GAMMA Investing LLC Raises Stock Position in Steven Madden, Ltd. $SHOO

Key Points

• GAMMA Investing LLC has significantly increased its stake in Steven Madden, Ltd. by 584.7%, now owning 9,428 shares valued at approximately $226,000.
• Steven Madden reported a missed earnings estimate for the latest quarter, posting $0.20 EPS compared to the expected $0.24, alongside revenues of $556.09 million.
• The company also announced a quarterly dividend of $0.21, yielding 2.5%, and has a current payout ratio of 66.14%.

GAMMA Investing LLC increased its stake in Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) by 584.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,428 shares of the textile maker's stock after purchasing an additional 8,051 shares during the quarter. GAMMA Investing LLC's holdings in Steven Madden were worth $226,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of SHOO. Nuveen LLC purchased a new position in shares of Steven Madden during the 1st quarter worth $23,334,000. Millennium Management LLC boosted its stake in shares of Steven Madden by 1,170.4% during the 1st quarter. Millennium Management LLC now owns 617,049 shares of the textile maker's stock worth $16,438,000 after acquiring an additional 568,477 shares during the last quarter. Federated Hermes Inc. boosted its stake in shares of Steven Madden by 270,516.2% during the 1st quarter. Federated Hermes Inc. now owns 533,114 shares of the textile maker's stock worth $14,202,000 after acquiring an additional 532,917 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Steven Madden by 46.5% during the 1st quarter. Victory Capital Management Inc. now owns 1,212,373 shares of the textile maker's stock worth $32,298,000 after acquiring an additional 384,979 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Steven Madden by 29.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,455,381 shares of the textile maker's stock worth $39,907,000 after acquiring an additional 332,689 shares during the last quarter. Hedge funds and other institutional investors own 99.88% of the company's stock.

Steven Madden Stock Up 3.2%

SHOO opened at $33.76 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.13 and a current ratio of 2.01. The stock has a market cap of $2.45 billion, a price-to-earnings ratio of 26.58 and a beta of 1.21. The firm's fifty day moving average is $28.49 and its 200 day moving average is $25.61. Steven Madden, Ltd. has a fifty-two week low of $19.05 and a fifty-two week high of $50.01.

Steven Madden (NASDAQ:SHOO - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The textile maker reported $0.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.24 by ($0.04). The company had revenue of $556.09 million during 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 business's revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 earnings per share. On average, sell-side analysts forecast that Steven Madden, Ltd. will post 2.66 earnings per share for the current fiscal year.

Steven Madden Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Friday, September 12th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, September 12th. Steven Madden's payout ratio is currently 66.14%.

Analyst Ratings Changes

Several research analysts have recently weighed in on SHOO shares. Piper Sandler upgraded shares of Steven Madden from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $25.00 to $40.00 in a research note on Monday, September 22nd. UBS Group lifted their price target on shares of Steven Madden from $23.00 to $26.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Wall Street Zen cut shares of Steven Madden from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Needham & Company LLC restated a "hold" rating on shares of Steven Madden in a research note on Wednesday, July 30th. Finally, Citigroup upgraded shares of Steven Madden from a "neutral" rating to a "buy" rating and lifted their target price for the company from $26.00 to $32.00 in a research note on Thursday, July 17th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $31.80.

Steven Madden 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.

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