Steven Madden (NASDAQ:SHOO) Issues Earnings Results

Steven Madden (NASDAQ:SHOO) released its quarterly earnings results on Wednesday. The textile maker reported $0.65 EPS for the quarter, beating the consensus estimate of $0.56 by $0.09, Briefing.com reports. Steven Madden had a net margin of 8.65% and a return on equity of 22.68%. The business had revenue of $552.38 million during the quarter, compared to analyst estimates of $525.04 million. During the same period in the prior year, the firm posted $0.50 earnings per share. The company’s quarterly revenue was up 19.1% on a year-over-year basis. Steven Madden updated its FY24 guidance to $2.55-2.65 EPS and its FY 2024 guidance to 2.550-2.650 EPS.

Steven Madden Stock Performance

NASDAQ SHOO traded down $0.52 on Friday, reaching $39.59. 671,859 shares of the company’s stock traded hands, compared to its average volume of 682,306. Steven Madden has a fifty-two week low of $29.92 and a fifty-two week high of $45.63. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of 16.36 and a beta of 1.15. The stock has a 50 day moving average price of $41.05 and a 200-day moving average price of $40.01.

Steven Madden Announces Dividend

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

Insiders Place Their Bets

In related news, CEO Edward R. Rosenfeld sold 48,500 shares of the firm’s stock in a transaction dated 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 directly owns 697,038 shares of the company’s stock, valued at $28,920,106.62. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Edward R. Rosenfeld sold 48,500 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $28,920,106.62. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 sale, the chief financial officer now owns 68,785 shares in the company, valued at approximately $2,865,583.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,346 shares of company stock valued at $2,464,841. Company insiders own 2.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on SHOO shares. Williams Trading restated a “hold” rating and issued a $44.00 target price on shares of Steven Madden in a research note on Wednesday, February 21st. Wedbush boosted their target price on Steven Madden from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 7th. Citigroup increased their price target on Steven Madden from $41.00 to $43.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Telsey Advisory Group restated a “market perform” rating and set a $44.00 price target on shares of Steven Madden in a research note on Friday, April 26th. Finally, StockNews.com raised shares of Steven Madden from a “hold” rating to a “buy” rating in a research report on Thursday, February 29th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $41.38.

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.