Citigroup Inc. Buys 252,592 Shares of Steven Madden, Ltd. $SHOO

Key Points

• Citigroup Inc. increased its stake in Steven Madden, Ltd. by 243.7% in the first quarter, acquiring 252,592 additional shares, bringing its total holdings to 356,257 shares valued at approximately $9.49 million.
• Steven Madden reported a net margin of 3.92% and earnings per share (EPS) of $0.20 for the last quarter, falling short of analysts' expectations.
• The company declared a quarterly dividend of $0.21 per share, resulting in an annualized yield of 3.1%, with the ex-dividend date set for September 12th.

Citigroup Inc. lifted its stake in Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) by 243.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 356,257 shares of the textile maker's stock after buying an additional 252,592 shares during the quarter. Citigroup Inc. owned about 0.49% of Steven Madden worth $9,491,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in SHOO. CX Institutional bought a new position in shares of Steven Madden in the first quarter worth about $32,000. Quarry LP raised its stake in shares of Steven Madden by 403.6% in the fourth quarter. Quarry LP now owns 1,385 shares of the textile maker's stock worth $59,000 after buying an additional 1,110 shares during the period. CWM LLC raised its stake in shares of Steven Madden by 231.0% in the first quarter. CWM LLC now owns 2,277 shares of the textile maker's stock worth $61,000 after buying an additional 1,589 shares during the period. Gagnon Securities LLC bought a new position in shares of Steven Madden in the first quarter worth about $140,000. Finally, Mariner LLC raised its stake in shares of Steven Madden by 7.2% in the fourth quarter. Mariner LLC now owns 4,740 shares of the textile maker's stock worth $202,000 after buying an additional 319 shares during the period. Institutional investors own 99.88% of the company's stock.

Steven Madden Price Performance

SHOO traded up $0.53 on Thursday, hitting $27.13. 1,353,357 shares of the company's stock traded hands, compared to its average volume of 1,795,152. The company's 50 day simple moving average is $25.31 and its 200-day simple moving average is $26.42. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of 21.36 and a beta of 1.16. Steven Madden, Ltd. has a one year low of $19.05 and a one year high of $50.01. The company has a current ratio of 2.01, a quick ratio of 1.13 and a debt-to-equity ratio of 0.33.

Steven Madden (NASDAQ:SHOO - Get Free Report) last issued its earnings results on Wednesday, July 30th. The textile maker reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.04). The business had revenue of $556.09 million for the quarter, compared to the consensus estimate of $575.83 million. Steven Madden had a net margin of 3.92% and a return on equity of 18.32%. The firm's revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period last year, the business posted $0.57 EPS. As a group, research analysts anticipate that Steven Madden, Ltd. will post 2.66 EPS for the current year.

Steven Madden Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 12th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.84 dividend on an annualized basis and a yield of 3.1%. Steven Madden's payout ratio is presently 66.14%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Needham & Company LLC reaffirmed a "hold" rating on shares of Steven Madden in a research note on Wednesday, July 30th. Citigroup raised Steven Madden from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $26.00 to $32.00 in a research note on Thursday, July 17th. Wall Street Zen downgraded Steven Madden from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. UBS Group lifted their target price on Steven Madden from $23.00 to $26.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Finally, Telsey Advisory Group reissued a "market perform" rating and set a $26.00 target price (up previously from $24.00) on shares of Steven Madden in a research note on Wednesday, July 30th. One investment analyst has rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $28.80.

Steven Madden Company Profile

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.