Steven Madden (NASDAQ:SHOO) Raised to Buy at StockNews.com

Steven Madden (NASDAQ:SHOO) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Saturday.

Other analysts have also recently issued reports about the company. Telsey Advisory Group reissued a “market perform” rating and issued a $50.00 price target on shares of Steven Madden in a research report on Wednesday, November 13th. Piper Sandler reissued a “neutral” rating and issued a $45.00 target price on shares of Steven Madden in a report on Friday, August 23rd. Wedbush reissued a “neutral” rating and issued a $41.00 target price on shares of Steven Madden in a research note on Wednesday, August 7th. Finally, Citigroup lifted their price target on Steven Madden from $43.00 to $45.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Steven Madden currently has an average rating of “Hold” and a consensus price target of $45.43.

Steven Madden Stock Performance

Shares of NASDAQ:SHOO opened at $43.23 on Friday. The firm has a market capitalization of $3.12 billion, a P/E ratio of 18.40 and a beta of 1.08. The stock has a 50 day moving average price of $46.43 and a 200-day moving average price of $44.36. Steven Madden has a 52-week low of $35.64 and a 52-week high of $50.01.

Steven Madden (NASDAQ:SHOO) last posted its quarterly earnings data on Thursday, November 7th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.02. Steven Madden had a return on equity of 23.41% and a net margin of 7.68%. The business had revenue of $624.68 million during the quarter, compared to the consensus estimate of $607.89 million. During the same quarter in the prior year, the company earned $0.88 earnings per share. The firm’s quarterly revenue was up 13.0% compared to the same quarter last year. On average, equities analysts forecast that Steven Madden will post 2.65 EPS for the current fiscal year.

Hedge Funds Weigh In On Steven Madden

A number of hedge funds have recently bought and sold shares of SHOO. SG Americas Securities LLC grew its position in Steven Madden by 225.8% in the 1st quarter. SG Americas Securities LLC now owns 13,075 shares of the textile maker’s stock worth $553,000 after purchasing an additional 9,062 shares during the period. ProShare Advisors LLC boosted its stake in shares of Steven Madden by 5.8% in the 1st quarter. ProShare Advisors LLC now owns 14,817 shares of the textile maker’s stock worth $626,000 after buying an additional 807 shares during the last quarter. Seven Eight Capital LP grew its holdings in shares of Steven Madden by 902.5% in the first quarter. Seven Eight Capital LP now owns 49,265 shares of the textile maker’s stock worth $2,083,000 after acquiring an additional 44,351 shares during the period. UniSuper Management Pty Ltd purchased a new stake in Steven Madden during the first quarter valued at $757,000. Finally, CANADA LIFE ASSURANCE Co increased its position in Steven Madden by 5.1% during the first quarter. CANADA LIFE ASSURANCE Co now owns 73,147 shares of the textile maker’s stock valued at $3,089,000 after acquiring an additional 3,569 shares during the last quarter. Hedge funds and other institutional investors 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.