Steven Madden, Ltd. $SHOO Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. reduced its stake in shares of Steven Madden, Ltd. (NASDAQ:SHOO) by 26.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 172,451 shares of the textile maker’s stock after selling 62,780 shares during the quarter. JPMorgan Chase & Co.’s holdings in Steven Madden were worth $5,774,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SHOO. Scopus Asset Management L.P. purchased a new position in shares of Steven Madden in the third quarter worth about $36,451,000. Boston Partners purchased a new stake in shares of Steven Madden in the 3rd quarter valued at $33,319,000. Invesco Ltd. raised its holdings in shares of Steven Madden by 50.5% during the second quarter. Invesco Ltd. now owns 2,426,926 shares of the textile maker’s stock worth $58,198,000 after purchasing an additional 814,318 shares during the last quarter. Neumeier Poma Investment Counsel LLC boosted its holdings in Steven Madden by 155.9% in the third quarter. Neumeier Poma Investment Counsel LLC now owns 955,010 shares of the textile maker’s stock valued at $31,974,000 after purchasing an additional 581,745 shares during the last quarter. Finally, Millennium Management LLC grew its position in Steven Madden by 1,170.4% during the 1st quarter. Millennium Management LLC now owns 617,049 shares of the textile maker’s stock worth $16,438,000 after purchasing an additional 568,477 shares during the period. Institutional investors and hedge funds own 99.88% of the company’s stock.

Insider Buying and Selling

In other news, Director Arian Simone Reed sold 3,600 shares of the company’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $33.44, for a total value of $120,384.00. Following the transaction, the director owned 8,705 shares of the company’s stock, valued at $291,095.20. This represents a 29.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.22% of the stock is owned by corporate insiders.

Steven Madden Stock Performance

NASDAQ:SHOO opened at $34.06 on Thursday. Steven Madden, Ltd. has a twelve month low of $19.05 and a twelve month high of $46.88. The company has a market cap of $2.48 billion, a P/E ratio of 54.94 and a beta of 1.13. The company has a current ratio of 1.90, a quick ratio of 1.11 and a debt-to-equity ratio of 0.26. The company’s 50-day moving average price is $37.05 and its 200-day moving average price is $38.24.

Steven Madden (NASDAQ:SHOO) last issued its earnings results on Wednesday, February 25th. The textile maker reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.02. The business had revenue of $753.70 million for the quarter, compared to analysts’ expectations of $758.53 million. Steven Madden had a return on equity of 13.60% and a net margin of 1.76%.The business’s revenue for the quarter was up 29.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.55 EPS. On average, sell-side analysts forecast that Steven Madden, Ltd. will post 2.66 earnings per share for the current fiscal year.

Steven Madden Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Wednesday, March 11th were paid a $0.21 dividend. The ex-dividend date of this dividend was Wednesday, March 11th. This represents a $0.84 annualized dividend and a dividend yield of 2.5%. Steven Madden’s dividend payout ratio is 135.48%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SHOO. Williams Trading set a $48.00 price target on Steven Madden in a research report on Tuesday, March 10th. Zacks Research lowered shares of Steven Madden from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 10th. Needham & Company LLC reduced their price target on Steven Madden from $50.00 to $41.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. BTIG Research restated a “buy” rating and issued a $50.00 price objective on shares of Steven Madden in a research report on Thursday, February 26th. Finally, UBS Group reissued a “neutral” rating on shares of Steven Madden in a research note on Monday, February 23rd. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Steven Madden has an average rating of “Hold” and an average price target of $44.00.

About Steven Madden

Steven Madden, Inc (NASDAQ: SHOO) is a New York–based designer and marketer of fashion footwear, handbags and accessories. The company’s product portfolio spans a range of contemporary and lifestyle brands for women, men and children, including its core Steve Madden label as well as the Madden Girl and Dolce Vita brands. In addition to footwear, the company licenses its trademarks for use on apparel, eyewear and other fashion accessories.

Steven Madden distributes its products through multiple channels, including wholesale partners, e-commerce platforms and its own brick-and-mortar retail stores.