Steven Madden (NASDAQ:SHOO) Issues FY24 Earnings Guidance

Steven Madden (NASDAQ:SHOO) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $2.55-2.65 for the period, compared to the consensus estimate of $2.62. The company issued revenue guidance of $2.19-2.23 billion, compared to the consensus revenue estimate of $2.21 billion. Steven Madden also updated its FY 2024 guidance to 2.550-2.650 EPS.

Steven Madden Price Performance

Shares of NASDAQ:SHOO traded down $0.52 during trading on Friday, reaching $39.59. 671,859 shares of the company’s stock traded hands, compared to its average volume of 682,306. The stock has a market capitalization of $2.90 billion, a P/E ratio of 16.36 and a beta of 1.15. Steven Madden has a 12 month low of $29.92 and a 12 month high of $45.63. The company has a 50 day moving average of $41.05 and a 200-day moving average of $40.01.

Steven Madden (NASDAQ:SHOO) last announced its quarterly earnings results on Wednesday, May 1st. The textile maker reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.09. Steven Madden had a return on equity of 22.68% and a net margin of 8.65%. The business had revenue of $552.38 million for the quarter, compared to analysts’ expectations of $525.04 million. During the same period in the prior year, the firm earned $0.50 EPS. The business’s quarterly revenue was up 19.1% on a year-over-year basis. Equities research analysts predict that Steven Madden will post 2.61 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, June 21st. Shareholders of record on Monday, June 10th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Friday, June 7th. Steven Madden’s payout ratio is 34.71%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Williams Trading reaffirmed a hold rating and set a $44.00 price target on shares of Steven Madden in a report on Wednesday, February 21st. Wedbush increased their price target on Steven Madden from $36.00 to $38.00 and gave the stock a neutral rating in a research note on Wednesday, February 7th. Citigroup lifted their price objective on shares of Steven Madden from $41.00 to $43.00 and gave the company a neutral rating in a research note on Thursday, February 29th. Telsey Advisory Group reissued a market perform rating and set a $44.00 target price on shares of Steven Madden in a research note on Friday, April 26th. Finally, StockNews.com raised shares of Steven Madden from a hold rating to a buy rating in a research note on Thursday, February 29th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $41.38.

Insider Activity

In related news, EVP Lisa Keith sold 2,400 shares of the business’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 value of $100,152.00. Following the sale, the executive vice president now directly owns 20,687 shares in the company, valued at approximately $863,268.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Lisa Keith sold 2,400 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $41.73, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter Allan Davis sold 1,200 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $42.13, for a total value of $50,556.00. Following the sale, the director now owns 5,751 shares in the company, valued at approximately $242,289.63. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,346 shares of company stock worth $2,464,841. Corporate insiders own 2.08% of the company’s stock.

About Steven Madden

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.