Lord Abbett & CO. LLC Has $87.34 Million Stake in Steven Madden, Ltd. (SHOO)
Lord Abbett & CO. LLC lowered its stake in Steven Madden, Ltd. (NASDAQ:SHOO) by 0.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,186,126 shares of the textile maker’s stock after selling 16,111 shares during the quarter. Lord Abbett & CO. LLC owned about 3.70% of Steven Madden worth $87,336,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. raised its stake in Steven Madden by 148,882.3% during the 1st quarter. BlackRock Inc. now owns 6,921,716 shares of the textile maker’s stock worth $266,833,000 after buying an additional 6,917,070 shares during the period. 1060 Capital LLC acquired a new stake in Steven Madden during the 2nd quarter worth $24,372,000. Wells Fargo & Company MN raised its stake in Steven Madden by 386.5% during the 2nd quarter. Wells Fargo & Company MN now owns 698,957 shares of the textile maker’s stock worth $27,924,000 after buying an additional 555,283 shares during the period. Macquarie Group Ltd. raised its stake in Steven Madden by 16.2% during the 2nd quarter. Macquarie Group Ltd. now owns 2,250,031 shares of the textile maker’s stock worth $89,889,000 after buying an additional 314,205 shares during the period. Finally, Teachers Advisors LLC raised its stake in Steven Madden by 92.0% during the 1st quarter. Teachers Advisors LLC now owns 557,535 shares of the textile maker’s stock worth $21,493,000 after buying an additional 267,183 shares during the period. 91.32% of the stock is currently owned by institutional investors.
Several brokerages recently commented on SHOO. Telsey Advisory Group reaffirmed an “outperform” rating and set a $45.00 price objective (up previously from $41.00) on shares of Steven Madden in a research note on Tuesday, August 8th. Zacks Investment Research raised Steven Madden from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Friday, August 18th. B. Riley reaffirmed a “buy” rating and set a $47.00 price objective on shares of Steven Madden in a research note on Tuesday, August 8th. BidaskClub downgraded Steven Madden from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Morgan Stanley raised their price objective on Steven Madden from $38.00 to $41.50 and gave the stock an “equal weight” rating in a research note on Monday, August 7th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $43.96.
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Shares of Steven Madden, Ltd. (SHOO) traded up 2.20% during trading on Tuesday, hitting $41.90. The stock had a trading volume of 144,158 shares. The firm has a 50-day moving average of $42.21 and a 200 day moving average of $39.85. The company has a market capitalization of $2.48 billion, a P/E ratio of 20.17 and a beta of 0.51. Steven Madden, Ltd. has a 1-year low of $32.30 and a 1-year high of $43.80.
Steven Madden (NASDAQ:SHOO) last announced its quarterly earnings data on Tuesday, August 1st. The textile maker reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.06. Steven Madden had a net margin of 8.19% and a return on equity of 17.57%. The firm had revenue of $374.15 million for the quarter, compared to analyst estimates of $355.22 million. During the same quarter in the prior year, the business earned $0.42 earnings per share. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities research analysts predict that Steven Madden, Ltd. will post $2.25 earnings per share for the current fiscal year.
Steven Madden Profile
Steven Madden, Ltd. and its subsidiaries design, source, market and sell name brand and private label footwear for women, men and children, and name brand and private label fashion handbags and accessories. The Company operates through five segments: Wholesale Footwear, Wholesale Accessories, Retail, First Cost and Licensing.
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