Steven Madden, Ltd. (SHOO) Stake Lifted by Prudential Financial Inc.
Prudential Financial Inc. lifted its position in Steven Madden, Ltd. (NASDAQ:SHOO) by 3.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 129,109 shares of the textile maker’s stock after purchasing an additional 3,938 shares during the period. Prudential Financial Inc. owned about 0.15% of Steven Madden worth $6,830,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of the company. BlackRock Inc. lifted its stake in Steven Madden by 6.5% in the second quarter. BlackRock Inc. now owns 7,499,094 shares of the textile maker’s stock worth $398,201,000 after acquiring an additional 459,305 shares during the period. Jennison Associates LLC lifted its stake in Steven Madden by 35.7% in the second quarter. Jennison Associates LLC now owns 1,311,602 shares of the textile maker’s stock worth $69,646,000 after acquiring an additional 345,001 shares during the period. Cortina Asset Management LLC lifted its stake in Steven Madden by 113.6% in the second quarter. Cortina Asset Management LLC now owns 481,658 shares of the textile maker’s stock worth $25,576,000 after acquiring an additional 256,154 shares during the period. WINTON GROUP Ltd lifted its stake in Steven Madden by 5,453.4% in the third quarter. WINTON GROUP Ltd now owns 222,858 shares of the textile maker’s stock worth $11,789,000 after acquiring an additional 218,845 shares during the period. Finally, Hodges Capital Management Inc. purchased a new stake in Steven Madden in the third quarter worth $8,585,000. Hedge funds and other institutional investors own 64.04% of the company’s stock.
Shares of Steven Madden stock opened at $29.09 on Friday. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of 19.52, a PEG ratio of 1.58 and a beta of 0.64. Steven Madden, Ltd. has a 12 month low of $27.77 and a 12 month high of $39.30.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 21st will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, December 20th. This represents a $0.56 annualized dividend and a yield of 1.93%. This is a positive change from Steven Madden’s previous quarterly dividend of $0.13. Steven Madden’s dividend payout ratio (DPR) is currently 35.57%.
A number of brokerages recently commented on SHOO. BidaskClub lowered Steven Madden from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 29th. ValuEngine lowered Steven Madden from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. Canaccord Genuity reaffirmed a “buy” rating and issued a $41.33 price target on shares of Steven Madden in a research note on Monday, August 13th. Buckingham Research raised their price target on Steven Madden from $36.00 to $41.33 and gave the stock a “buy” rating in a research note on Thursday, August 16th. Finally, Citigroup lowered Steven Madden from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $38.00 to $34.00 in a research note on Monday, December 3rd. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $37.53.
In other Steven Madden news, Director Rose Peabody Lynch sold 2,500 shares of the firm’s stock in a transaction on Tuesday, September 18th. The stock was sold at an average price of $57.27, for a total transaction of $143,175.00. Following the completion of the transaction, the director now owns 7,103 shares of the company’s stock, valued at $406,788.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard P. Randall sold 1,500 shares of the firm’s stock in a transaction on Wednesday, November 28th. The shares were sold at an average price of $31.28, for a total value of $46,920.00. Following the transaction, the director now directly owns 22,070 shares of the company’s stock, valued at approximately $690,349.60. The disclosure for this sale can be found here. Insiders have sold 11,500 shares of company stock valued at $604,325 in the last three months. Insiders own 1.77% of the company’s stock.
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.
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