Steven Madden (NASDAQ:SHOO) Posts Earnings Results, Beats Estimates By $0.09 EPS

Steven Madden (NASDAQ:SHOO) announced its quarterly earnings results on Wednesday. The textile maker reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.09, Briefing.com reports. The business had revenue of $552.38 million during the quarter, compared to the consensus estimate of $525.04 million. Steven Madden had a net margin of 8.67% and a return on equity of 21.61%. The business’s revenue was up 19.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.50 EPS. Steven Madden updated its FY24 guidance to $2.55-2.65 EPS and its FY 2024 guidance to 2.550-2.650 EPS.

Steven Madden Stock Up 1.8 %

Shares of SHOO traded up $0.71 during mid-day trading on Thursday, hitting $40.13. The company had a trading volume of 268,176 shares, compared to its average volume of 792,781. The business’s 50-day simple moving average is $41.22 and its 200-day simple moving average is $39.96. Steven Madden has a 1-year low of $29.92 and a 1-year high of $45.63. The stock has a market cap of $2.94 billion, a PE ratio of 17.49 and a beta of 1.15.

Steven Madden Dividend Announcement

The company also recently declared 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 Monday, June 10th. This represents a $0.84 annualized dividend and a dividend yield of 2.09%. Steven Madden’s dividend payout ratio is currently 36.52%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SHOO. Williams Trading reiterated a “hold” rating and issued a $44.00 price target on shares of Steven Madden in a report on Wednesday, February 21st. StockNews.com raised shares of Steven Madden from a “hold” rating to a “buy” rating in a research note on Thursday, February 29th. Piper Sandler began coverage on shares of Steven Madden in a research note on Wednesday, February 14th. They issued a “neutral” rating and a $45.00 price objective on the stock. Wedbush increased their price objective on shares of Steven Madden from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, February 7th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $40.00 price objective on shares of Steven Madden in a research note on Thursday, January 4th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $41.38.

Insider Buying and Selling

In related news, 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 value of $2,012,265.00. Following the sale, the chief executive officer now directly owns 697,038 shares of the company’s stock, valued at $28,920,106.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, 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 value of $2,012,265.00. Following the transaction, the chief executive officer now owns 697,038 shares in the company, valued at $28,920,106.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Lisa Keith sold 2,400 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $41.73, for a total transaction of $100,152.00. Following the completion of the transaction, the executive vice president now owns 20,687 shares in the company, valued at approximately $863,268.51. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,346 shares of company stock valued at $2,464,841. Insiders own 2.08% of the company’s stock.

Steven Madden Company Profile

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.