Steven Madden (NASDAQ:SHOO) Updates 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 SHOO stock traded down $0.52 on Friday, reaching $39.59. 671,859 shares of the company were exchanged, compared to its average volume of 682,306. The company has a 50-day moving average of $41.05 and a 200-day moving average of $40.01. The company has a market cap of $2.90 billion, a price-to-earnings ratio of 16.36 and a beta of 1.15. Steven Madden has a one year low of $29.92 and a one year high of $45.63.

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

Steven Madden Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 21st. Investors of record on Monday, June 10th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date is Friday, June 7th. Steven Madden’s payout ratio is currently 34.71%.

Wall Street Analyst Weigh In

SHOO has been the topic of a number of research analyst reports. Telsey Advisory Group restated a market perform rating and issued a $44.00 target price on shares of Steven Madden in a research note on Friday, April 26th. Williams Trading reaffirmed a hold rating and set a $44.00 target price on shares of Steven Madden in a research report on Wednesday, February 21st. Wedbush boosted their price target on shares of Steven Madden from $36.00 to $38.00 and gave the stock a neutral rating in a report on Wednesday, February 7th. Citigroup raised their price objective on shares of Steven Madden from $41.00 to $43.00 and gave the stock a neutral rating in a report on Thursday, February 29th. Finally, Piper Sandler started coverage on Steven Madden in a research report on Wednesday, February 14th. They set a neutral rating and a $45.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Steven Madden has an average rating of Hold and an average target price of $41.38.

Insider Buying and Selling

In other news, CEO Edward R. Rosenfeld sold 48,500 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $41.49, for a total transaction of $2,012,265.00. Following the transaction, the chief executive officer now directly owns 697,038 shares in the company, valued at approximately $28,920,106.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Edward R. Rosenfeld sold 48,500 shares of Steven Madden stock in a transaction 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 transaction, the chief executive officer now owns 697,038 shares in the company, valued at approximately $28,920,106.62. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Peter Allan Davis sold 1,200 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $42.13, for a total transaction of $50,556.00. Following the completion of the sale, the director now directly owns 5,751 shares of the company’s stock, valued at $242,289.63. The disclosure for this sale can be found here. Over the last ninety days, 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.