Steven Madden (NASDAQ:SHOO) Shares Gap Down - Here's Why

Steven Madden, Ltd. (NASDAQ:SHOO - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $26.49, but opened at $25.67. Steven Madden shares last traded at $25.34, with a volume of 48,482 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SHOO. Citigroup dropped their target price on Steven Madden from $35.00 to $23.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Telsey Advisory Group reissued a "market perform" rating and set a $24.00 price target on shares of Steven Madden in a research note on Thursday, May 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of Steven Madden in a research note on Friday, May 2nd. Jefferies Financial Group reaffirmed a "hold" rating on shares of Steven Madden in a report on Monday, February 3rd. Finally, Piper Sandler lowered their price target on shares of Steven Madden from $35.00 to $25.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Nine equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $32.00.

Steven Madden Trading Down 3.5%

The company has a market capitalization of $1.86 billion, a P/E ratio of 10.87 and a beta of 1.04. The stock's fifty day moving average is $23.42 and its 200 day moving average is $34.54.

Steven Madden (NASDAQ:SHOO - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The textile maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.14. The firm had revenue of $551.38 million for the quarter, compared to analysts' expectations of $557.81 million. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. The company's revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.65 earnings per share. On average, analysts expect that Steven Madden, Ltd. will post 2.66 EPS for the current fiscal year.

Steven Madden Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Monday, June 9th will be issued a dividend of $0.21 per share. The ex-dividend date is Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.29%. Steven Madden's dividend payout ratio is presently 36.21%.

Institutional Trading of Steven Madden

Large investors have recently added to or reduced their stakes in the stock. Pictet Asset Management Holding SA raised its holdings in Steven Madden by 17.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 10,503 shares of the textile maker's stock worth $447,000 after purchasing an additional 1,594 shares in the last quarter. Bank of Montreal Can increased its position in shares of Steven Madden by 5.5% during the fourth quarter. Bank of Montreal Can now owns 10,660 shares of the textile maker's stock valued at $453,000 after buying an additional 554 shares during the period. Principal Financial Group Inc. raised its stake in Steven Madden by 3.1% in the fourth quarter. Principal Financial Group Inc. now owns 381,196 shares of the textile maker's stock worth $16,208,000 after buying an additional 11,602 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Steven Madden by 26.4% in the fourth quarter. JPMorgan Chase & Co. now owns 584,068 shares of the textile maker's stock worth $24,835,000 after buying an additional 121,972 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Steven Madden by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,122,680 shares of the textile maker's stock worth $47,736,000 after buying an additional 25,903 shares during the period. Institutional investors own 99.88% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.