Royal Bank of Canada Buys 65,307 Shares of Steven Madden Ltd. (SHOO)
Royal Bank of Canada increased its stake in Steven Madden Ltd. (NASDAQ:SHOO) by 7.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 989,916 shares of the company’s stock after buying an additional 65,307 shares during the period. Royal Bank of Canada owned about 1.62% of Steven Madden worth $33,836,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. FMR LLC increased its stake in Steven Madden by 27.5% in the second quarter. FMR LLC now owns 4,526,261 shares of the company’s stock valued at $154,708,000 after buying an additional 974,945 shares in the last quarter. Mesirow Financial Investment Management Equity Management acquired a new stake in Steven Madden during the second quarter valued at about $21,335,000. William Blair Investment Management LLC increased its stake in Steven Madden by 16.6% in the second quarter. William Blair Investment Management LLC now owns 2,352,900 shares of the company’s stock valued at $80,422,000 after buying an additional 334,396 shares in the last quarter. SG Capital Management LLC acquired a new stake in Steven Madden during the second quarter valued at about $9,234,000. Finally, Schroder Investment Management Group increased its stake in Steven Madden by 32.4% in the second quarter. Schroder Investment Management Group now owns 1,088,300 shares of the company’s stock valued at $37,198,000 after buying an additional 266,500 shares in the last quarter. 94.39% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Steven Madden Ltd. (NASDAQ:SHOO) traded up 0.13% on Friday, reaching $38.05. The company’s stock had a trading volume of 560,797 shares. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of 19.32 and a beta of 0.52. Steven Madden Ltd. has a 52 week low of $27.80 and a 52 week high of $40.55. The stock has a 50-day moving average of $35.26 and a 200 day moving average of $34.71.
Steven Madden (NASDAQ:SHOO) last announced its earnings results on Tuesday, November 1st. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.04. Steven Madden had a return on equity of 16.26% and a net margin of 8.11%. The firm earned $408.40 million during the quarter, compared to the consensus estimate of $404.58 million. During the same quarter in the prior year, the company earned $0.70 EPS. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, analysts expect that Steven Madden Ltd. will post $2.02 EPS for the current year.
Several equities research analysts have issued reports on SHOO shares. Piper Jaffray Cos. restated a “hold” rating and set a $34.00 price objective on shares of Steven Madden in a report on Friday, July 29th. B. Riley downgraded Steven Madden from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $47.00 to $40.00 in a report on Monday, August 1st. Telsey Advisory Group dropped their price objective on Steven Madden from $40.00 to $38.00 and set an “outperform” rating on the stock in a report on Wednesday, August 3rd. Jefferies Group set a $40.00 price objective on Steven Madden and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Finally, Susquehanna initiated coverage on Steven Madden in a report on Friday, August 12th. They set a “positive” rating and a $42.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Steven Madden currently has an average rating of “Hold” and a consensus price target of $38.40.
In related news, Director Richard P. Randall sold 1,750 shares of the stock in a transaction that occurred on Friday, November 4th. The stock was sold at an average price of $35.26, for a total transaction of $61,705.00. Following the completion of the sale, the director now owns 24,675 shares in the company, valued at approximately $870,040.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Arvind Dharia sold 20,000 shares of the stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $37.15, for a total value of $743,000.00. Following the sale, the chief financial officer now owns 101,662 shares of the company’s stock, valued at approximately $3,776,743.30. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.
About Steven Madden
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