Steven Madden (NASDAQ:SHOO) Updates FY 2024 Earnings Guidance

Steven Madden (NASDAQ:SHOO) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 2.550-2.650 for the period, compared to the consensus estimate of 2.620. The company issued revenue guidance of $2.2 billion-$2.2 billion, compared to the consensus revenue estimate of $2.2 billion. Steven Madden also updated its FY24 guidance to $2.55-2.65 EPS.

Steven Madden Trading Down 1.3 %

SHOO traded down $0.52 during midday trading on Friday, hitting $39.59. 671,859 shares of the company traded hands, compared to its average volume of 682,306. The business has a 50 day simple moving average of $41.05 and a two-hundred day simple moving average of $40.01. Steven Madden has a 52-week low of $29.92 and a 52-week high of $45.63. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 16.36 and a beta of 1.15.

Steven Madden (NASDAQ:SHOO) last posted its quarterly earnings data on Wednesday, May 1st. The textile maker reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.09. Steven Madden had a return on equity of 22.68% and a net margin of 8.65%. The company had revenue of $552.38 million for the quarter, compared to analysts’ expectations of $525.04 million. During the same period in the previous year, the firm posted $0.50 EPS. Steven Madden’s revenue was up 19.1% compared to the same quarter last year. Equities research analysts anticipate that Steven Madden will post 2.61 earnings per share for the current year.

Steven Madden Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Monday, June 10th will be paid a dividend of $0.21 per share. The ex-dividend date is Friday, June 7th. This represents a $0.84 annualized dividend and a yield of 2.12%. Steven Madden’s dividend payout ratio (DPR) is presently 34.71%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on SHOO shares. Telsey Advisory Group restated a market perform rating and set a $44.00 price target on shares of Steven Madden in a research report on Friday, April 26th. StockNews.com raised Steven Madden from a hold rating to a buy rating in a report on Thursday, February 29th. Piper Sandler started coverage on Steven Madden in a research note on Wednesday, February 14th. They set a neutral rating and a $45.00 price objective on the stock. Williams Trading restated a hold rating and issued a $44.00 target price on shares of Steven Madden in a report on Wednesday, February 21st. Finally, Wedbush boosted their price target on shares of Steven Madden from $36.00 to $38.00 and gave the company a neutral rating in a research report on Wednesday, February 7th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $41.38.

Insiders Place Their Bets

In other Steven Madden news, CEO Edward R. Rosenfeld sold 48,500 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $41.49, for a total value of $2,012,265.00. Following the sale, the chief executive officer now owns 697,038 shares of the company’s stock, valued at $28,920,106.62. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Zine Mazouzi sold 7,246 shares of Steven Madden stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $41.66, for a total value of $301,868.36. Following the completion of the transaction, the chief financial officer now owns 68,785 shares in the company, valued at approximately $2,865,583.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Edward R. Rosenfeld sold 48,500 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $41.49, for a total transaction of $2,012,265.00. Following the completion of the sale, the chief executive officer now directly owns 697,038 shares in the company, valued at approximately $28,920,106.62. The disclosure for this sale can be found here. Insiders sold a total of 59,346 shares of company stock valued at $2,464,841 over the last 90 days. 2.08% of the stock is owned by company insiders.

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.