Steven Madden, Ltd. $SHOO Shares Sold by First Trust Advisors LP

Key Points

• First Trust Advisors LP trimmed its stake in Steven Madden by 22.7% in Q3, selling 320,894 shares and now holding 1,091,039 shares (about 1.50% of the company) valued at $36.53 million.
• Analyst sentiment is mixed: the consensus rating is "Hold" with an average price target of $44, but several firms have cut targets or downgraded the stock (e.g., Needham to $41; Jefferies to "underperform" with a $30 target).
• Operationally, Steven Madden beat EPS estimates ($0.48 vs. $0.46) but slightly missed revenue expectations, the stock was trading down around $32.61, and the company declared a $0.21 quarterly dividend (a 2.6% yield) despite a high payout ratio of 135.48%.

First Trust Advisors LP trimmed its position in Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) by 22.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,091,039 shares of the textile maker's stock after selling 320,894 shares during the quarter. First Trust Advisors LP owned about 1.50% of Steven Madden worth $36,528,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. AQR Capital Management LLC purchased a new position in shares of Steven Madden during the first quarter worth $752,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Steven Madden by 3.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,919 shares of the textile maker's stock worth $1,143,000 after acquiring an additional 1,437 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Steven Madden by 1,170.4% during the 1st quarter. Millennium Management LLC now owns 617,049 shares of the textile maker's stock worth $16,438,000 after acquiring an additional 568,477 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Steven Madden by 5.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 202,270 shares of the textile maker's stock valued at $5,388,000 after acquiring an additional 10,603 shares during the period. Finally, Jane Street Group LLC grew its position in shares of Steven Madden by 273.1% during the 1st quarter. Jane Street Group LLC now owns 157,492 shares of the textile maker's stock valued at $4,196,000 after acquiring an additional 115,284 shares during the period. Hedge funds and other institutional investors own 99.88% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on SHOO. Needham & Company LLC reduced their price target on Steven Madden from $50.00 to $41.00 and set a "buy" rating for the company in a report on Wednesday, February 25th. Zacks Research lowered Steven Madden from a "hold" rating to a "strong sell" rating in a report on Tuesday. Telsey Advisory Group restated an "outperform" rating and issued a $50.00 price objective on shares of Steven Madden in a research report on Thursday, February 26th. Jefferies Financial Group downgraded Steven Madden from a "hold" rating to an "underperform" rating and set a $30.00 target price for the company. in a research note on Thursday, February 5th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Steven Madden in a research report on Thursday, January 22nd. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $44.00.

Steven Madden Trading Down 4.2%

Shares of Steven Madden stock opened at $32.61 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.11 and a debt-to-equity ratio of 0.26. Steven Madden, Ltd. has a twelve month low of $19.05 and a twelve month high of $46.88. The firm has a market capitalization of $2.38 billion, a PE ratio of 52.60 and a beta of 1.13. The firm's 50-day moving average price is $40.37 and its 200 day moving average price is $37.87.

Steven Madden (NASDAQ:SHOO - Get Free Report) last posted 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 during the quarter, compared to analyst estimates 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 in the previous year, the business earned $0.55 EPS. On average, sell-side analysts predict that Steven Madden, Ltd. will post 2.66 EPS for the current fiscal year.

Steven Madden Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Wednesday, March 11th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, March 11th. Steven Madden's dividend payout ratio is currently 135.48%.

Insider Buying and Selling

In other Steven Madden news, Director Arian Simone Reed sold 3,600 shares of the firm'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 transaction, the director owned 8,705 shares in the company, valued at approximately $291,095.20. This trade represents a 29.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 2.22% of the company's stock.

About Steven Madden

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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