Illinois Municipal Retirement Fund Cuts Stock Position in Steven Madden, Ltd. (NASDAQ:SHOO)

Illinois Municipal Retirement Fund trimmed its position in shares of Steven Madden, Ltd. (NASDAQ:SHOO) by 1.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 40,904 shares of the textile maker’s stock after selling 581 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Steven Madden were worth $1,718,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SHOO. abrdn plc bought a new position in shares of Steven Madden during the 4th quarter worth approximately $20,351,000. Victory Capital Management Inc. lifted its holdings in shares of Steven Madden by 52.9% during the 3rd quarter. Victory Capital Management Inc. now owns 1,319,809 shares of the textile maker’s stock valued at $41,930,000 after purchasing an additional 456,412 shares during the last quarter. Lazard Asset Management LLC boosted its position in shares of Steven Madden by 348.9% in the 3rd quarter. Lazard Asset Management LLC now owns 447,018 shares of the textile maker’s stock worth $14,201,000 after purchasing an additional 347,431 shares in the last quarter. Pacer Advisors Inc. grew its stake in Steven Madden by 30.7% during the 4th quarter. Pacer Advisors Inc. now owns 1,469,956 shares of the textile maker’s stock worth $61,738,000 after buying an additional 345,558 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in Steven Madden by 5.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,264,768 shares of the textile maker’s stock worth $199,032,000 after buying an additional 316,676 shares during the last quarter. 99.88% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Peter Allan Davis sold 1,200 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $42.13, for a total transaction of $50,556.00. Following the sale, the director now directly owns 5,751 shares of the company’s stock, valued at $242,289.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Steven Madden news, Director Peter Allan Davis sold 1,200 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $42.13, for a total transaction of $50,556.00. Following the transaction, the director now owns 5,751 shares in the company, valued at $242,289.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lisa Keith sold 2,400 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $41.73, for a total value of $100,152.00. Following the completion of the sale, the executive vice president now owns 20,687 shares of the company’s stock, valued at $863,268.51. The disclosure for this sale can be found here. Insiders sold a total of 59,346 shares of company stock valued at $2,464,841 in the last three months. 2.01% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on SHOO shares. Telsey Advisory Group reissued a “market perform” rating and issued a $44.00 price target on shares of Steven Madden in a report on Friday. Citigroup lifted their target price on shares of Steven Madden from $41.00 to $43.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. Piper Sandler started coverage on shares of Steven Madden in a research note on Wednesday, February 14th. They set a “neutral” rating and a $45.00 price target on the stock. Williams Trading reaffirmed a “hold” rating and issued a $44.00 price target on shares of Steven Madden in a report on Wednesday, February 21st. Finally, Jefferies Financial Group reissued a “hold” rating and set a $40.00 price objective on shares of Steven Madden in a report on Thursday, January 4th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $41.38.

Steven Madden Price Performance

Shares of Steven Madden stock opened at $40.48 on Friday. The stock has a market cap of $2.97 billion, a PE ratio of 17.60 and a beta of 1.16. The firm has a fifty day moving average price of $41.49 and a 200 day moving average price of $39.68. Steven Madden, Ltd. has a 1 year low of $29.92 and a 1 year high of $45.63.

Steven Madden (NASDAQ:SHOO) last released its quarterly earnings data on Wednesday, February 28th. The textile maker reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. Steven Madden had a return on equity of 21.61% and a net margin of 8.67%. The business had revenue of $519.71 million during the quarter, compared to analyst estimates of $511.96 million. During the same quarter last year, the business posted $0.44 EPS. The company’s revenue was up 10.4% on a year-over-year basis. As a group, equities analysts expect that Steven Madden, Ltd. will post 2.61 EPS for the current year.

Steven Madden Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.08%. Steven Madden’s payout ratio is 36.52%.

Steven Madden 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.