State of Tennessee Treasury Department Has $1.98 Million Holding in Steven Madden, Ltd. (SHOO)

State of Tennessee Treasury Department Has $1.98 Million Holding in Steven Madden, Ltd. (SHOO)

State of Tennessee Treasury Department raised its stake in shares of Steven Madden, Ltd. (NASDAQ:SHOO) by 14.3% during the first quarter, Holdings Channel reports. The institutional investor owned 51,287 shares of the textile maker’s stock after buying an additional 6,430 shares during the period. State of Tennessee Treasury Department’s holdings in Steven Madden were worth $1,977,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Steven Madden during the fourth quarter valued at about $26,293,000. Macquarie Group Ltd. increased its position in Steven Madden by 6.9% in the fourth quarter. Macquarie Group Ltd. now owns 1,799,606 shares of the textile maker’s stock valued at $64,336,000 after buying an additional 116,471 shares during the last quarter. Ranger Investment Management L.P. increased its position in Steven Madden by 11.9% in the fourth quarter. Ranger Investment Management L.P. now owns 1,012,179 shares of the textile maker’s stock valued at $36,185,000 after buying an additional 107,610 shares during the last quarter. Davidson Kempner Capital Management LP increased its position in Steven Madden by 28.0% in the fourth quarter. Davidson Kempner Capital Management LP now owns 400,000 shares of the textile maker’s stock valued at $14,300,000 after buying an additional 87,500 shares during the last quarter. Finally, State Street Corp increased its position in Steven Madden by 5.3% in the fourth quarter. State Street Corp now owns 1,335,937 shares of the textile maker’s stock valued at $47,761,000 after buying an additional 67,187 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Shares of Steven Madden, Ltd. (SHOO) opened at 38.75 on Monday. The company’s 50-day moving average price is $37.87 and its 200-day moving average price is $37.19. The firm has a market cap of $2.30 billion, a P/E ratio of 19.42 and a beta of 0.43. Steven Madden, Ltd. has a 12 month low of $32.14 and a 12 month high of $40.55.

Steven Madden (NASDAQ:SHOO) last announced its earnings results on Friday, April 21st. The textile maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.04. Steven Madden had a net margin of 8.11% and a return on equity of 16.26%. The company had revenue of $366.40 million during the quarter, compared to analyst estimates of $359.52 million. During the same period in the previous year, the business earned $0.33 earnings per share. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, analysts predict that Steven Madden, Ltd. will post $2.19 EPS for the current year.

Several research firms have recently commented on SHOO. Jefferies Group LLC set a $37.00 target price on Steven Madden and gave the company a “hold” rating in a research report on Saturday, May 13th. B. Riley reaffirmed a “buy” rating and issued a $45.00 target price on shares of Steven Madden in a research report on Monday, March 6th. Canaccord Genuity set a $45.00 target price on Steven Madden and gave the company a “buy” rating in a research report on Friday, May 26th. Piper Jaffray Companies set a $41.00 target price on Steven Madden and gave the company a “buy” rating in a research report on Wednesday, May 31st. Finally, Zacks Investment Research downgraded Steven Madden from a “buy” rating to a “hold” rating in a research report on Wednesday, April 19th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $41.20.

In related news, Director Richard P. Randall sold 2,454 shares of the company’s stock in a transaction on Wednesday, April 26th. The shares were sold at an average price of $38.48, for a total value of $94,429.92. Following the completion of the transaction, the director now directly owns 24,551 shares in the company, valued at $944,722.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Karla Frieders sold 10,600 shares of the company’s stock in a transaction on Friday, March 17th. The stock was sold at an average price of $37.59, for a total transaction of $398,454.00. Following the completion of the transaction, the insider now owns 79,269 shares of the company’s stock, valued at $2,979,721.71. The disclosure for this sale can be found here. Insiders sold 73,054 shares of company stock valued at $2,832,284 over the last quarter. 2.20% of the stock is owned by company insiders.

Steven Madden Company 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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:SHOO”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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