Steven Madden (NASDAQ:SHOO) Sets New 12-Month Low on Analyst Downgrade

Steven Madden, Ltd. (NASDAQ:SHOO) reached a new 52-week low during trading on Wednesday after Citigroup lowered their price target on the stock from $45.00 to $38.00. Citigroup currently has a neutral rating on the stock. Steven Madden traded as low as $36.88 and last traded at $37.43, with a volume of 34571 shares changing hands. The stock had previously closed at $37.29.

A number of other brokerages have also recently weighed in on SHOO. Piper Sandler reduced their price objective on Steven Madden from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday. Needham & Company LLC reiterated a “hold” rating on shares of Steven Madden in a research report on Thursday, December 5th. Telsey Advisory Group lowered their price objective on shares of Steven Madden from $50.00 to $44.00 and set a “market perform” rating on the stock in a research report on Tuesday. Finally, StockNews.com lowered shares of Steven Madden from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Seven investment analysts have rated the stock with a hold rating and one has issued 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 $43.33.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Gladius Capital Management LP acquired a new position in shares of Steven Madden during the 3rd quarter valued at $36,000. R Squared Ltd acquired a new position in shares of Steven Madden during the fourth quarter worth about $55,000. Exchange Traded Concepts LLC acquired a new stake in Steven Madden in the third quarter valued at approximately $59,000. GAMMA Investing LLC increased its stake in Steven Madden by 80.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,329 shares of the textile maker’s stock worth $65,000 after buying an additional 593 shares during the period. Finally, Blue Trust Inc. boosted its holdings in Steven Madden by 94.1% in the third quarter. Blue Trust Inc. now owns 1,619 shares of the textile maker’s stock valued at $79,000 after purchasing an additional 785 shares during the last quarter. Institutional investors and hedge funds own 99.88% of the company’s stock.

Steven Madden Price Performance

The firm has a market cap of $2.70 billion, a price-to-earnings ratio of 15.89 and a beta of 1.07. The business’s 50-day moving average price is $42.44 and its two-hundred day moving average price is $44.21.

Steven Madden (NASDAQ:SHOO) last announced its quarterly earnings data on Thursday, November 7th. The textile maker reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.02. The business had revenue of $624.68 million during the quarter, compared to the consensus estimate of $607.89 million. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. The company’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.88 EPS. Equities analysts predict that Steven Madden, Ltd. will post 2.66 earnings per share for the current fiscal year.

Steven Madden Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend was Friday, December 13th. Steven Madden’s payout ratio is currently 35.74%.

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.