Investors Purchase Large Volume of Steven Madden Put Options (NASDAQ:SHOO)

Steven Madden, Ltd. (NASDAQ:SHOO) was the target of some unusual options trading activity on Thursday. Investors purchased 1,042 put options on the stock. This represents an increase of 847% compared to the typical volume of 110 put options.

NASDAQ:SHOO opened at $35.74 on Friday. The company has a fifty day moving average of $34.16 and a 200 day moving average of $33.05. Steven Madden has a 52 week low of $27.88 and a 52 week high of $36.87. The firm has a market capitalization of $2.86 billion, a P/E ratio of 17.21, a P/E/G ratio of 3.09 and a beta of 0.79.

Steven Madden (NASDAQ:SHOO) last posted its quarterly earnings results on Tuesday, July 30th. The textile maker reported $0.47 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.05. Steven Madden had a net margin of 8.07% and a return on equity of 19.90%. The company had revenue of $444.97 million during the quarter, compared to analyst estimates of $420.40 million. During the same period in the prior year, the business posted $0.41 EPS. The firm’s revenue was up 12.4% compared to the same quarter last year. Research analysts predict that Steven Madden will post 1.8 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Tuesday, September 17th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.56 dividend on an annualized basis and a yield of 1.57%. Steven Madden’s dividend payout ratio is currently 30.60%.

In other news, Director Peter Migliorini sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.17, for a total value of $108,510.00. Following the completion of the sale, the director now directly owns 11,204 shares in the company, valued at approximately $405,248.68. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Arvind Dharia sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $36.30, for a total transaction of $272,250.00. Following the completion of the sale, the chief financial officer now owns 102,107 shares of the company’s stock, valued at $3,706,484.10. The disclosure for this sale can be found here. Insiders own 1.96% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in Steven Madden by 2.1% during the 2nd quarter. BlackRock Inc. now owns 11,992,962 shares of the textile maker’s stock valued at $407,160,000 after buying an additional 248,673 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Steven Madden by 16.4% during the 2nd quarter. Victory Capital Management Inc. now owns 3,153,956 shares of the textile maker’s stock valued at $107,077,000 after buying an additional 443,933 shares during the last quarter. Wells Fargo & Company MN raised its holdings in Steven Madden by 13.0% during the 2nd quarter. Wells Fargo & Company MN now owns 1,395,894 shares of the textile maker’s stock valued at $47,390,000 after buying an additional 160,555 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Steven Madden by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,353 shares of the textile maker’s stock valued at $44,861,000 after buying an additional 21,883 shares during the last quarter. Finally, Lazard Asset Management LLC raised its holdings in Steven Madden by 16.4% during the 1st quarter. Lazard Asset Management LLC now owns 1,301,929 shares of the textile maker’s stock valued at $44,057,000 after buying an additional 183,630 shares during the last quarter. Institutional investors own 96.43% of the company’s stock.

A number of brokerages have recently weighed in on SHOO. B. Riley set a $42.00 price objective on shares of Steven Madden and gave the stock a “buy” rating in a report on Friday, July 19th. Citigroup set a $37.00 price objective on shares of Steven Madden and gave the stock a “hold” rating in a report on Wednesday, July 31st. ValuEngine lowered shares of Steven Madden from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 2nd. BidaskClub upgraded shares of Steven Madden from a “hold” rating to a “buy” rating in a report on Wednesday, September 4th. Finally, Zacks Investment Research lowered shares of Steven Madden from a “hold” rating to a “sell” rating and set a $35.00 price objective for the company. in a report on Thursday, July 18th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $35.80.

Steven Madden Company Profile

Steven Madden, Ltd. designs, sources, markets, and sells fashion-forward name brand and private label footwear for women, men, and children worldwide. Its Wholesale Footwear segment provides footwear under the Steve Madden Women's, Madden Girl, Steve Madden Men's, Madden, Madden NYC, Report, Dolce Vita, DV by Dolce Vita, Mad Love, Steven by Steve Madden, Superga, Betsey Johnson, Betseyville, Steve Madden Kids, Stevies, Brian Atwood, Blondo, Kate Spade, and Anne Klein brands, as well as private label footwear.

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