Steven Madden, Ltd. (SHOO) Stake Decreased by Morgan Stanley
Morgan Stanley reduced its position in shares of Steven Madden, Ltd. (NASDAQ:SHOO) by 29.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 282,758 shares of the textile maker’s stock after selling 115,972 shares during the period. Morgan Stanley owned approximately 0.51% of Steven Madden worth $10,900,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in the stock. Elkfork Partners LLC raised its stake in shares of Steven Madden by 17.5% in the first quarter. Elkfork Partners LLC now owns 2,662 shares of the textile maker’s stock valued at $103,000 after buying an additional 396 shares in the last quarter. TrimTabs Asset Management LLC raised its stake in shares of Steven Madden by 89.1% in the first quarter. TrimTabs Asset Management LLC now owns 3,023 shares of the textile maker’s stock valued at $117,000 after buying an additional 1,424 shares in the last quarter. Meadow Creek Investment Management LLC raised its stake in shares of Steven Madden by 17.5% in the first quarter. Meadow Creek Investment Management LLC now owns 3,388 shares of the textile maker’s stock valued at $131,000 after buying an additional 504 shares in the last quarter. Glen Harbor Capital Management LLC raised its stake in shares of Steven Madden by 17.5% in the first quarter. Glen Harbor Capital Management LLC now owns 4,114 shares of the textile maker’s stock valued at $159,000 after buying an additional 612 shares in the last quarter. Finally, Tudor Investment Corp Et Al acquired a new stake in shares of Steven Madden during the fourth quarter valued at about $204,000. 92.44% of the stock is owned by hedge funds and other institutional investors.
Shares of Steven Madden, Ltd. (NASDAQ:SHOO) traded down 1.32% on Friday, reaching $41.05. The company’s stock had a trading volume of 487,846 shares. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of 19.76 and a beta of 0.53. The company’s 50-day moving average is $40.66 and its 200 day moving average is $38.38. Steven Madden, Ltd. has a 12-month low of $32.30 and a 12-month high of $43.80.
Steven Madden (NASDAQ:SHOO) last issued its quarterly earnings results on Tuesday, August 1st. The textile maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.06. The business had revenue of $374.15 million during the quarter, compared to analysts’ expectations of $355.22 million. Steven Madden had a return on equity of 17.57% and a net margin of 8.19%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 earnings per share. Equities analysts anticipate that Steven Madden, Ltd. will post $2.25 earnings per share for the current fiscal year.
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Several brokerages have recently issued reports on SHOO. Telsey Advisory Group reaffirmed an “outperform” rating and set a $45.00 target price (up from $41.00) on shares of Steven Madden in a research report on Tuesday, August 8th. Zacks Investment Research raised Steven Madden from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research report on Friday. B. Riley reissued a “buy” rating and issued a $47.00 price objective on shares of Steven Madden in a report on Tuesday, August 8th. Morgan Stanley lifted their price objective on Steven Madden from $37.00 to $38.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 6th. Finally, BidaskClub lowered Steven Madden from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $44.04.
In related news, CFO Arvind Dharia sold 20,000 shares of the stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $40.22, for a total transaction of $804,400.00. Following the completion of the sale, the chief financial officer now owns 66,662 shares in the company, valued at $2,681,145.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Amelia Varela sold 25,000 shares of the stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $39.51, for a total value of $987,750.00. Following the sale, the president now owns 89,099 shares of the company’s stock, valued at approximately $3,520,301.49. The disclosure for this sale can be found here. In the last 90 days, insiders sold 122,740 shares of company stock valued at $4,832,677. Company insiders own 2.20% of the company’s stock.
About Steven Madden
Steven Madden, Ltd. and its subsidiaries design, source, market and sell name brand and private label footwear for women, men and children, and name brand and private label fashion handbags and accessories. The Company operates through five segments: Wholesale Footwear, Wholesale Accessories, Retail, First Cost and Licensing.
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