Steven Madden (NASDAQ:SHOO) Announces Earnings Results

Steven Madden (NASDAQ:SHOO) announced its quarterly earnings results on Wednesday. The textile maker reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.09, Briefing.com reports. The company had revenue of $552.38 million for the quarter, compared to the consensus estimate of $525.04 million. Steven Madden had a net margin of 8.67% and a return on equity of 21.61%. Steven Madden’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.50 EPS. Steven Madden updated its FY24 guidance to $2.55-2.65 EPS and its FY 2024 guidance to 2.550-2.650 EPS.

Steven Madden Stock Performance

Shares of NASDAQ SHOO traded up $0.59 during mid-day trading on Thursday, reaching $40.01. The company’s stock had a trading volume of 162,264 shares, compared to its average volume of 791,682. The stock has a 50-day moving average of $41.22 and a two-hundred day moving average of $39.96. The stock has a market capitalization of $2.93 billion, a P/E ratio of 17.49 and a beta of 1.15. Steven Madden has a 1-year low of $29.92 and a 1-year high of $45.63.

Steven Madden Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Stockholders of record on Monday, June 10th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Monday, June 10th. Steven Madden’s dividend payout ratio (DPR) is 36.52%.

Insider Buying and Selling

In related news, CEO Edward R. Rosenfeld sold 48,500 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $41.49, for a total transaction of $2,012,265.00. Following the completion of the sale, the chief executive officer now directly owns 697,038 shares in the company, valued at $28,920,106.62. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Steven Madden news, CEO Edward R. Rosenfeld sold 48,500 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $41.49, for a total transaction of $2,012,265.00. Following the completion of the transaction, the chief executive officer now owns 697,038 shares of the company’s stock, valued at $28,920,106.62. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter Allan Davis sold 1,200 shares of the stock in a transaction dated 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 directly owns 5,751 shares of the company’s stock, valued at approximately $242,289.63. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,346 shares of company stock worth $2,464,841. Insiders own 2.08% of the company’s stock.

Wall Street Analyst Weigh In

SHOO has been the topic of a number of research reports. Telsey Advisory Group reiterated a “market perform” rating and issued a $44.00 price target on shares of Steven Madden in a report on Friday, April 26th. Wedbush lifted their price objective on shares of Steven Madden from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 7th. Jefferies Financial Group restated a “hold” rating and set a $40.00 price target on shares of Steven Madden in a research note on Thursday, January 4th. Williams Trading restated a “hold” rating and set a $44.00 price target on shares of Steven Madden in a research note on Wednesday, February 21st. Finally, Piper Sandler began 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. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $41.38.

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.