Moran Wealth Management LLC Sells 32,933 Shares of Steven Madden, Ltd. $SHOO

Key Points

• Moran Wealth Management LLC has reduced its stake in Steven Madden, Ltd. by 26.6%, selling 32,933 shares during the second quarter and now owns 90,688 shares worth approximately $2.17 million.
• Analysts have mixed ratings on Steven Madden, with a consensus price target of $33.17, where three analysts rate it as a "Buy" and six as a "Hold."
• The company recently reported earnings, posting $0.20 EPS, which was lower than the consensus estimate of $0.24, and announced a quarterly dividend of $0.21 per share.

Moran Wealth Management LLC lessened its holdings in Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) by 26.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,688 shares of the textile maker's stock after selling 32,933 shares during the quarter. Moran Wealth Management LLC owned 0.12% of Steven Madden worth $2,175,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Covestor Ltd boosted its stake in shares of Steven Madden by 22.9% during the 1st quarter. Covestor Ltd now owns 4,906 shares of the textile maker's stock worth $130,000 after acquiring an additional 915 shares during the period. HighTower Advisors LLC boosted its position in Steven Madden by 17.5% during the first quarter. HighTower Advisors LLC now owns 7,567 shares of the textile maker's stock worth $202,000 after purchasing an additional 1,128 shares during the period. CX Institutional acquired a new position in shares of Steven Madden in the first quarter valued at $32,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Steven Madden by 3.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,919 shares of the textile maker's stock valued at $1,143,000 after purchasing an additional 1,437 shares during the period. Finally, Vident Advisory LLC lifted its stake in shares of Steven Madden by 8.6% during the 1st quarter. Vident Advisory LLC now owns 18,748 shares of the textile maker's stock worth $499,000 after buying an additional 1,481 shares during the last quarter. 99.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SHOO has been the topic of a number of research reports. Telsey Advisory Group reiterated a "market perform" rating and issued a $26.00 price target (up previously from $24.00) on shares of Steven Madden in a research note on Wednesday, July 30th. Needham & Company LLC reiterated a "hold" rating on shares of Steven Madden in a research note on Wednesday, July 30th. Citigroup upgraded Steven Madden from a "neutral" rating to a "buy" rating and boosted their price target for the company from $26.00 to $32.00 in a research note on Thursday, July 17th. UBS Group upped their price objective on Steven Madden from $23.00 to $26.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Finally, Piper Sandler raised Steven Madden from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $25.00 to $40.00 in a report on Monday, September 22nd. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $33.17.

Steven Madden Price Performance

Steven Madden stock opened at $35.34 on Thursday. The firm has a market cap of $2.57 billion, a PE ratio of 27.83 and a beta of 1.22. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.01 and a quick ratio of 1.13. The stock's fifty day moving average price is $30.66 and its two-hundred day moving average price is $26.31. Steven Madden, Ltd. has a one year low of $19.05 and a one year high of $49.08.

Steven Madden (NASDAQ:SHOO - Get Free Report) last released 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). Steven Madden had a return on equity of 18.32% and a net margin of 3.92%.The company had revenue of $556.09 million for the quarter, compared to analyst estimates of $575.83 million. During the same period last year, the company posted $0.57 earnings per share. The business's revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, research analysts expect that Steven Madden, Ltd. will post 2.66 EPS for the current fiscal year.

Steven Madden Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Stockholders of record on Friday, September 12th were given a $0.21 dividend. The ex-dividend date was Friday, September 12th. This represents a $0.84 annualized dividend and a dividend yield of 2.4%. Steven Madden's payout ratio is presently 66.14%.

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.

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