Steven Madden (NASDAQ:SHOO) Posts Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Steven Madden (NASDAQ:SHOO) released its quarterly earnings results on Wednesday. The textile maker reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.09, Briefing.com reports. The firm had revenue of $552.38 million for the quarter, compared to analyst estimates of $525.04 million. Steven Madden had a return on equity of 22.68% and a net margin of 8.65%. The business’s revenue was up 19.1% on a year-over-year basis. During the same quarter last year, the company posted $0.50 earnings per share. 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 Down 1.3 %

Shares of SHOO stock traded down $0.52 during mid-day trading on Friday, hitting $39.59. 671,859 shares of the company’s stock were exchanged, compared to its average volume of 682,306. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of 16.36 and a beta of 1.15. The stock has a 50-day simple moving average of $41.05 and a two-hundred day simple moving average of $40.01. Steven Madden has a fifty-two week low of $29.92 and a fifty-two week high of $45.63.

Steven Madden Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 21st. Stockholders of record on Monday, June 10th will be issued a dividend of $0.21 per share. The ex-dividend date is Friday, June 7th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.12%. Steven Madden’s dividend payout ratio (DPR) is presently 34.71%.

Insider Transactions at Steven Madden

In other Steven Madden news, CEO Edward R. Rosenfeld sold 48,500 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 697,038 shares of the company’s stock, valued at $28,920,106.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Edward R. Rosenfeld sold 48,500 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $41.49, for a total value of $2,012,265.00. Following the transaction, the chief executive officer now directly owns 697,038 shares in the company, valued at approximately $28,920,106.62. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Peter Allan Davis sold 1,200 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $42.13, for a total value of $50,556.00. Following the sale, the director now owns 5,751 shares of the company’s stock, valued at approximately $242,289.63. The disclosure for this sale can be found here. Insiders have sold a total of 59,346 shares of company stock worth $2,464,841 in the last three months. Company insiders own 2.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Wedbush lifted their target price on Steven Madden from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, February 7th. Telsey Advisory Group restated a “market perform” rating and issued a $44.00 target price on shares of Steven Madden in a research note on Friday, April 26th. Citigroup lifted their target price on shares of Steven Madden from $41.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Williams Trading reissued a “hold” rating and set a $44.00 price target on shares of Steven Madden in a report on Wednesday, February 21st. Finally, StockNews.com raised Steven Madden from a “hold” rating to a “buy” rating in a report on Thursday, February 29th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price 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.