Russell Investments Group Ltd. Has $2.74 Million Stock Position in Steven Madden, Ltd. $SHOO

Key Points

• Russell Investments Group Ltd. significantly increased its stake in Steven Madden, Ltd. by 50.5%, acquiring an additional 34,530 shares in the first quarter, bringing its total holdings to 102,940 shares valued at approximately $2.74 million.
• The company announced a quarterly dividend of $0.21 per share, which will be paid on September 23rd, representing an annualized yield of 2.9%.
• Despite a year-over-year revenue increase of 6.8%, Steven Madden reported a quarterly earnings miss with an EPS of $0.20, below analyst expectations of $0.24.

Russell Investments Group Ltd. increased its holdings in shares of Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) by 50.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,940 shares of the textile maker's stock after purchasing an additional 34,530 shares during the period. Russell Investments Group Ltd. owned approximately 0.14% of Steven Madden worth $2,742,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Steven Madden by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 8,316,124 shares of the textile maker's stock valued at $221,542,000 after purchasing an additional 218,785 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Steven Madden by 29.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,455,381 shares of the textile maker's stock valued at $39,907,000 after buying an additional 332,689 shares during the last quarter. Victory Capital Management Inc. raised its position in Steven Madden by 46.5% in the 1st quarter. Victory Capital Management Inc. now owns 1,212,373 shares of the textile maker's stock valued at $32,298,000 after buying an additional 384,979 shares during the last quarter. Nuveen LLC acquired a new position in shares of Steven Madden during the 1st quarter worth approximately $23,334,000. Finally, Northern Trust Corp boosted its stake in Steven Madden by 9.7% in the 4th quarter. Northern Trust Corp now owns 810,263 shares of the textile maker's stock valued at $34,452,000 after purchasing an additional 71,816 shares during the period. Institutional investors own 99.88% of the company's stock.

Analyst Ratings Changes

SHOO has been the subject of several recent research reports. UBS Group boosted their price target on Steven Madden from $23.00 to $26.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. 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. Telsey Advisory Group restated a "market perform" rating and issued a $26.00 price target (up from $24.00) on shares of Steven Madden in a research note on Wednesday, July 30th. Wall Street Zen downgraded Steven Madden from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Finally, Needham & Company LLC restated a "hold" rating on shares of Steven Madden in a research note on Wednesday, July 30th. One analyst has rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $28.80.

Steven Madden Price Performance

Shares of NASDAQ:SHOO traded up $0.14 during trading on Friday, reaching $29.32. 493,825 shares of the company traded hands, compared to its average volume of 1,552,215. The company's 50 day moving average is $25.83 and its two-hundred day moving average is $26.11. The firm has a market capitalization of $2.13 billion, a PE ratio of 23.08 and a beta of 1.16. The company has a quick ratio of 1.13, a current ratio of 2.01 and a debt-to-equity ratio of 0.33. Steven Madden, Ltd. has a 52 week low of $19.05 and a 52 week high of $50.01.

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 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 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. As a group, sell-side analysts predict that Steven Madden, Ltd. will post 2.66 earnings per share for the current year.

Steven Madden Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Friday, September 12th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.84 annualized dividend and a yield of 2.9%. Steven Madden's dividend payout ratio (DPR) is 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.