On September 21, 2023, it was reported that Pacer Advisors Inc. had increased its stake in Steven Madden, Ltd. (NASDAQ:SHOO) by 17.7% during the second quarter of the year. According to the filing made with the Securities and Exchange Commission (SEC), the investment fund now owns a total of 746,404 shares of Steven Madden’s stock, after purchasing an additional 112,313 shares within that period. This brings Pacer Advisors Inc.’s ownership percentage of Steven Madden to 0.98%, totaling $24,400,000 based on their most recent SEC filing.
Steven Madden (NASDAQ:SHOO) recently released its quarterly earnings results on August 2nd. For the quarter, the textile maker reported earnings per share (EPS) of $0.47, slightly below analysts’ consensus estimates of $0.48 by ($0.01). The company also declared a return on equity of 19.87% and a net margin of 8.50%. Steven Madden’s revenue for the quarter reached $442.84 million as opposed to the consensus estimate of $454.24 million.
In light of these figures, several research firms have provided their insights on SHOO shares recently. BTIG Research reaffirmed its “buy” rating on Steven Madden and assigned a price target of $40.00 in a report issued on Tuesday. The UBS Group also increased its price target from $35.00 to $37.00 in a report published on Thursday, August 3rd. Citigroup raised its price target for Steven Madden from $40.00 to $41.00 and gave it a “buy” rating in another report published on Thursday, August 3rd.
Telsey Advisory Group reiterated their “market perform” rating and set a target price of $39.00 for Steven Madden’s shares in yet another research note on Thursday, August 3rd. However, StockNews.com recently downgraded Steven Madden’s rating from “buy” to “hold” in a research note issued on Thursday, September 14th.
Analysts’ opinions on the stock have been divided, with five equities research analysts assigning a hold rating and five giving a buy rating to Steven Madden. Overall, based on data from Bloomberg.com, the consensus rating for Steven Madden is currently labeled as “Moderate Buy,” accompanied by an average target price of $36.33.
As we move forward in the year, it will be interesting to see how Pacer Advisors Inc.’s increased stake in Steven Madden impacts the company’s performance and whether it aligns with analysts’ expectations for future earnings.
Bread Financial Holdings, Inc.
Updated on: 03/12/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Sell
Price to book ratio: Buy
DCF: Strong Buy
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Institutional Investors Find Interest in Steven Madden Stock Amidst Mixed Ratings and Dividend Announcement
September 21, 2023
Institutional Investors Show Interest in Steven Madden Stock
The stock holdings of Steven Madden, Ltd., a textile maker company, have recently been modified by several hedge funds and institutional investors. Moody National Bank Trust Division increased its position in the company’s shares by 20.3% during the second quarter, acquiring an additional 1,878 shares. As a result, Moody National Bank Trust Division now owns 11,122 shares of Steven Madden stock worth approximately $364,000.
Similarly, the State Board of Administration of Florida Retirement System also boosted its holdings in Steven Madden by 2.4% during the first quarter. The board now owns 31,957 shares valued at $1,150,000 after purchasing an additional 743 shares.
Toroso Investments LLC joined the ranks of institutional investors interested in Steven Madden during the first quarter as well. The firm acquired a new position with a value of approximately $445,000.
JPMorgan Chase & Co., another significant player in the finance industry, also demonstrated interest in Steven Madden during the first quarter. The institution increased its holdings by 0.5%, obtaining an additional 2,051 shares worth around $14.5 million.
New York State Common Retirement Fund significantly raised its stake in Steven Madden during the first quarter too. With an increase of 29.7%, it now owns 75,550 shares valued at around $2.72 million.
Overall, institutional investors currently own approximately 99.88% of Steven Madden’s stock.
On Thursday morning, September 21st, SHOO stock opened at $31.39 per share for trading on the market. Over the past year, Steven Madden has experienced a low of $26.36 and a high of $37.85 per share.
With a market capitalization standing at $2.36 billion and a price-to-earnings ratio of 14.60, Steven Madden Ltd. continues to be a significant player in the textile maker industry. Furthermore, the company boasts a beta of 1.12, indicating moderate volatility compared to the market.
Tracking recent research reports on SHOO stock, BTIG Research reaffirmed its “buy” rating and set a price target of $40.00 per share on September 19th. UBS Group lifted its price target from $35.00 to $37.00 on August 3rd.
Citigroup also released a positive recommendation for Steven Madden shares on August 3rd, raising its price target to $41.00 and labeling the stock as a “buy.” However, Telsey Advisory Group opted for a more cautious stance with a “market perform” rating and set a target price of $39.00.
Notably, StockNews.com downgraded Steven Madden from “buy” to “hold” in its research note published on September 14th.
Taking into consideration all these recommendations and average target prices from Bloomberg.com, it can be concluded that analysts maintain a consensus rating of “Moderate Buy” for Steven Madden stock. On average, analysts expect the stock to reach $36.33 per share.
In addition to these developments, Steven Madden recently announced that it will pay out a quarterly dividend on Monday, September 25th. Shareholders recorded as of Friday, September 15th will receive a dividend of $0.21 per share.
Regarding insider trading activities within the company, Director Peter Migliorini sold 3,989 shares directly at an average price of $34.54 per share on Monday, August 14th. As a result of this transaction, Migliorini now holds approximately 16,100 shares valued at around $556,094.
This information was disclosed in accordance with regulations set by the Securities & Exchange Commission (SEC) and can be accessed on their official website. Insiders currently own approximately 2.01% of Steven Madden’s stock.
As Steven Madden continues to attract interest from institutional investors and receives a mixture of ratings from research firms, market participants will undoubtedly be monitoring the company’s performance closely in the coming months.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice.