Raymond James & Associates Reduces Stock Position in Steven Madden, Ltd. (NASDAQ:SHOO)

Raymond James & Associates lowered its stake in shares of Steven Madden, Ltd. (NASDAQ:SHOO) by 0.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 110,522 shares of the textile maker’s stock after selling 416 shares during the period. Raymond James & Associates owned 0.15% of Steven Madden worth $4,675,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in SHOO. GAMMA Investing LLC purchased a new stake in shares of Steven Madden in the fourth quarter worth $32,000. Yousif Capital Management LLC raised its position in shares of Steven Madden by 1.8% in the fourth quarter. Yousif Capital Management LLC now owns 35,824 shares of the textile maker’s stock worth $1,505,000 after buying an additional 634 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Steven Madden by 24.2% in the fourth quarter. Russell Investments Group Ltd. now owns 84,528 shares of the textile maker’s stock worth $3,550,000 after buying an additional 16,464 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Steven Madden by 10.3% in the fourth quarter. Victory Capital Management Inc. now owns 1,455,980 shares of the textile maker’s stock worth $61,151,000 after buying an additional 136,171 shares in the last quarter. Finally, Natixis Advisors L.P. raised its position in shares of Steven Madden by 9.8% in the fourth quarter. Natixis Advisors L.P. now owns 14,467 shares of the textile maker’s stock worth $607,000 after buying an additional 1,292 shares in the last quarter. Hedge funds and other institutional investors own 99.88% of the company’s stock.

Insiders Place Their Bets

In related news, insider Karla Frieders sold 10,000 shares of Steven Madden stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $44.91, for a total transaction of $449,100.00. Following the sale, the insider now directly owns 86,658 shares in the company, valued at $3,891,810.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Karla Frieders sold 10,000 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $44.91, for a total value of $449,100.00. Following the completion of the transaction, the insider now directly owns 86,658 shares in the company, valued at approximately $3,891,810.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter Migliorini sold 3,000 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $43.81, for a total transaction of $131,430.00. Following the sale, the director now directly owns 16,006 shares in the company, valued at approximately $701,222.86. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,600 shares of company stock worth $651,586. Company insiders own 2.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Wedbush reiterated a “neutral” rating and issued a $41.00 price objective on shares of Steven Madden in a research report on Wednesday, August 7th. StockNews.com cut Steven Madden from a “buy” rating to a “hold” rating in a research note on Tuesday. Piper Sandler reissued a “neutral” rating and issued a $45.00 target price on shares of Steven Madden in a research note on Friday, August 23rd. Telsey Advisory Group reissued a “market perform” rating and issued a $44.00 target price on shares of Steven Madden in a research note on Wednesday, July 31st. Finally, BTIG Research increased their target price on Steven Madden from $50.00 to $53.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $44.29.

Steven Madden Stock Performance

Shares of SHOO stock opened at $44.54 on Friday. The company has a market capitalization of $3.27 billion, a P/E ratio of 18.40 and a beta of 1.09. Steven Madden, Ltd. has a fifty-two week low of $30.35 and a fifty-two week high of $47.24. The stock has a 50 day moving average price of $43.47 and a two-hundred day moving average price of $42.50.

Steven Madden (NASDAQ:SHOO) last posted its earnings results on Wednesday, July 31st. The textile maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.06. The company had revenue of $523.60 million for the quarter, compared to analysts’ expectations of $515.15 million. Steven Madden had a return on equity of 23.49% and a net margin of 8.36%. Steven Madden’s quarterly revenue was up 17.6% on a year-over-year basis. During the same period last year, the firm earned $0.47 earnings per share. As a group, equities analysts predict that Steven Madden, Ltd. will post 2.62 earnings per share for the current year.

Steven Madden Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 13th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend is Friday, September 13th. Steven Madden’s dividend payout ratio is currently 34.71%.

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.