Steven Madden, Ltd. (NASDAQ:SHOO) Holdings Lowered by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its stake in shares of Steven Madden, Ltd. (NASDAQ:SHOO) by 2.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,730 shares of the textile maker’s stock after selling 1,066 shares during the period. The Manufacturers Life Insurance Company’s holdings in Steven Madden were worth $1,604,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Steven Madden by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 8,097,339 shares of the textile maker’s stock valued at $344,299,000 after purchasing an additional 54,877 shares during the last quarter. First Trust Advisors LP lifted its stake in Steven Madden by 36.9% in the 4th quarter. First Trust Advisors LP now owns 2,002,228 shares of the textile maker’s stock worth $85,135,000 after acquiring an additional 539,738 shares in the last quarter. Invesco Ltd. lifted its stake in Steven Madden by 8.6% in the 4th quarter. Invesco Ltd. now owns 1,745,456 shares of the textile maker’s stock worth $74,217,000 after acquiring an additional 138,065 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in Steven Madden in the 4th quarter worth about $72,795,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Steven Madden by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,122,680 shares of the textile maker’s stock worth $47,736,000 after acquiring an additional 25,903 shares in the last quarter. 99.88% of the stock is owned by hedge funds and other institutional investors.

Steven Madden Stock Down 3.6%

SHOO opened at $22.98 on Monday. The firm has a market capitalization of $1.67 billion, a P/E ratio of 9.78 and a beta of 1.04. The stock’s 50 day moving average price is $23.61 and its two-hundred day moving average price is $35.39. Steven Madden, Ltd. has a 12-month low of $19.05 and a 12-month high of $50.01.

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

Steven Madden Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Monday, June 9th will be given a $0.21 dividend. The ex-dividend date of this dividend is Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.66%. Steven Madden’s dividend payout ratio is currently 36.21%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Jefferies Financial Group reaffirmed a “hold” rating on shares of Steven Madden in a research report on Monday, February 3rd. Citigroup cut their price target on Steven Madden from $35.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. Piper Sandler cut their price target on Steven Madden from $35.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Loop Capital cut their price target on Steven Madden from $40.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Finally, UBS Group raised their price target on Steven Madden from $22.00 to $23.00 and gave the stock a “neutral” rating in a research note on Thursday. Nine equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $32.00.

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.