Steven Madden (NASDAQ:SHOO) Stock Price Up 14.8% on Better-Than-Expected Earnings

Shares of Steven Madden, Ltd. (NASDAQ:SHOO - Get Free Report) rose 14.8% during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $23.39 and last traded at $23.11. Approximately 744,501 shares changed hands during trading, a decline of 50% from the average daily volume of 1,479,944 shares. The stock had previously closed at $20.13.

The textile maker reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.46 by $0.14. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. During the same quarter in the previous year, the firm posted $0.65 EPS. The company's revenue for the quarter was up .2% on a year-over-year basis.

Steven Madden Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were paid a $0.21 dividend. The ex-dividend date was Monday, March 10th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.64%. Steven Madden's dividend payout ratio is currently 35.74%.

Analysts Set New Price Targets

Several brokerages recently commented on SHOO. Piper Sandler cut their price objective on shares of Steven Madden from $35.00 to $25.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Citigroup cut their price objective on shares of Steven Madden from $35.00 to $23.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. StockNews.com cut Steven Madden from a "buy" rating to a "hold" rating in a report on Tuesday, January 14th. Loop Capital cut their price target on Steven Madden from $40.00 to $35.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Finally, UBS Group decreased their price objective on Steven Madden from $24.00 to $22.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 23rd. Nine analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $31.86.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CX Institutional bought a new position in shares of Steven Madden during the first quarter worth $32,000. R Squared Ltd purchased a new position in shares of Steven Madden during the fourth quarter valued at about $55,000. Quarry LP increased its holdings in shares of Steven Madden by 403.6% in the fourth quarter. Quarry LP now owns 1,385 shares of the textile maker's stock worth $59,000 after purchasing an additional 1,110 shares during the last quarter. CWM LLC grew its holdings in shares of Steven Madden by 231.0% in the first quarter. CWM LLC now owns 2,277 shares of the textile maker's stock valued at $61,000 after purchasing an additional 1,589 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Steven Madden by 20.9% in the 4th quarter. Blue Trust Inc. now owns 1,958 shares of the textile maker's stock worth $83,000 after buying an additional 339 shares during the last quarter. 99.88% of the stock is currently owned by institutional investors.

Steven Madden Price Performance

The company has a 50-day moving average of $24.06 and a 200 day moving average of $35.92. The company has a market cap of $1.67 billion, a PE ratio of 9.80 and a beta of 1.04.

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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