Steven Madden (SHOO) Trading 9.9% Higher Following Better-Than-Expected Earnings

Steven Madden, Ltd. (NASDAQ:SHOO)’s share price traded up 9.9% on Tuesday following a stronger than expected earnings report. The stock traded as high as $32.40 and last traded at $32.01. 1,509,572 shares changed hands during trading, an increase of 115% from the average session volume of 702,015 shares. The stock had previously closed at $29.13.

The textile maker reported $0.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.04. The business had revenue of $458.48 million for the quarter, compared to analyst estimates of $472.80 million. Steven Madden had a net margin of 8.17% and a return on equity of 17.01%. Steven Madden’s revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.77 earnings per share.

Several brokerages recently issued reports on SHOO. Canaccord Genuity set a $39.33 target price on shares of Steven Madden and gave the stock a “buy” rating in a research note on Monday, July 30th. BidaskClub raised shares of Steven Madden from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 24th. Loop Capital set a $36.00 target price on shares of Steven Madden and gave the stock a “hold” rating in a research note on Wednesday, August 8th. Buckingham Research cut their target price on shares of Steven Madden to $36.00 and set a “buy” rating on the stock in a research note on Wednesday, October 17th. Finally, Wells Fargo & Co cut their target price on shares of Steven Madden from $50.00 to $30.00 and set a “market perform” rating on the stock in a research note on Monday, October 22nd. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. Steven Madden has an average rating of “Hold” and an average price target of $36.56.



In other Steven Madden news, COO Awadhesh K. Sinha sold 4,000 shares of the company’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $57.50, for a total transaction of $230,000.00. Following the transaction, the chief operating officer now owns 57,845 shares in the company, valued at $3,326,087.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Karla Frieders sold 7,000 shares of the company’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $56.89, for a total transaction of $398,230.00. Following the transaction, the insider now owns 75,280 shares in the company, valued at approximately $4,282,679.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,500 shares of company stock worth $771,405. Corporate insiders own 1.77% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. NumerixS Investment Technologies Inc raised its holdings in Steven Madden by 81.8% during the second quarter. NumerixS Investment Technologies Inc now owns 2,000 shares of the textile maker’s stock worth $108,000 after buying an additional 900 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new position in Steven Madden during the second quarter worth $113,000. WINTON GROUP Ltd acquired a new position in Steven Madden during the second quarter worth $213,000. CIBC Asset Management Inc acquired a new position in Steven Madden during the second quarter worth $226,000. Finally, Strs Ohio raised its holdings in Steven Madden by 27.0% during the second quarter. Strs Ohio now owns 4,700 shares of the textile maker’s stock worth $249,000 after buying an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 63.95% of the company’s stock.

The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 21.48, a price-to-earnings-growth ratio of 1.49 and a beta of 0.53.

Steven Madden Company Profile (NASDAQ:SHOO)

Steven Madden, Ltd. designs, sources, markets, and sells fashion-forward name brand and private label footwear for women, men, and children worldwide. Its Wholesale Footwear segment provides footwear under the Steve Madden Women's, Madden Girl, Steve Madden Men's, Madden, Madden NYC, Dolce Vita, DV by Dolce Vita, Mad Love, Steven by Steve Madden, Report, Superga, Betsey Johnson, Betseyville, Steve Madden Kids, FREEBIRD by Steven, Stevies, B Brian Atwood, Blondo, Kate Spade, and Avec Les Filles brands, as well as private label footwear.

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