Bank of New York Mellon Corp Reduces Position in Steven Madden, Ltd. (NASDAQ:SHOO)

Bank of New York Mellon Corp reduced its holdings in shares of Steven Madden, Ltd. (NASDAQ:SHOO) by 5.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 792,166 shares of the textile maker’s stock after selling 45,699 shares during the period. Bank of New York Mellon Corp owned about 1.09% of Steven Madden worth $21,103,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SHOO. CX Institutional purchased a new position in shares of Steven Madden during the 1st quarter valued at about $32,000. Quarry LP grew its holdings in Steven Madden by 403.6% in the fourth quarter. Quarry LP now owns 1,385 shares of the textile maker’s stock valued at $59,000 after purchasing an additional 1,110 shares during the period. New Age Alpha Advisors LLC purchased a new position in shares of Steven Madden in the fourth quarter valued at approximately $177,000. Mariner LLC raised its position in Steven Madden by 7.2% in the fourth quarter. Mariner LLC now owns 4,740 shares of the textile maker’s stock valued at $202,000 after purchasing an additional 319 shares during the period. Finally, Xponance Inc. grew its stake in shares of Steven Madden by 12.3% in the fourth quarter. Xponance Inc. now owns 5,320 shares of the textile maker’s stock valued at $226,000 after buying an additional 584 shares in the last quarter. Hedge funds and other institutional investors own 99.88% of the company’s stock.

Wall Street Analyst Weigh In

SHOO has been the subject of several analyst reports. Piper Sandler reduced their price objective 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. Citigroup raised Steven Madden from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $26.00 to $32.00 in a report on Thursday. Needham & Company LLC reissued a “hold” rating on shares of Steven Madden in a research report on Friday, May 2nd. Telsey Advisory Group restated a “market perform” rating and set a $24.00 price target on shares of Steven Madden in a research note on Wednesday, June 4th. Finally, UBS Group upped their target price on shares of Steven Madden from $22.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, May 8th. Eight analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Steven Madden presently has a consensus rating of “Hold” and an average price target of $30.00.

Steven Madden Price Performance

NASDAQ SHOO opened at $26.13 on Friday. Steven Madden, Ltd. has a 1 year low of $19.05 and a 1 year high of $50.01. The company’s 50 day simple moving average is $24.93 and its two-hundred day simple moving average is $29.06. The stock has a market capitalization of $1.90 billion, a PE ratio of 11.26 and a beta of 1.10.

Steven Madden (NASDAQ:SHOO) last released its quarterly earnings data on Wednesday, May 7th. The textile maker reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.14. The business had revenue of $551.38 million during the quarter, compared to analyst estimates of $557.81 million. Steven Madden had a net margin of 7.26% and a return on equity of 21.63%. Steven Madden’s revenue was up .2% compared to the same quarter last year. During the same period last year, the business earned $0.65 EPS. On average, research analysts anticipate that Steven Madden, Ltd. will post 2.66 EPS for the current year.

Steven Madden Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Monday, June 9th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend was Monday, June 9th. Steven Madden’s payout ratio is presently 36.21%.

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.