Steven Madden (NASDAQ:SHOO) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Steven Madden (NASDAQ:SHOO) issued its quarterly earnings results on Wednesday. The textile maker reported $0.65 EPS for the quarter, topping the consensus estimate of $0.56 by $0.09, Briefing.com reports. Steven Madden had a net margin of 8.67% and a return on equity of 21.61%. The business had revenue of $552.38 million for the quarter, compared to analysts’ expectations of $525.04 million. During the same quarter last year, the company posted $0.50 earnings per share. The company’s quarterly revenue was up 19.1% compared to the same quarter last year. Steven Madden updated its FY24 guidance to $2.55-2.65 EPS and its FY 2024 guidance to 2.550-2.650 EPS.

Steven Madden Stock Performance

Shares of Steven Madden stock traded up $0.79 during midday trading on Thursday, reaching $40.21. 318,603 shares of the company’s stock traded hands, compared to its average volume of 793,196. The company has a market cap of $2.95 billion, a price-to-earnings ratio of 17.49 and a beta of 1.15. The company’s 50 day simple moving average is $41.22 and its 200 day simple moving average is $39.96. Steven Madden has a 52 week low of $29.92 and a 52 week high of $45.63.

Steven Madden Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Monday, June 10th will be given a $0.21 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.84 dividend on an annualized basis and a yield of 2.09%. Steven Madden’s payout ratio is 36.52%.

Insider Activity

In other Steven Madden news, CEO Edward R. Rosenfeld sold 48,500 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $41.49, for a total transaction of $2,012,265.00. Following the completion of the transaction, the chief executive officer now owns 697,038 shares of the company’s stock, valued at approximately $28,920,106.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Steven Madden news, CFO Zine Mazouzi sold 7,246 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $41.66, for a total value of $301,868.36. Following the transaction, the chief financial officer now directly owns 68,785 shares in the company, valued at $2,865,583.10. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Edward R. Rosenfeld sold 48,500 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $41.49, for a total transaction of $2,012,265.00. Following the completion of the transaction, the chief executive officer now directly owns 697,038 shares in the company, valued at $28,920,106.62. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,346 shares of company stock worth $2,464,841. 2.08% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have commented on SHOO. Piper Sandler began coverage on shares of Steven Madden in a research note on Wednesday, February 14th. They issued a “neutral” rating and a $45.00 price target on the stock. Wedbush raised their price objective on shares of Steven Madden from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, February 7th. StockNews.com upgraded shares of Steven Madden from a “hold” rating to a “buy” rating in a research note on Thursday, February 29th. Telsey Advisory Group restated a “market perform” rating and set a $44.00 target price on shares of Steven Madden in a report on Friday, April 26th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $40.00 price objective on shares of Steven Madden in a research note on Thursday, January 4th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Steven Madden presently has an average rating of “Hold” and a consensus price target of $41.38.

About Steven Madden

Steven Madden, Ltd. designs, sources, and markets fashion-forward branded and private label footwear, accessories, and apparel in the United States and internationally. It operates through Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to- Consumer, and Licensing segments. The Wholesale Footwear segment designs, sources, and markets various products, including dress shoes, boots, booties, fashion sneakers, sandals, and casual shoes under the Steve Madden, Dolce Vita, Betsey Johnson, Blondo, GREATS, and Anne Klein brands.