Steven Madden, Ltd. $SHOO Shares Bought by CX Institutional

Key Points

• CX Institutional significantly increased its stake in Steven Madden, Ltd. by 2,597.1% during the second quarter, acquiring an additional 30,827 shares, bringing its total holdings to 32,014 shares valued at approximately $768,000.
• Steven Madden reported quarterly earnings of $0.20 per share, which fell short of analyst expectations of $0.24, and revenue of $556.09 million, below the anticipated $575.83 million.
• The company declared a quarterly dividend of $0.21 per share, with an annualized yield of 2.6%, set to be paid on September 23rd to shareholders of record.

CX Institutional lifted its position in shares of Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) by 2,597.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,014 shares of the textile maker's stock after acquiring an additional 30,827 shares during the quarter. CX Institutional's holdings in Steven Madden were worth $768,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Caitong International Asset Management Co. Ltd raised its holdings in Steven Madden by 328.8% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 2,161 shares of the textile maker's stock worth $58,000 after purchasing an additional 1,657 shares during the period. CWM LLC increased its position in shares of Steven Madden by 231.0% in the first quarter. CWM LLC now owns 2,277 shares of the textile maker's stock valued at $61,000 after buying an additional 1,589 shares in the last quarter. Covestor Ltd increased its position 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 buying an additional 915 shares in the last quarter. Gagnon Securities LLC purchased a new stake in shares of Steven Madden in the first quarter valued at approximately $140,000. Finally, HighTower Advisors LLC grew its stake in Steven Madden by 17.5% in the 1st quarter. HighTower Advisors LLC now owns 7,567 shares of the textile maker's stock valued at $202,000 after acquiring an additional 1,128 shares during the period. 99.88% of the stock is owned by hedge funds and other institutional investors.

Steven Madden Stock Down 2.1%

Steven Madden stock opened at $32.02 on Monday. Steven Madden, Ltd. has a fifty-two week low of $19.05 and a fifty-two week 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. The firm has a 50 day moving average price of $27.70 and a 200 day moving average price of $25.39. The company has a market capitalization of $2.33 billion, a PE ratio of 25.21 and a beta of 1.21.

Steven Madden (NASDAQ:SHOO - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The textile maker reported $0.20 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 firm had revenue of $556.09 million for the quarter, compared to analysts' expectations of $575.83 million. During the same quarter in the prior year, the business earned $0.57 earnings per share. The company's quarterly revenue was up 6.8% on a year-over-year basis. Research analysts expect that Steven Madden, Ltd. will post 2.66 earnings per share for the current year.

Steven Madden Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 12th will be paid 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 2.6%. Steven Madden's dividend payout ratio is 66.14%.

Analyst Ratings Changes

A number of research firms recently issued reports on SHOO. Needham & Company LLC reissued a "hold" rating on shares of Steven Madden in a research note on Wednesday, July 30th. Citigroup upgraded shares of Steven Madden from a "neutral" rating to a "buy" rating and upped their price target for the stock from $26.00 to $32.00 in a research report on Thursday, July 17th. Wall Street Zen downgraded shares of Steven Madden from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Telsey Advisory Group reiterated a "market perform" rating and set a $26.00 price objective (up from $24.00) on shares of Steven Madden in a research note on Wednesday, July 30th. Finally, UBS Group lifted their price target on Steven Madden from $23.00 to $26.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. One equities research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price 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.

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