Nixon Capital LLC Buys New Position in Steven Madden, Ltd. $SHOO

Key Points

• Nixon Capital LLC has invested approximately $4.68 million in Steven Madden, acquiring 175,596 shares, which makes up about 1.6% of their investment portfolio.
• Several research firms have recently upgraded their ratings for Steven Madden, with UBS Group raising their target price from $23 to $26 and Citigroup increasing it from $26 to $32.
• Steven Madden announced a quarterly dividend of $0.21 per share, with an annualized yield of 2.8%, payable on September 23rd to investors of record.

Nixon Capital LLC acquired a new position in shares of Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 175,596 shares of the textile maker's stock, valued at approximately $4,678,000. Steven Madden comprises approximately 1.6% of Nixon Capital LLC's holdings, making the stock its 21st largest holding. Nixon Capital LLC owned 0.24% of Steven Madden at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its stake in Steven Madden by 1,170.4% during the first quarter. Millennium Management LLC now owns 617,049 shares of the textile maker's stock worth $16,438,000 after buying an additional 568,477 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in 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. AQR Capital Management LLC purchased a new stake in Steven Madden in the first quarter valued at $752,000. Perbak Capital Partners LLP purchased a new stake in Steven Madden in the first quarter valued at $309,000. Finally, Maverick Capital Ltd. purchased a new stake in Steven Madden in the first quarter valued at $802,000. Institutional investors and hedge funds own 99.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SHOO shares. 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 report on Monday, July 28th. Wall Street Zen downgraded Steven Madden from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Needham & Company LLC reiterated a "hold" rating on shares of Steven Madden in a report on Wednesday, July 30th. Telsey Advisory Group reiterated a "market perform" rating and issued a $26.00 price objective (up previously from $24.00) on shares of Steven Madden in a report on Wednesday, July 30th. Finally, Citigroup upgraded Steven Madden from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $26.00 to $32.00 in a report on Thursday, July 17th. One investment analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $28.80.

Steven Madden Stock Up 0.7%

Shares of NASDAQ:SHOO traded up $0.20 on Friday, hitting $30.32. 1,442,188 shares of the company's stock were exchanged, compared to its average volume of 1,294,940. The firm's 50-day moving average is $26.51 and its 200 day moving average is $25.53. The company has a market capitalization of $2.20 billion, a PE ratio of 23.87 and a beta of 1.21. Steven Madden, Ltd. has a 1-year low of $19.05 and a 1-year high of $50.01. 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 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 analyst estimates of $575.83 million. Steven Madden had a return on equity of 18.32% and a net margin of 3.92%.The company's revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 earnings per share. Sell-side analysts predict that Steven Madden, Ltd. will post 2.66 EPS for the current year.

Steven Madden Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 12th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, September 12th. Steven Madden's dividend payout ratio is currently 66.14%.

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.