Steven Madden, Ltd. (NASDAQ:SHOO) Sees Significant Drop in Short Interest

Steven Madden, Ltd. (NASDAQ:SHOO) was the recipient of a large drop in short interest in the month of July. As of July 15th, there was short interest totalling 3,560,000 shares, a drop of 21.4% from the June 30th total of 4,530,000 shares. Currently, 4.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 878,000 shares, the days-to-cover ratio is presently 4.1 days.

A number of large investors have recently bought and sold shares of SHOO. Advisor Group Holdings Inc. acquired a new position in shares of Steven Madden in the 1st quarter worth approximately $29,000. Capstone Financial Group Inc. acquired a new position in shares of Steven Madden in the 2nd quarter worth approximately $33,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Steven Madden by 45.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,917 shares of the textile maker’s stock worth $184,000 after purchasing an additional 2,474 shares during the period. Synovus Financial Corp lifted its position in shares of Steven Madden by 57.4% in the 1st quarter. Synovus Financial Corp now owns 8,080 shares of the textile maker’s stock worth $189,000 after purchasing an additional 2,947 shares during the period. Finally, Guggenheim Capital LLC acquired a new position in shares of Steven Madden in the 4th quarter worth approximately $210,000. Institutional investors and hedge funds own 92.26% of the company’s stock.

SHOO has been the topic of several recent analyst reports. Loop Capital lowered shares of Steven Madden from a “buy” rating to a “hold” rating and decreased their target price for the company from $37.00 to $23.00 in a report on Wednesday, May 13th. Wells Fargo & Co lowered shares of Steven Madden from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $26.00 to $18.00 in a report on Thursday, May 14th. Zacks Investment Research lowered shares of Steven Madden from a “hold” rating to a “sell” rating and set a $26.00 price target on the stock. in a report on Wednesday, May 27th. BidaskClub raised shares of Steven Madden from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 28th. Finally, Telsey Advisory Group decreased their price target on shares of Steven Madden from $30.00 to $23.00 and set a “market perform” rating on the stock in a report on Friday, May 22nd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $23.20.

NASDAQ:SHOO traded down $1.23 during mid-day trading on Friday, hitting $21.18. 1,330,305 shares of the company’s stock were exchanged, compared to its average volume of 682,606. The company has a 50 day simple moving average of $23.03 and a 200-day simple moving average of $27.58. Steven Madden has a fifty-two week low of $16.38 and a fifty-two week high of $44.79. The firm has a market capitalization of $1.76 billion, a P/E ratio of 51.66, a PEG ratio of 2.53 and a beta of 1.14.

Steven Madden (NASDAQ:SHOO) last posted its earnings results on Wednesday, July 29th. The textile maker reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.08. Steven Madden had a net margin of 2.56% and a return on equity of 10.70%. The business had revenue of $142.80 million for the quarter, compared to the consensus estimate of $181.48 million. During the same period last year, the company earned $0.47 EPS. The firm’s revenue was down 67.9% compared to the same quarter last year. On average, analysts forecast that Steven Madden will post 0.52 earnings per share for the current year.

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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