State of New Jersey Common Pension Fund D Sells 21,445 Shares of Steven Madden, Ltd. (NASDAQ:SHOO)

State of New Jersey Common Pension Fund D cut its stake in shares of Steven Madden, Ltd. (NASDAQ:SHOO) by 32.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 44,794 shares of the textile maker’s stock after selling 21,445 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.06% of Steven Madden worth $1,895,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHOO. Norges Bank bought a new position in shares of Steven Madden in the fourth quarter valued at about $19,846,000. PNC Financial Services Group Inc. raised its holdings in shares of Steven Madden by 6.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 13,185 shares of the textile maker’s stock valued at $554,000 after buying an additional 761 shares during the last quarter. Corient Private Wealth LLC bought a new position in shares of Steven Madden in the fourth quarter valued at about $809,000. Harvest Investment Services LLC bought a new position in shares of Steven Madden in the fourth quarter valued at about $417,000. Finally, Eagle Asset Management Inc. raised its holdings in shares of Steven Madden by 1.4% in the fourth quarter. Eagle Asset Management Inc. now owns 319,222 shares of the textile maker’s stock valued at $13,407,000 after buying an additional 4,504 shares during the last quarter. 99.88% of the stock is owned by institutional investors.

Steven Madden Trading Down 0.9 %

Steven Madden stock opened at $47.47 on Monday. The firm has a market capitalization of $3.48 billion, a P/E ratio of 19.62 and a beta of 1.08. Steven Madden, Ltd. has a 1 year low of $30.35 and a 1 year high of $48.76. The business has a 50-day moving average of $44.17 and a 200-day moving average of $42.69.

Steven Madden (NASDAQ:SHOO) last posted its earnings results on Wednesday, July 31st. The textile maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.06. The company had revenue of $523.60 million during the quarter, compared to analyst estimates of $515.15 million. Steven Madden had a return on equity of 23.49% and a net margin of 8.36%. The company’s revenue for the quarter was up 17.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.47 EPS. Research analysts anticipate that Steven Madden, Ltd. will post 2.62 EPS for the current fiscal year.

Steven Madden Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 13th will be given a $0.21 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.84 annualized dividend and a dividend yield of 1.77%. Steven Madden’s dividend payout ratio is presently 34.71%.

Analyst Ratings Changes

A number of research firms recently issued reports on SHOO. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $44.00 price target on shares of Steven Madden in a report on Wednesday, July 31st. Wedbush reissued a “neutral” rating and set a $41.00 price objective on shares of Steven Madden in a report on Wednesday, August 7th. StockNews.com raised Steven Madden from a “hold” rating to a “buy” rating in a report on Wednesday, September 18th. Piper Sandler reissued a “neutral” rating and set a $45.00 price objective on shares of Steven Madden in a report on Friday, August 23rd. Finally, BTIG Research boosted their price objective on Steven Madden from $50.00 to $53.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Steven Madden currently has a consensus rating of “Hold” and an average target price of $44.29.

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.