Illinois Municipal Retirement Fund Sells 581 Shares of Steven Madden, Ltd. (NASDAQ:SHOO)

Illinois Municipal Retirement Fund lessened its holdings in shares of Steven Madden, Ltd. (NASDAQ:SHOO) by 1.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 40,904 shares of the textile maker’s stock after selling 581 shares during the period. Illinois Municipal Retirement Fund owned approximately 0.05% of Steven Madden worth $1,718,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SHOO. SG Americas Securities LLC bought a new stake in Steven Madden in the 3rd quarter valued at $925,000. Strs Ohio grew its position in Steven Madden by 3.3% during the third quarter. Strs Ohio now owns 31,100 shares of the textile maker’s stock worth $988,000 after buying an additional 1,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Steven Madden by 1.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 34,365 shares of the textile maker’s stock valued at $1,092,000 after acquiring an additional 482 shares in the last quarter. Advisor Partners II LLC bought a new stake in shares of Steven Madden in the 3rd quarter worth approximately $262,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Steven Madden by 9.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,209,651 shares of the textile maker’s stock worth $38,431,000 after purchasing an additional 108,359 shares in the last quarter. Institutional investors own 99.88% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on SHOO. StockNews.com upgraded Steven Madden from a “hold” rating to a “buy” rating in a research note on Thursday, February 29th. Piper Sandler started coverage on shares of Steven Madden in a research note on Wednesday, February 14th. They issued a “neutral” rating and a $45.00 price objective for the company. Jefferies Financial Group reiterated a “hold” rating and set a $40.00 target price on shares of Steven Madden in a research report on Thursday, January 4th. Telsey Advisory Group reissued a “market perform” rating and issued a $44.00 target price on shares of Steven Madden in a research note on Friday. Finally, Williams Trading restated a “hold” rating and set a $44.00 price target on shares of Steven Madden in a research note on Wednesday, February 21st. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Steven Madden currently has a consensus rating of “Hold” and an average price target of $41.38.

Insider Buying and Selling at Steven Madden

In other news, CEO Edward R. Rosenfeld sold 48,500 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $41.49, for a total transaction of $2,012,265.00. Following the sale, the chief executive officer now owns 697,038 shares in the company, valued at $28,920,106.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Steven Madden news, CEO Edward R. Rosenfeld sold 48,500 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $41.49, for a total value of $2,012,265.00. Following the completion of the transaction, the chief executive officer now directly owns 697,038 shares of the company’s stock, valued at $28,920,106.62. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Peter Allan Davis sold 1,200 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $42.13, for a total transaction of $50,556.00. Following the transaction, the director now owns 5,751 shares in the company, valued at $242,289.63. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,346 shares of company stock worth $2,464,841. 2.01% of the stock is currently owned by insiders.

Steven Madden Stock Performance

SHOO opened at $40.48 on Friday. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 17.60 and a beta of 1.16. The firm’s 50-day simple moving average is $41.49 and its 200-day simple moving average is $39.68. Steven Madden, Ltd. has a twelve month low of $29.92 and a twelve month high of $45.63.

Steven Madden (NASDAQ:SHOO) last released its quarterly earnings results on Wednesday, February 28th. The textile maker reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. The firm had revenue of $519.71 million for the quarter, compared to analyst estimates of $511.96 million. Steven Madden had a net margin of 8.67% and a return on equity of 21.61%. The company’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 earnings per share. As a group, sell-side analysts anticipate that Steven Madden, Ltd. will post 2.61 EPS for the current fiscal year.

Steven Madden Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were issued a dividend of $0.21 per share. The ex-dividend date was Thursday, March 7th. This represents a $0.84 dividend on an annualized basis and a yield of 2.08%. Steven Madden’s dividend payout ratio is 36.52%.

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.