Investors Buy Large Volume of Put Options on Steven Madden (SHOO)
Steven Madden, Ltd. (NASDAQ:SHOO) was the target of unusually large options trading activity on Wednesday. Investors purchased 2,463 put options on the company. This represents an increase of approximately 1,268% compared to the average daily volume of 180 put options.
In related news, Director Richard P. Randall sold 1,500 shares of the stock in a transaction dated Wednesday, November 28th. The shares were sold at an average price of $31.28, for a total transaction of $46,920.00. Following the completion of the sale, the director now owns 22,070 shares in the company, valued at approximately $690,349.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.77% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of SHOO. Bank of New York Mellon Corp increased its position in Steven Madden by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 708,870 shares of the textile maker’s stock valued at $37,639,000 after acquiring an additional 12,247 shares in the last quarter. Seven Eight Capital LP acquired a new stake in Steven Madden in the 3rd quarter valued at about $1,132,000. Strs Ohio increased its position in Steven Madden by 470.2% in the 3rd quarter. Strs Ohio now owns 26,800 shares of the textile maker’s stock valued at $1,417,000 after acquiring an additional 22,100 shares in the last quarter. Russell Investments Group Ltd. increased its position in Steven Madden by 3.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 68,825 shares of the textile maker’s stock valued at $3,673,000 after acquiring an additional 2,604 shares in the last quarter. Finally, Hodges Capital Management Inc. acquired a new stake in Steven Madden in the 3rd quarter valued at about $8,585,000. Hedge funds and other institutional investors own 78.99% of the company’s stock.
A number of equities research analysts recently issued reports on the stock. Loop Capital increased their target price on shares of Steven Madden to $38.00 and gave the stock a “buy” rating in a research report on Tuesday. Zacks Investment Research upgraded shares of Steven Madden from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a research report on Friday, February 15th. Telsey Advisory Group cut shares of Steven Madden from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $40.00 to $37.00 in a research report on Thursday, January 31st. ValuEngine upgraded shares of Steven Madden from a “sell” rating to a “hold” rating in a research report on Wednesday, January 9th. Finally, BidaskClub upgraded shares of Steven Madden from a “sell” rating to a “hold” rating in a research report on Thursday, December 27th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $35.81.
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About Steven Madden
Steven Madden, Ltd. designs, sources, markets, and sells fashion-forward name brand and private label footwear for women, men, and children worldwide. Its Wholesale Footwear segment provides footwear under the Steve Madden Women's, Madden Girl, Steve Madden Men's, Madden, Madden NYC, Dolce Vita, DV by Dolce Vita, Mad Love, Steven by Steve Madden, Report, Superga, Betsey Johnson, Betseyville, Steve Madden Kids, FREEBIRD by Steven, Stevies, B Brian Atwood, Blondo, Kate Spade, and Avec Les Filles brands, as well as private label footwear.
Further Reading: Price to Earnings Ratio (PE) Basics
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