Oppenheimer Asset Management Inc. raised its stake in shares of Steven Madden, Ltd. (NASDAQ:SHOO – Get Rating) by 9.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,718 shares of the textile maker’s stock after buying an additional 864 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Steven Madden were worth $259,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in SHOO. Raymond James & Associates raised its stake in Steven Madden by 3.6% during the first quarter. Raymond James & Associates now owns 89,563 shares of the textile maker’s stock valued at $3,461,000 after buying an additional 3,082 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Steven Madden by 6.1% in the 1st quarter. American Century Companies Inc. now owns 32,049 shares of the textile maker’s stock worth $1,238,000 after purchasing an additional 1,853 shares in the last quarter. Citigroup Inc. increased its holdings in shares of Steven Madden by 6.2% in the 1st quarter. Citigroup Inc. now owns 73,056 shares of the textile maker’s stock worth $2,823,000 after purchasing an additional 4,282 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Steven Madden by 5.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 14,050 shares of the textile maker’s stock worth $544,000 after purchasing an additional 767 shares in the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of Steven Madden by 1.9% in the 1st quarter. Bank of Montreal Can now owns 22,683 shares of the textile maker’s stock worth $912,000 after purchasing an additional 414 shares in the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.
Analyst Upgrades and Downgrades
SHOO has been the subject of a number of research analyst reports. UBS Group lifted their target price on Steven Madden from $32.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday, February 16th. Citigroup lifted their target price on Steven Madden from $37.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday. Loop Capital lifted their target price on Steven Madden from $30.00 to $32.00 and gave the stock a “hold” rating in a report on Tuesday, February 14th. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $34.00 price objective on shares of Steven Madden in a report on Thursday. Finally, Wedbush lowered Steven Madden from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $43.00 to $29.00 in a report on Tuesday, November 1st. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Steven Madden has an average rating of “Hold” and an average target price of $39.57.
Steven Madden Price Performance
Steven Madden (NASDAQ:SHOO – Get Rating) last released its earnings results on Thursday, February 23rd. The textile maker reported $0.44 earnings per share for the quarter, meeting the consensus estimate of $0.44. The company had revenue of $470.60 million for the quarter, compared to the consensus estimate of $456.88 million. Steven Madden had a return on equity of 25.81% and a net margin of 10.18%. Steven Madden’s quarterly revenue was down 18.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.87 earnings per share. Analysts expect that Steven Madden, Ltd. will post 2.61 EPS for the current fiscal year.
Steven Madden Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, March 24th. Investors of record on Friday, March 10th will be given a dividend of $0.21 per share. The ex-dividend date is Thursday, March 9th. This represents a $0.84 annualized dividend and a yield of 2.35%. Steven Madden’s dividend payout ratio (DPR) is presently 30.33%.
About Steven Madden
Steven Madden Ltd. engages in the design, marketing, and sale of fashion-forward footwear for women, men, and children. It operates through the following segments: Wholesale Footwear, Wholesale Accessories and Apparel, Direct-to-Consumer, First Cost, and Licensing. The Wholesale Footwear segment includes branded and private label women’s, men’s, girl’s and children’s footwear.
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