Seven Eight Capital LP Boosts Holdings in Steven Madden, Ltd. (NASDAQ:SHOO)

Seven Eight Capital LP boosted its position in shares of Steven Madden, Ltd. (NASDAQ:SHOO) by 902.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,265 shares of the textile maker’s stock after buying an additional 44,351 shares during the quarter. Seven Eight Capital LP owned 0.07% of Steven Madden worth $2,083,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in SHOO. abrdn plc purchased a new stake in shares of Steven Madden during the fourth quarter valued at $20,351,000. Norges Bank purchased a new stake in shares of Steven Madden during the fourth quarter valued at $19,846,000. Pacer Advisors Inc. boosted its stake 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 valued at $61,738,000 after purchasing an additional 345,558 shares during the period. Ranger Investment Management L.P. raised its holdings in shares of Steven Madden by 36.8% in the fourth quarter. Ranger Investment Management L.P. now owns 560,941 shares of the textile maker’s stock valued at $23,560,000 after acquiring an additional 150,852 shares in the last quarter. Finally, Edgestream Partners L.P. bought a new stake in shares of Steven Madden in the first quarter valued at about $5,834,000. 99.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Wedbush restated a “neutral” rating and issued a $41.00 price objective on shares of Steven Madden in a report on Friday, May 17th. BTIG Research lifted their price objective on Steven Madden from $50.00 to $53.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Finally, Telsey Advisory Group restated a “market perform” rating and issued a $44.00 price objective on shares of Steven Madden in a report on Friday, April 26th. Six investment 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, Steven Madden currently has an average rating of “Hold” and an average price target of $43.38.

Insider Transactions at Steven Madden

In other news, insider Karla Frieders sold 10,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $44.91, for a total transaction of $449,100.00. Following the sale, the insider now owns 86,658 shares in the company, valued at $3,891,810.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Karla Frieders sold 10,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $44.91, for a total transaction of $449,100.00. Following the sale, the insider now owns 86,658 shares in the company, valued at $3,891,810.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Peter Migliorini sold 3,000 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $43.81, for a total value of $131,430.00. Following the sale, the director now owns 16,006 shares in the company, valued at approximately $701,222.86. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,600 shares of company stock worth $651,586. Insiders own 2.08% of the company’s stock.

Steven Madden Price Performance

Steven Madden stock traded up $0.67 during trading hours on Tuesday, reaching $44.91. The stock had a trading volume of 702,592 shares, compared to its average volume of 731,050. The company has a market cap of $3.30 billion, a price-to-earnings ratio of 18.56 and a beta of 1.09. The business’s 50 day moving average price is $43.31 and its 200-day moving average price is $42.20. Steven Madden, Ltd. has a 52 week low of $30.35 and a 52 week high of $45.91.

Steven Madden (NASDAQ:SHOO) last announced its earnings results on Wednesday, May 1st. The textile maker reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.09. 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 the consensus estimate of $525.04 million. During the same period in the previous year, the company posted $0.50 earnings per share. The firm’s revenue was up 19.1% on a year-over-year basis. On average, sell-side analysts forecast that Steven Madden, Ltd. will post 2.62 EPS for the current fiscal year.

Steven Madden Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 21st. Stockholders of record on Monday, June 10th were paid a dividend of $0.21 per share. The ex-dividend date was Monday, June 10th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.87%. Steven Madden’s payout ratio is 34.71%.

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.