Steven Madden (NASDAQ:SHOO) Releases FY 2024 Earnings Guidance

Steven Madden (NASDAQ:SHOO) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 2.550-2.650 for the period, compared to the consensus earnings per share estimate of 2.620. The company issued revenue guidance of $2.2 billion-$2.2 billion, compared to the consensus revenue estimate of $2.2 billion. Steven Madden also updated its FY24 guidance to $2.55-2.65 EPS.

Analyst Upgrades and Downgrades

SHOO has been the subject of a number of recent analyst reports. Citigroup raised their price objective on Steven Madden from $41.00 to $43.00 and gave the company a neutral rating in a research note on Thursday, February 29th. Williams Trading reaffirmed a hold rating and issued a $44.00 price target on shares of Steven Madden in a report on Wednesday, February 21st. StockNews.com raised shares of Steven Madden from a hold rating to a buy rating in a research report on Thursday, February 29th. Telsey Advisory Group reaffirmed a market perform rating and set a $44.00 price target on shares of Steven Madden in a research report on Friday, April 26th. Finally, Piper Sandler assumed coverage on Steven Madden in a report on Wednesday, February 14th. They issued a neutral rating and a $45.00 price objective for the company. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Steven Madden has an average rating of Hold and a consensus price target of $41.38.

Steven Madden Stock Performance

Shares of SHOO traded down $0.52 during midday trading on Friday, hitting $39.59. 671,859 shares of the stock traded hands, compared to its average volume of 682,306. The business’s 50 day moving average price is $41.05 and its two-hundred day moving average price is $40.01. The firm has a market capitalization of $2.90 billion, a PE ratio of 16.36 and a beta of 1.15. Steven Madden has a 1-year low of $29.92 and a 1-year high of $45.63.

Steven Madden (NASDAQ:SHOO) last posted its earnings results on Wednesday, May 1st. The textile maker reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.09. Steven Madden had a net margin of 8.65% and a return on equity of 22.68%. The firm had revenue of $552.38 million during the quarter, compared to analyst estimates of $525.04 million. During the same period in the previous year, the business posted $0.50 EPS. Steven Madden’s revenue was up 19.1% on a year-over-year basis. As a group, equities research analysts forecast that Steven Madden will post 2.61 EPS for the current fiscal year.

Steven Madden Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 21st. Investors 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 dividend yield of 2.12%. The ex-dividend date of this dividend is Friday, June 7th. Steven Madden’s dividend payout ratio is currently 34.71%.

Insider Buying and Selling

In other news, CEO Edward R. Rosenfeld sold 48,500 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $41.49, for a total value of $2,012,265.00. Following the completion of the transaction, the chief executive officer now directly owns 697,038 shares in the company, valued at $28,920,106.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Edward R. Rosenfeld sold 48,500 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $41.49, for a total value of $2,012,265.00. Following the completion of the sale, the chief executive officer now owns 697,038 shares in the company, valued at $28,920,106.62. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Zine Mazouzi sold 7,246 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $41.66, for a total value of $301,868.36. Following the transaction, the chief financial officer now directly owns 68,785 shares of the company’s stock, valued at approximately $2,865,583.10. The disclosure for this sale can be found here. Insiders sold 59,346 shares of company stock valued at $2,464,841 over the last 90 days. 2.08% of the stock is currently owned by company insiders.

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.