Steven Madden (NASDAQ:SHOO) Shares Down 9.4%

Steven Madden, Ltd. (NASDAQ:SHOO) shares traded down 9.4% during mid-day trading on Thursday . The stock traded as low as $31.03 and last traded at $31.27, 1,446,484 shares traded hands during mid-day trading. An increase of 152% from the average session volume of 572,949 shares. The stock had previously closed at $34.51.

Several equities analysts have recently issued reports on the company. Piper Jaffray Companies cut Steven Madden from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $38.00 to $32.00 in a research note on Tuesday, May 14th. Canaccord Genuity set a $41.00 target price on Steven Madden and gave the stock a “buy” rating in a research note on Friday, April 26th. Citigroup set a $37.00 target price on Steven Madden and gave the stock a “hold” rating in a research note on Wednesday. B. Riley set a $42.00 target price on Steven Madden and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, Telsey Advisory Group restated a “market perform” rating and set a $36.00 target price (down previously from $38.00) on shares of Steven Madden in a research note on Thursday, June 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $35.80.

The business has a 50 day moving average of $33.06. The firm has a market cap of $2.96 billion, a PE ratio of 16.77, a PEG ratio of 2.09 and a beta of 0.80.

Steven Madden (NASDAQ:SHOO) last posted its earnings results on Tuesday, July 30th. The textile maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.05. The firm had revenue of $444.97 million during the quarter, compared to analysts’ expectations of $420.40 million. Steven Madden had a return on equity of 19.90% and a net margin of 8.07%. The firm’s revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.41 earnings per share. Analysts forecast that Steven Madden, Ltd. will post 1.85 EPS for the current fiscal year.

In other Steven Madden news, Director Robert Garrett Smith sold 9,267 shares of Steven Madden stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $31.00, for a total transaction of $287,277.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Rose Peabody Lynch sold 3,390 shares of Steven Madden stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $32.17, for a total value of $109,056.30. Following the transaction, the director now directly owns 8,469 shares in the company, valued at approximately $272,447.73. The disclosure for this sale can be found here. Insiders own 1.96% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE increased its position in Steven Madden by 2.4% during the first quarter. US Bancorp DE now owns 16,027 shares of the textile maker’s stock worth $542,000 after buying an additional 377 shares during the period. Mason Street Advisors LLC increased its position in Steven Madden by 1.6% during the first quarter. Mason Street Advisors LLC now owns 25,107 shares of the textile maker’s stock worth $850,000 after buying an additional 392 shares during the period. Municipal Employees Retirement System of Michigan increased its position in Steven Madden by 1.7% during the second quarter. Municipal Employees Retirement System of Michigan now owns 23,380 shares of the textile maker’s stock worth $794,000 after buying an additional 400 shares during the period. Arizona State Retirement System increased its position in Steven Madden by 0.4% during the second quarter. Arizona State Retirement System now owns 121,138 shares of the textile maker’s stock worth $4,113,000 after buying an additional 540 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its position in Steven Madden by 1.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 30,822 shares of the textile maker’s stock worth $1,043,000 after buying an additional 557 shares during the period. 95.84% of the stock is currently owned by institutional investors.

Steven Madden Company Profile (NASDAQ:SHOO)

Steven Madden, Ltd. designs, sources, markets, and sells fashion-forward name brand and private label footwear for women, men, and children worldwide. Its Wholesale Footwear segment provides footwear under the Steve Madden Women's, Madden Girl, Steve Madden Men's, Madden, Madden NYC, Report, Dolce Vita, DV by Dolce Vita, Mad Love, Steven by Steve Madden, Superga, Betsey Johnson, Betseyville, Steve Madden Kids, Stevies, Brian Atwood, Blondo, Kate Spade, and Anne Klein brands, as well as private label footwear.

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