StockNews.com Downgrades Steven Madden (NASDAQ:SHOO) to Hold

StockNews.com downgraded shares of Steven Madden (NASDAQ:SHOO) from a buy rating to a hold rating in a research report sent to investors on Sunday.

A number of other research analysts have also recently weighed in on SHOO. Citigroup lifted their price objective on shares of Steven Madden from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Piper Sandler reissued a “neutral” rating and issued a $45.00 price objective on shares of Steven Madden in a report on Friday, August 23rd. Telsey Advisory Group reaffirmed a “market perform” rating and set a $50.00 target price on shares of Steven Madden in a research note on Wednesday, November 13th. Needham & Company LLC began coverage on shares of Steven Madden in a research note on Friday, November 22nd. They issued a “hold” rating on the stock. Finally, Wedbush restated a “neutral” rating and set a $41.00 price objective on shares of Steven Madden in a research report on Wednesday, August 7th. Eight investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $45.43.

Steven Madden Stock Performance

Shares of SHOO opened at $44.84 on Friday. The company has a market capitalization of $3.24 billion, a P/E ratio of 19.06 and a beta of 1.08. The business’s 50-day moving average is $46.22 and its two-hundred day moving average is $44.49. Steven Madden has a fifty-two week low of $37.51 and a fifty-two week high of $50.01.

Steven Madden (NASDAQ:SHOO) last announced its quarterly earnings results on Thursday, November 7th. The textile maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.02. The company had revenue of $624.68 million during the quarter, compared to analysts’ expectations of $607.89 million. Steven Madden had a return on equity of 23.41% and a net margin of 7.68%. Steven Madden’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period last year, the business earned $0.88 earnings per share. Analysts forecast that Steven Madden will post 2.65 EPS for the current year.

Steven Madden Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.84 dividend on an annualized basis and a yield of 1.87%. Steven Madden’s payout ratio is 35.74%.

Institutional Investors Weigh In On Steven Madden

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Tidal Investments LLC grew its holdings in Steven Madden by 15.1% in the 3rd quarter. Tidal Investments LLC now owns 17,375 shares of the textile maker’s stock valued at $851,000 after buying an additional 2,278 shares in the last quarter. Geode Capital Management LLC increased its position in Steven Madden by 3.0% during the third quarter. Geode Capital Management LLC now owns 1,710,492 shares of the textile maker’s stock worth $83,812,000 after purchasing an additional 49,075 shares during the last quarter. Barclays PLC raised its stake in Steven Madden by 286.9% during the third quarter. Barclays PLC now owns 139,206 shares of the textile maker’s stock worth $6,819,000 after purchasing an additional 103,226 shares during the period. Weiss Asset Management LP purchased a new stake in shares of Steven Madden in the 3rd quarter valued at approximately $12,558,000. Finally, State Street Corp increased its holdings in shares of Steven Madden by 1.7% during the 3rd quarter. State Street Corp now owns 2,756,075 shares of the textile maker’s stock worth $135,020,000 after buying an additional 47,017 shares during the last quarter. Institutional investors and hedge funds own 99.88% 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.