Wealth Enhancement Advisory Services LLC Takes Position in Steven Madden, Ltd. $SHOO

Key Points

• Wealth Enhancement Advisory Services LLC acquired a new stake in Steven Madden, Ltd., purchasing 14,988 shares valued at approximately $389,000.
• Several major institutional investors, including Vanguard Group and Victory Capital Management, have increased their stakes in Steven Madden, indicating strong interest with 99.88% of the company's stock owned by institutional investors.
• Wall Street analysts have set varying ratings for Steven Madden, with the average target price at $31.80, highlighting recent upgrades from firms like Piper Sandler and Citigroup.

Wealth Enhancement Advisory Services LLC bought a new stake in Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 14,988 shares of the textile maker's stock, valued at approximately $389,000.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Steven Madden by 2.7% in the first 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 during the period. Wellington Management Group LLP increased its holdings in shares of Steven Madden by 1.8% in the first quarter. Wellington Management Group LLP now owns 4,802,603 shares of the textile maker's stock valued at $127,941,000 after purchasing an additional 84,570 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in shares of Steven Madden by 4.5% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,452,407 shares of the textile maker's stock valued at $65,333,000 after buying an additional 106,028 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Steven Madden by 29.6% in the first 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 in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Steven Madden by 46.5% in the first 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 in the last quarter. Institutional investors and hedge funds own 99.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SHOO. UBS Group lifted 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. Piper Sandler upgraded Steven Madden from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $25.00 to $40.00 in a research note on Monday, September 22nd. Citigroup upgraded Steven Madden from a "neutral" rating to a "buy" rating and lifted their price target for the company from $26.00 to $32.00 in a research note on Thursday, July 17th. 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. Two research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $31.80.

Steven Madden Stock Performance

NASDAQ SHOO opened at $33.23 on Wednesday. The business's 50-day moving average price is $29.51 and its 200 day moving average price is $26.01. Steven Madden, Ltd. has a twelve month low of $19.05 and a twelve month high of $49.12. The company has a market capitalization of $2.41 billion, a PE ratio of 26.17 and a beta of 1.22. 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 earnings results 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 return on equity of 18.32% and a net margin of 3.92%.The business had revenue of $556.09 million for the quarter, compared to analysts' expectations of $575.83 million. During the same quarter last year, the company posted $0.57 earnings per share. The business's quarterly revenue was up 6.8% compared to the same quarter last year. On average, research 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 announced 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 was Friday, September 12th. This represents a $0.84 annualized dividend and a yield of 2.5%. Steven Madden's dividend payout ratio is 66.14%.

Steven Madden 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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