First Mercantile Trust Co. Cuts Stake in Steven Madden Ltd. (SHOO)
First Mercantile Trust Co. lowered its position in Steven Madden Ltd. (NASDAQ:SHOO) by 38.5% during the second quarter, Holdings Channel reports. The fund owned 4,050 shares of the company’s stock after selling 2,540 shares during the period. First Mercantile Trust Co.’s holdings in Steven Madden were worth $138,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Mesirow Financial Investment Management Equity Management purchased a new stake in Steven Madden during the second quarter worth approximately $21,335,000. William Blair Investment Management LLC raised its stake in Steven Madden by 16.6% in the second quarter. William Blair Investment Management LLC now owns 2,352,900 shares of the company’s stock worth $80,422,000 after buying an additional 334,396 shares in the last quarter. Wellington Management Group LLP raised its stake in Steven Madden by 8.7% in the first quarter. Wellington Management Group LLP now owns 3,530,549 shares of the company’s stock worth $130,771,000 after buying an additional 281,907 shares in the last quarter. Schroder Investment Management Group raised its stake in Steven Madden by 32.4% in the second quarter. Schroder Investment Management Group now owns 1,088,300 shares of the company’s stock worth $37,198,000 after buying an additional 266,500 shares in the last quarter. Finally, Palisade Capital Management LLC NJ purchased a new stake in Steven Madden during the first quarter worth approximately $7,890,000. 93.25% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Steven Madden Ltd. (NASDAQ:SHOO) opened at 36.17 on Thursday. Steven Madden Ltd. has a 1-year low of $27.80 and a 1-year high of $38.76. The company has a market cap of $2.22 billion, a price-to-earnings ratio of 19.17 and a beta of 0.77. The stock has a 50 day moving average of $34.97 and a 200 day moving average of $34.87.
Steven Madden (NASDAQ:SHOO) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.42 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.42. The firm earned $325.40 million during the quarter, compared to analyst estimates of $329.54 million. Steven Madden had a return on equity of 16.36% and a net margin of 8.02%. Steven Madden’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 EPS. On average, equities analysts forecast that Steven Madden Ltd. will post $1.99 EPS for the current year.
SHOO has been the topic of a number of analyst reports. Zacks Investment Research raised shares of Steven Madden from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 16th. BB&T Corp. reiterated a “hold” rating on shares of Steven Madden in a research report on Saturday, June 11th. Canaccord Genuity reiterated a “buy” rating and set a $42.00 target price on shares of Steven Madden in a research report on Wednesday, June 8th. Susquehanna started coverage on shares of Steven Madden in a research report on Friday, August 12th. They set a “positive” rating and a $42.00 target price on the stock. Finally, B. Riley downgraded shares of Steven Madden from a “buy” rating to a “neutral” rating and dropped their target price for the company from $47.00 to $40.00 in a research report on Monday, August 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $38.10.
In other news, Director Richard P. Randall sold 3,125 shares of Steven Madden stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $35.33, for a total value of $110,406.25. Following the completion of the transaction, the director now owns 26,425 shares of the company’s stock, valued at approximately $933,595.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.20% of the stock is owned by insiders.
About Steven Madden
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