Vestcor Inc Acquires New Position in Steven Madden, Ltd. (NASDAQ:SHOO)

Vestcor Inc acquired a new stake in Steven Madden, Ltd. (NASDAQ:SHOO) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 5,699 shares of the textile maker’s stock, valued at approximately $242,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division lifted its position in Steven Madden by 7.4% in the fourth quarter. Central Pacific Bank Trust Division now owns 4,202 shares of the textile maker’s stock valued at $179,000 after purchasing an additional 290 shares during the period. Moran Wealth Management LLC increased its holdings in Steven Madden by 1.6% in the fourth quarter. Moran Wealth Management LLC now owns 21,126 shares of the textile maker’s stock valued at $898,000 after buying an additional 325 shares in the last quarter. Blue Trust Inc. increased its holdings in Steven Madden by 20.9% in the fourth quarter. Blue Trust Inc. now owns 1,958 shares of the textile maker’s stock valued at $83,000 after buying an additional 339 shares in the last quarter. KBC Group NV increased its holdings in Steven Madden by 34.1% in the third quarter. KBC Group NV now owns 2,208 shares of the textile maker’s stock valued at $108,000 after buying an additional 561 shares in the last quarter. Finally, New York State Teachers Retirement System increased its holdings in Steven Madden by 0.8% in the fourth quarter. New York State Teachers Retirement System now owns 79,672 shares of the textile maker’s stock valued at $3,388,000 after buying an additional 652 shares in the last quarter. Institutional investors and hedge funds own 99.88% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on SHOO. Telsey Advisory Group dropped their target price on shares of Steven Madden from $44.00 to $38.00 and set a “market perform” rating for the company in a report on Thursday, February 27th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Steven Madden in a report on Monday, February 3rd. StockNews.com cut shares of Steven Madden from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Steven Madden in a report on Thursday, February 27th. Finally, Citigroup dropped their price objective on shares of Steven Madden from $38.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Eight investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $40.33.

Steven Madden Price Performance

Shares of SHOO opened at $25.31 on Wednesday. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of 10.77 and a beta of 1.06. Steven Madden, Ltd. has a 1-year low of $24.97 and a 1-year high of $50.01. The firm has a 50 day simple moving average of $36.53 and a 200-day simple moving average of $42.07.

Steven Madden (NASDAQ:SHOO) last released its earnings results on Wednesday, February 26th. The textile maker reported $0.55 EPS for the quarter, topping the consensus estimate of $0.53 by $0.02. The firm had revenue of $582.32 million during the quarter, compared to analysts’ expectations of $550.37 million. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. On average, equities analysts expect that Steven Madden, Ltd. will post 2.66 earnings per share for the current fiscal year.

Steven Madden Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Monday, March 10th will be paid a $0.21 dividend. The ex-dividend date is Monday, March 10th. This represents a $0.84 annualized dividend and a yield of 3.32%. Steven Madden’s payout ratio is currently 35.74%.

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.