The Manufacturers Life Insurance Company Reduces Holdings in Steven Madden, Ltd. (NASDAQ:SHOO)

The Manufacturers Life Insurance Company reduced its holdings in shares of Steven Madden, Ltd. (NASDAQ:SHOO) by 3.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,796 shares of the textile maker’s stock after selling 1,345 shares during the period. The Manufacturers Life Insurance Company’s holdings in Steven Madden were worth $1,901,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in SHOO. Dynamic Technology Lab Private Ltd raised its position in shares of Steven Madden by 19.6% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 41,184 shares of the textile maker’s stock valued at $2,018,000 after purchasing an additional 6,738 shares during the period. Fisher Asset Management LLC raised its holdings in Steven Madden by 0.6% during the third quarter. Fisher Asset Management LLC now owns 728,674 shares of the textile maker’s stock valued at $35,698,000 after acquiring an additional 4,108 shares during the period. Citigroup Inc. lifted its position in shares of Steven Madden by 74.0% in the third quarter. Citigroup Inc. now owns 95,334 shares of the textile maker’s stock valued at $4,670,000 after acquiring an additional 40,550 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Steven Madden by 3.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,096,777 shares of the textile maker’s stock worth $53,731,000 after acquiring an additional 32,696 shares during the period. Finally, Landscape Capital Management L.L.C. purchased a new stake in shares of Steven Madden during the third quarter worth about $2,614,000. 99.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Needham & Company LLC reissued a “hold” rating on shares of Steven Madden in a report on Thursday, December 5th. Citigroup boosted their price target on shares of Steven Madden from $43.00 to $45.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Piper Sandler reaffirmed a “neutral” rating and issued a $45.00 target price on shares of Steven Madden in a report on Friday, August 23rd. StockNews.com lowered Steven Madden from a “buy” rating to a “hold” rating in a research note on Sunday, November 24th. Finally, Telsey Advisory Group reiterated a “market perform” rating and set a $50.00 target price on shares of Steven Madden in a research report on Wednesday, November 13th. Eight equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Steven Madden presently has an average rating of “Hold” and an average target price of $45.43.

Steven Madden Trading Down 2.0 %

NASDAQ SHOO opened at $43.84 on Tuesday. The stock has a fifty day simple moving average of $45.67 and a 200-day simple moving average of $44.69. The stock has a market cap of $3.16 billion, a PE ratio of 18.66 and a beta of 1.07. Steven Madden, Ltd. has a twelve month low of $37.99 and a twelve month high of $50.01.

Steven Madden (NASDAQ:SHOO) last announced its earnings results on Thursday, November 7th. The textile maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.02. Steven Madden had a return on equity of 23.41% and a net margin of 7.68%. The company had revenue of $624.68 million during the quarter, compared to analysts’ expectations of $607.89 million. During the same period last year, the business posted $0.88 EPS. Steven Madden’s revenue for the quarter was up 13.0% on a year-over-year basis. Research analysts predict that Steven Madden, Ltd. will post 2.66 EPS for the current year.

Steven Madden Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a dividend of $0.21 per share. The ex-dividend date is Friday, December 13th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.92%. Steven Madden’s payout ratio is currently 35.74%.

About Steven Madden

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.