Ironwood Investment Management LLC reduced its stake in shares of Steven Madden, Ltd. (NASDAQ:SHOO) by 4.7% during the second quarter, Holdings Channel reports. The firm owned 31,840 shares of the textile maker’s stock after selling 1,563 shares during the period. Ironwood Investment Management LLC’s holdings in Steven Madden were worth $1,272,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the stock. Rothschild Asset Management Inc. raised its stake in shares of Steven Madden by 3.9% in the second quarter. Rothschild Asset Management Inc. now owns 504,239 shares of the textile maker’s stock worth $20,144,000 after buying an additional 19,031 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in shares of Steven Madden by 3.5% in the second quarter. Great West Life Assurance Co. Can now owns 79,146 shares of the textile maker’s stock worth $3,157,000 after buying an additional 2,650 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its stake in shares of Steven Madden by 2.3% in the second quarter. Municipal Employees Retirement System of Michigan now owns 12,720 shares of the textile maker’s stock worth $508,000 after buying an additional 290 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Steven Madden during the second quarter worth $398,000. Finally, Russell Investments Group Ltd. raised its stake in shares of Steven Madden by 528.3% in the second quarter. Russell Investments Group Ltd. now owns 57,827 shares of the textile maker’s stock worth $2,310,000 after buying an additional 48,623 shares in the last quarter. Hedge funds and other institutional investors own 91.11% of the company’s stock.
Steven Madden, Ltd. (NASDAQ:SHOO) opened at 41.25 on Friday. Steven Madden, Ltd. has a 12 month low of $32.30 and a 12 month high of $42.65. The company’s 50 day moving average price is $39.40 and its 200 day moving average price is $37.79. The firm has a market capitalization of $2.28 billion, a P/E ratio of 19.86 and a beta of 0.53.
Steven Madden (NASDAQ:SHOO) last issued its earnings results on Tuesday, August 1st. The textile maker reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.06. The firm had revenue of $374.15 million during the quarter, compared to analysts’ expectations of $355.22 million. Steven Madden had a net margin of 8.19% and a return on equity of 17.57%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period last year, the firm posted $0.42 earnings per share. Analysts anticipate that Steven Madden, Ltd. will post $2.24 EPS for the current year.
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A number of equities research analysts have weighed in on the company. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Steven Madden in a report on Thursday. B. Riley reaffirmed a “buy” rating and issued a $47.00 price objective on shares of Steven Madden in a report on Wednesday. Buckingham Research lifted their price objective on Steven Madden from $38.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday. Jefferies Group LLC reaffirmed a “hold” rating and issued a $39.00 price objective (up previously from $37.00) on shares of Steven Madden in a report on Wednesday. Finally, Canaccord Genuity set a $47.00 price objective on Steven Madden and gave the company a “buy” rating in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Steven Madden currently has a consensus rating of “Buy” and a consensus target price of $43.00.
In related news, insider Karla Frieders sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $38.99, for a total transaction of $2,339,400.00. Following the completion of the sale, the insider now directly owns 148,216 shares in the company, valued at $5,778,941.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, President Amelia Varela sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $39.51, for a total transaction of $987,750.00. Following the sale, the president now owns 89,099 shares of the company’s stock, valued at $3,520,301.49. The disclosure for this sale can be found here. Insiders have sold 122,740 shares of company stock valued at $4,832,677 over the last 90 days. 2.20% of the stock is currently owned by insiders.
About Steven Madden
Steven Madden, Ltd. and its subsidiaries design, source, market and sell name brand and private label footwear for women, men and children, and name brand and private label fashion handbags and accessories. The Company operates through five segments: Wholesale Footwear, Wholesale Accessories, Retail, First Cost and Licensing.
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