Wedbush Comments on Steven Madden, Ltd.’s Q3 2024 Earnings (NASDAQ:SHOO)

Steven Madden, Ltd. (NASDAQ:SHOO) – Analysts at Wedbush reduced their Q3 2024 earnings estimates for shares of Steven Madden in a research report issued to clients and investors on Wednesday, May 1st. Wedbush analyst T. Nikic now expects that the textile maker will post earnings per share of $0.96 for the quarter, down from their prior estimate of $0.97. Wedbush has a “Neutral” rating and a $38.00 price objective on the stock. The consensus estimate for Steven Madden’s current full-year earnings is $2.61 per share. Wedbush also issued estimates for Steven Madden’s Q4 2024 earnings at $0.50 EPS.

Steven Madden (NASDAQ:SHOO) last posted its quarterly earnings results on Wednesday, May 1st. The textile maker reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.09. The business had revenue of $552.38 million during the quarter, compared to the consensus estimate of $525.04 million. Steven Madden had a return on equity of 22.68% and a net margin of 8.65%. The firm’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.50 EPS.

Several other brokerages also recently commented on SHOO. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $44.00 price objective on shares of Steven Madden in a research report on Friday, April 26th. Piper Sandler initiated coverage on shares of Steven Madden in a research report on Wednesday, February 14th. They issued a “neutral” rating and a $45.00 price target for the company. Citigroup increased their price objective on shares of Steven Madden from $41.00 to $43.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Williams Trading reissued a “hold” rating and issued a $44.00 price objective on shares of Steven Madden in a research note on Wednesday, February 21st. Finally, StockNews.com raised Steven Madden from a “hold” rating to a “buy” rating in a research report on Thursday, February 29th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $41.38.

Steven Madden Stock Down 1.3 %

Shares of NASDAQ:SHOO opened at $39.59 on Friday. The firm has a fifty day simple moving average of $41.05 and a two-hundred day simple moving average of $40.06. The stock has a market capitalization of $2.90 billion, a P/E ratio of 16.36 and a beta of 1.15. Steven Madden has a 52 week low of $29.92 and a 52 week high of $45.63.

Steven Madden Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Monday, June 10th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Friday, June 7th. Steven Madden’s dividend payout ratio (DPR) is presently 34.71%.

Insiders Place Their Bets

In other Steven Madden news, CEO Edward R. Rosenfeld sold 48,500 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were 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 of the company’s stock, valued at approximately $28,920,106.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Zine Mazouzi sold 7,246 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $41.66, for a total transaction of $301,868.36. Following the completion of the transaction, the chief financial officer now owns 68,785 shares of the company’s stock, valued at $2,865,583.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Edward R. Rosenfeld sold 48,500 shares of Steven Madden stock in a transaction on Friday, March 15th. The shares were sold at an average price of $41.49, for a total transaction of $2,012,265.00. Following the completion of the sale, the chief executive officer now directly owns 697,038 shares in the company, valued at approximately $28,920,106.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,346 shares of company stock valued at $2,464,841. 2.08% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Steven Madden by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 8,329,605 shares of the textile maker’s stock worth $264,632,000 after buying an additional 80,199 shares in the last quarter. Wellington Management Group LLP raised its stake in Steven Madden by 5.3% in the 3rd quarter. Wellington Management Group LLP now owns 6,264,768 shares of the textile maker’s stock valued at $199,032,000 after purchasing an additional 316,676 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Steven Madden by 30.7% during the fourth quarter. Pacer Advisors Inc. now owns 1,469,956 shares of the textile maker’s stock worth $61,738,000 after buying an additional 345,558 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Steven Madden by 10.3% in the fourth quarter. Victory Capital Management Inc. now owns 1,455,980 shares of the textile maker’s stock valued at $61,151,000 after buying an additional 136,171 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Steven Madden by 9.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,209,651 shares of the textile maker’s stock worth $38,431,000 after buying an additional 108,359 shares in the last quarter. 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.