JPMorgan Chase & Co. Sells 62,780 Shares of Steven Madden, Ltd. $SHOO

Key Points

• JPMorgan Chase & Co. trimmed its stake in Steven Madden by 26.7%, selling 62,780 shares in Q3 and leaving it with 172,451 shares (about 0.24% of the company, valued at $5.77M).
• Major institutions such as Vanguard, Wellington, Capital Research and Invesco boosted their holdings (Vanguard now owns 8.28M shares worth ~$277.3M), leaving institutional ownership at 99.88%.
• Steven Madden beat Q earnings ($0.48 EPS vs. $0.46 est.) with revenue up 29.6% YoY; the company has a $2.48B market cap, pays a $0.21 quarterly dividend (2.5% yield) but has a high payout ratio (135%), and analysts’ consensus rating is Hold with an average $44 price target.

JPMorgan Chase & Co. trimmed its holdings in Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) by 26.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 172,451 shares of the textile maker's stock after selling 62,780 shares during the period. JPMorgan Chase & Co. owned about 0.24% of Steven Madden worth $5,774,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SHOO. Vanguard Group Inc. raised its position in shares of Steven Madden by 2.5% during the third quarter. Vanguard Group Inc. now owns 8,283,806 shares of the textile maker's stock valued at $277,342,000 after buying an additional 200,013 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Steven Madden by 18.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,453,208 shares of the textile maker's stock valued at $115,613,000 after purchasing an additional 528,829 shares during the last quarter. Capital Research Global Investors increased its holdings in shares of Steven Madden by 14.0% in the third quarter. Capital Research Global Investors now owns 2,720,354 shares of the textile maker's stock worth $91,077,000 after purchasing an additional 334,058 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Steven Madden by 1.7% during the third quarter. Dimensional Fund Advisors LP now owns 2,450,539 shares of the textile maker's stock valued at $82,046,000 after buying an additional 41,947 shares during the last quarter. Finally, Invesco Ltd. increased its stake in Steven Madden by 50.5% in the 2nd quarter. Invesco Ltd. now owns 2,426,926 shares of the textile maker's stock worth $58,198,000 after acquiring an additional 814,318 shares during the last quarter. Institutional investors own 99.88% of the company's stock.

Insider Activity

In other news, Director Arian Simone Reed sold 3,600 shares of the business's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $33.44, for a total value of $120,384.00. Following the completion of the transaction, the director directly owned 8,705 shares of the company's stock, valued at approximately $291,095.20. The trade was a 29.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.22% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SHOO. Zacks Research cut shares of Steven Madden from a "hold" rating to a "strong sell" rating in a research report on Tuesday, March 10th. UBS Group restated a "neutral" rating on shares of Steven Madden in a research report on Monday, February 23rd. BTIG Research restated a "buy" rating and set a $50.00 price target on shares of Steven Madden in a report on Thursday, February 26th. Weiss Ratings reiterated a "hold (c)" rating on shares of Steven Madden in a research report on Thursday, January 22nd. Finally, Williams Trading set a $48.00 price target on shares of Steven Madden in a research note on Tuesday, March 10th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Steven Madden has a consensus rating of "Hold" and an average price target of $44.00.

Steven Madden Price Performance

Shares of SHOO stock opened at $34.06 on Thursday. The company has a market capitalization of $2.48 billion, a P/E ratio of 54.94 and a beta of 1.13. The company's 50-day simple moving average is $37.05 and its two-hundred day simple moving average is $38.24. Steven Madden, Ltd. has a one year low of $19.05 and a one year high of $46.88. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.90 and a quick ratio of 1.11.

Steven Madden (NASDAQ:SHOO - Get Free Report) last released its quarterly earnings data on Wednesday, February 25th. The textile maker reported $0.48 EPS for the quarter, topping the consensus estimate of $0.46 by $0.02. The company had revenue of $753.70 million for the quarter, compared to the consensus estimate of $758.53 million. Steven Madden had a return on equity of 13.60% and a net margin of 1.76%.Steven Madden's quarterly revenue was up 29.6% on a year-over-year basis. During the same period last year, the business posted $0.55 EPS. As a group, equities analysts anticipate that Steven Madden, Ltd. will post 2.66 EPS for the current year.

Steven Madden Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Wednesday, March 11th were issued a dividend of $0.21 per share. The ex-dividend date was Wednesday, March 11th. This represents a $0.84 dividend on an annualized basis and a yield of 2.5%. Steven Madden's dividend payout ratio is currently 135.48%.

Steven Madden Company Profile

Steven Madden, Inc NASDAQ: SHOO is a New York–based designer and marketer of fashion footwear, handbags and accessories. The company's product portfolio spans a range of contemporary and lifestyle brands for women, men and children, including its core Steve Madden label as well as the Madden Girl and Dolce Vita brands. In addition to footwear, the company licenses its trademarks for use on apparel, eyewear and other fashion accessories.

Steven Madden distributes its products through multiple channels, including wholesale partners, e-commerce platforms and its own brick-and-mortar retail stores.

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