Strs Ohio Makes New $349,000 Investment in Steven Madden, Ltd. $SHOO

Key Points

• Strs Ohio purchased a new stake in Steven Madden, Ltd., acquiring 13,100 shares valued at approximately $349,000 in the first quarter.
• Major institutional investors have recently increased their positions in Steven Madden, with Federated Hermes Inc. raising its holdings by 270,516.2% during the same period.
• Analysts have upgraded the stock's rating, with Citigroup raising its price target to $32.00, reflecting growing confidence in the company's performance.

Strs Ohio bought a new stake in shares of Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 13,100 shares of the textile maker's stock, valued at approximately $349,000.

Several other large investors also recently bought and sold shares of SHOO. Nuveen LLC bought a new position in Steven Madden during the first quarter valued at $23,334,000. Millennium Management LLC increased its holdings in shares of Steven Madden by 1,170.4% in the 1st 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. Federated Hermes Inc. raised its position in shares of Steven Madden by 270,516.2% during the 1st quarter. Federated Hermes Inc. now owns 533,114 shares of the textile maker's stock valued at $14,202,000 after buying an additional 532,917 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of 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 acquiring an additional 384,979 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of 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 acquiring an additional 332,689 shares during the last quarter. Institutional investors own 99.88% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SHOO. Citigroup raised Steven Madden from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $26.00 to $32.00 in a research note on Thursday, July 17th. Piper Sandler upgraded 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. UBS Group increased their price target on Steven Madden from $23.00 to $26.00 and gave the company a "neutral" rating in a report on Monday, July 28th. 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 report on Wednesday, July 30th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Steven Madden in a research report on Wednesday, July 30th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $31.80.

Steven Madden Price Performance

NASDAQ SHOO opened at $32.93 on Wednesday. The company has a market cap of $2.39 billion, a PE ratio of 25.93 and a beta of 1.21. The firm's 50 day moving average price is $28.05 and its 200-day moving average price is $25.48. 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, 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 posted 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 analysts' expectations of $575.83 million. Steven Madden had a return on equity of 18.32% and a net margin of 3.92%.The firm's quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS. Sell-side analysts forecast that Steven Madden, Ltd. will post 2.66 EPS for the current fiscal year.

Steven Madden Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 12th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was 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 (DPR) is presently 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.

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