Steven Madden (NASDAQ:SHOO) Stock Price Down 4.8% - Here's What Happened

Steven Madden, Ltd. (NASDAQ:SHOO - Get Free Report)'s stock price fell 4.8% on Wednesday . The company traded as low as $24.56 and last traded at $24.71. 714,760 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 1,074,701 shares. The stock had previously closed at $25.96.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SHOO. Citigroup cut their price objective on shares of Steven Madden from $35.00 to $23.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. 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 note on Friday, April 11th. UBS Group increased their price objective on shares of Steven Madden from $22.00 to $23.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Loop Capital cut their price objective on shares of Steven Madden from $40.00 to $35.00 and set a "hold" rating on the stock in a research note on Thursday, February 27th. Finally, Telsey Advisory Group reiterated a "market perform" rating and issued a $24.00 price objective on shares of Steven Madden in a research note on Wednesday, June 4th. Nine analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $28.50.

Steven Madden Stock Down 5.4%

The company has a market cap of $1.78 billion, a price-to-earnings ratio of 10.45 and a beta of 1.12. The company's 50-day moving average is $23.07 and its 200 day moving average is $32.52.

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

Steven Madden Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Monday, June 9th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, June 9th. This represents a $0.84 annualized dividend and a yield of 3.42%. Steven Madden's dividend payout ratio is presently 36.21%.

Institutional Trading of Steven Madden

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CX Institutional acquired a new stake in shares of Steven Madden in the first quarter valued at about $32,000. Caitong International Asset Management Co. Ltd grew its position in shares of Steven Madden by 328.8% in 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 purchasing an additional 1,657 shares during the period. Quarry LP grew its position 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 valued at $59,000 after purchasing an additional 1,110 shares during the period. CWM LLC grew its position 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 during the period. Finally, Covestor Ltd grew its position in shares of Steven Madden by 22.9% in the first quarter. Covestor Ltd now owns 4,906 shares of the textile maker's stock valued at $130,000 after purchasing an additional 915 shares during the period. Institutional investors and hedge funds own 99.88% of the company's stock.

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.