Steven Madden, Ltd. $SHOO Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. has reduced its stake in Steven Madden, Ltd. by 7.6%, now holding approximately 2.22% of the company, equivalent to $42.96 million after selling 132,848 shares.
• Steven Madden reported quarterly earnings of $0.20 per share, missing the consensus estimate of $0.24, with total revenue of $556.09 million, below the expected $575.83 million.
• The company has announced a quarterly dividend of $0.21 per share to be paid on September 23, representing an annualized dividend yield of 3.1%.

Invesco Ltd. decreased its position in Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) by 7.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,612,608 shares of the textile maker's stock after selling 132,848 shares during the period. Invesco Ltd. owned about 2.22% of Steven Madden worth $42,960,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Covestor Ltd boosted its holdings in shares of Steven Madden by 22.9% in the first quarter. Covestor Ltd now owns 4,906 shares of the textile maker's stock valued at $130,000 after acquiring an additional 915 shares in the last quarter. Citigroup Inc. boosted its holdings in shares of Steven Madden by 243.7% in the first quarter. Citigroup Inc. now owns 356,257 shares of the textile maker's stock valued at $9,491,000 after acquiring an additional 252,592 shares in the last quarter. Gagnon Securities LLC purchased a new stake in shares of Steven Madden in the first quarter valued at about $140,000. Headlands Technologies LLC boosted its holdings in shares of Steven Madden by 58.9% in the first quarter. Headlands Technologies LLC now owns 20,711 shares of the textile maker's stock valued at $552,000 after acquiring an additional 7,678 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Steven Madden by 2.7% in the first quarter. Vanguard Group Inc. now owns 8,316,124 shares of the textile maker's stock valued at $221,542,000 after acquiring an additional 218,785 shares in the last quarter. Hedge funds and other institutional investors own 99.88% of the company's stock.

Steven Madden Price Performance

SHOO stock traded up $1.60 during trading on Friday, reaching $28.73. 397,179 shares of the company were exchanged, compared to its average volume of 1,556,621. The company has a market cap of $2.09 billion, a P/E ratio of 22.63 and a beta of 1.16. Steven Madden, Ltd. has a 52-week low of $19.05 and a 52-week high of $50.01. The stock's 50 day moving average price is $25.31 and its 200 day moving average price is $26.42. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.13 and a current ratio of 2.01.

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

Steven Madden Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 12th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, September 12th. This represents a $0.84 dividend on an annualized basis and a yield of 2.9%. Steven Madden's payout ratio is presently 66.14%.

Analyst Upgrades and Downgrades

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

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.