Zacks Investment Research cut shares of Steven Madden (NASDAQ:SHOO) from a buy rating to a hold rating in a report released on Wednesday morning.
According to Zacks, “Steve Madden designs, sources and markets fashion-forward footwear and accessories for women, men and children. In addition to marketing products under its own brands including Steve Madden, Dolce Vita, Betsey Johnson, Report, Big Buddha, Brian Atwood, Cejon, Blondo and Mad Love, Steve Madden is a licensee of various brands, including Kate Spade, Superga and Avec Les Filles. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden’s wholesale distribution includes department stores, specialty stores, luxury retailers, national chains and mass merchants. Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products, including for ready-to-wear, outerwear, intimate apparel, eyewear, hosiery, jewelry, fragrance, luggage and bedding and bath products. “
Other research analysts have also recently issued research reports about the stock. Canaccord Genuity set a $52.00 price target on shares of Steven Madden and gave the stock a buy rating in a report on Tuesday, February 27th. Buckingham Research reiterated a buy rating and set a $53.00 price target on shares of Steven Madden in a report on Wednesday, April 18th. Loop Capital began coverage on shares of Steven Madden in a report on Monday, June 4th. They set a hold rating and a $49.00 price target for the company. Macquarie began coverage on shares of Steven Madden in a report on Wednesday. They set an outperform rating for the company. Finally, BidaskClub upgraded shares of Steven Madden from a sell rating to a hold rating in a report on Thursday, March 8th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $51.81.
Steven Madden (NASDAQ:SHOO) last announced its quarterly earnings data on Friday, April 20th. The textile maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.04. The firm had revenue of $389.00 million during the quarter, compared to analysts’ expectations of $379.67 million. Steven Madden had a net margin of 8.06% and a return on equity of 16.75%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.47 earnings per share. research analysts expect that Steven Madden will post 2.7 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 29th. Stockholders of record on Tuesday, June 12th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, June 11th. This represents a $0.80 annualized dividend and a dividend yield of 1.51%. Steven Madden’s dividend payout ratio is presently 35.71%.
In other news, insider Karla Frieders sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, April 26th. The shares were sold at an average price of $48.08, for a total transaction of $192,320.00. Following the completion of the sale, the insider now owns 88,280 shares in the company, valued at approximately $4,244,502.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter Migliorini sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $54.18, for a total transaction of $54,180.00. Following the sale, the director now owns 6,826 shares of the company’s stock, valued at approximately $369,832.68. The disclosure for this sale can be found here. Insiders have sold a total of 116,000 shares of company stock valued at $5,890,240 in the last 90 days. Insiders own 1.77% of the company’s stock.
Large investors have recently modified their holdings of the company. Wolverine Trading LLC lifted its position in shares of Steven Madden by 311.2% during the 4th quarter. Wolverine Trading LLC now owns 4,523 shares of the textile maker’s stock worth $211,000 after buying an additional 3,423 shares during the last quarter. Xact Kapitalforvaltning AB purchased a new stake in shares of Steven Madden during the 4th quarter worth approximately $248,000. Jefferies Group LLC purchased a new stake in shares of Steven Madden during the 4th quarter worth approximately $261,000. Asset Management One Co. Ltd. purchased a new stake in shares of Steven Madden during the 1st quarter worth approximately $254,000. Finally, Verition Fund Management LLC purchased a new stake in shares of Steven Madden during the 1st quarter worth approximately $270,000. Institutional investors and hedge funds own 94.91% of the company’s stock.
Steven Madden Company 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.
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