quarter. Swiss National Bank now owns 97,750 shares of the textile maker’s stock valued at $5,191,000 after acquiring an additional 5,100 shares during the period. Institutional investors and hedge funds own 64.12% of the company’s stock.
Shares of SHOO stock opened at $32.41 on Monday. The firm has a market cap of $2.84 billion, a PE ratio of 21.75, a price-to-earnings-growth ratio of 1.70 and a beta of 0.66. Steven Madden, Ltd. has a 52 week low of $24.90 and a 52 week high of $39.30.
Steven Madden (NASDAQ:SHOO) last announced its earnings results on Tuesday, October 30th. The textile maker reported $0.65 EPS for the quarter, topping the consensus estimate of $0.61 by $0.04. The company had revenue of $458.48 million for the quarter, compared to analysts’ expectations of $472.80 million. Steven Madden had a return on equity of 18.05% and a net margin of 8.79%. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.77 earnings per share. On average, research analysts expect that Steven Madden, Ltd. will post 1.79 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 21st will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Thursday, December 20th. This is a boost from Steven Madden’s previous quarterly dividend of $0.13. Steven Madden’s dividend payout ratio is presently 35.57%.
In other news, insider Karla Frieders sold 7,000 shares of the company’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $56.89, for a total transaction of $398,230.00. Following the transaction, the insider now owns 75,280 shares of the company’s stock, valued at $4,282,679.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Awadhesh K. Sinha sold 4,000 shares of the company’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $57.50, for a total value of $230,000.00. Following the transaction, the chief operating officer now directly owns 57,845 shares in the company, valued at approximately $3,326,087.50. The disclosure for this sale can be found here. Insiders have sold 13,500 shares of company stock worth $771,405 in the last 90 days. Company insiders own 1.77% of the company’s stock.
A number of analysts have weighed in on SHOO shares. BidaskClub cut Steven Madden from a “sell” rating to a “strong sell” rating in a research report on Friday, October 5th. ValuEngine cut Steven Madden from a “buy” rating to a “hold” rating in a research report on Tuesday, October 2nd. Buckingham Research lowered their price target on Steven Madden to $36.00 and set a “buy” rating on the stock in a research report on Wednesday, October 17th. Zacks Investment Research cut Steven Madden from a “hold” rating to a “sell” rating in a research report on Monday, July 23rd. Finally, Wells Fargo & Co lowered their price target on Steven Madden from $50.00 to $30.00 and set a “market perform” rating on the stock in a research report on Monday, October 22nd. Three analysts have rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $37.52.
Steven Madden Profile
Steven Madden, Ltd. designs, sources, markets, and sells fashion-forward name brand and private label footwear for women, men, and children worldwide. Its Wholesale Footwear segment provides footwear under the Steve Madden Women's, Madden Girl, Steve Madden Men's, Madden, Madden NYC, Dolce Vita, DV by Dolce Vita, Mad Love, Steven by Steve Madden, Report, Superga, Betsey Johnson, Betseyville, Steve Madden Kids, FREEBIRD by Steven, Stevies, B Brian Atwood, Blondo, Kate Spade, and Avec Les Filles brands, as well as private label footwear.
Further Reading: Understanding Average Daily Trade Volume
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