T. Rowe Price Investment Management Inc. Acquires 106,028 Shares of Steven Madden, Ltd. $SHOO

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Steven Madden, Ltd. by 4.5%, acquiring an additional 106,028 shares to own a total of 2,452,407 shares valued at approximately $65.3 million.
• Several brokerages have recently adjusted their ratings for Steven Madden, with Citigroup upgrading the stock from "neutral" to "buy" and raising the price target from $26.00 to $32.00.
• Steven Madden declared a quarterly dividend of $0.21 per share, resulting in an annualized dividend yield of 2.9%, with a payout ratio of 66.14%.

T. Rowe Price Investment Management Inc. lifted its holdings in Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) by 4.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,452,407 shares of the textile maker's stock after purchasing an additional 106,028 shares during the period. T. Rowe Price Investment Management Inc. owned 3.38% of Steven Madden worth $65,333,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in SHOO. CX Institutional bought a new position in shares of Steven Madden in the first quarter worth about $32,000. Caitong International Asset Management Co. Ltd increased its stake in Steven Madden by 328.8% during the first quarter. Caitong International Asset Management Co. Ltd now owns 2,161 shares of the textile maker's stock valued at $58,000 after acquiring an additional 1,657 shares during the period. Quarry LP increased its stake in Steven Madden by 403.6% during the fourth quarter. Quarry LP now owns 1,385 shares of the textile maker's stock valued at $59,000 after acquiring an additional 1,110 shares during the period. CWM LLC increased its stake in Steven Madden by 231.0% during the first quarter. CWM LLC now owns 2,277 shares of the textile maker's stock valued at $61,000 after acquiring an additional 1,589 shares during the period. Finally, Covestor Ltd increased its stake in Steven Madden by 22.9% during the first quarter. Covestor Ltd now owns 4,906 shares of the textile maker's stock valued at $130,000 after acquiring an additional 915 shares during the period. 99.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Steven Madden Trading Up 5.2%

SHOO stock opened at $28.53 on Friday. Steven Madden, Ltd. has a 1-year low of $19.05 and a 1-year high of $50.01. The firm has a market cap of $2.07 billion, a P/E ratio of 22.46 and a beta of 1.16. The business's 50 day moving average is $25.42 and its 200-day moving average is $26.36. The company has a current ratio of 2.01, a quick ratio of 1.13 and a debt-to-equity ratio of 0.33.

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 for the quarter, missing the consensus estimate of $0.24 by ($0.04). Steven Madden had a net margin of 3.92% and a return on equity of 18.32%. The company had revenue of $556.09 million during the quarter, compared to the consensus estimate of $575.83 million. During the same quarter in the prior year, the company posted $0.57 earnings per share. The company's revenue for the quarter was up 6.8% on a year-over-year basis. Equities analysts anticipate that Steven Madden, Ltd. will post 2.66 earnings per share for the current fiscal year.

Steven Madden Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Friday, September 12th will be given 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 2.9%. Steven Madden's dividend payout ratio 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.

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