Steven Madden (NASDAQ:SHOO) Now Covered by Needham & Company LLC

Needham & Company LLC initiated coverage on shares of Steven Madden (NASDAQ:SHOO) in a research report released on Friday morning, Marketbeat reports. The firm issued a hold rating on the textile maker’s stock.

Several other research firms have also recently commented on SHOO. StockNews.com upgraded Steven Madden from a “hold” rating to a “buy” rating in a research note on Saturday, November 16th. Piper Sandler reissued a “neutral” rating and set a $45.00 price objective on shares of Steven Madden in a report on Friday, August 23rd. Wedbush restated a “neutral” rating and issued a $41.00 target price on shares of Steven Madden in a research note on Wednesday, August 7th. Telsey Advisory Group reiterated a “market perform” rating and issued a $50.00 price target on shares of Steven Madden in a research note on Wednesday, November 13th. Finally, Citigroup upped their price objective on Steven Madden from $43.00 to $45.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $45.43.

Steven Madden Price Performance

Steven Madden stock opened at $45.41 on Friday. Steven Madden has a 12-month low of $36.56 and a 12-month high of $50.01. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of 19.32 and a beta of 1.08. The firm’s fifty day moving average price is $46.28 and its 200 day moving average price is $44.47.

Steven Madden (NASDAQ:SHOO) last announced its earnings results 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. The business had revenue of $624.68 million for the quarter, compared to analyst estimates of $607.89 million. Steven Madden had a return on equity of 23.41% and a net margin of 7.68%. The company’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.88 earnings per share. Analysts forecast that Steven Madden will post 2.65 earnings per share for the current fiscal year.

Steven Madden Announces Dividend

The firm also recently announced 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 is Friday, December 13th. This represents a $0.84 dividend on an annualized basis and a yield of 1.85%. Steven Madden’s dividend payout ratio is currently 35.74%.

Institutional Investors Weigh In On Steven Madden

Several large investors have recently added to or reduced their stakes in SHOO. State Street Corp grew its position in shares of Steven Madden by 1.7% during the third quarter. State Street Corp now owns 2,756,075 shares of the textile maker’s stock worth $135,020,000 after acquiring an additional 47,017 shares during the last quarter. Geode Capital Management LLC grew its position in Steven Madden by 3.0% in the 3rd 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. Charles Schwab Investment Management Inc. increased its stake in shares of Steven Madden by 3.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,096,777 shares of the textile maker’s stock valued at $53,731,000 after purchasing an additional 32,696 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Steven Madden by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 873,682 shares of the textile maker’s stock valued at $36,957,000 after buying an additional 5,451 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of Steven Madden by 0.6% during the third quarter. Fisher Asset Management LLC now owns 728,674 shares of the textile maker’s stock worth $35,698,000 after buying an additional 4,108 shares during the period. 99.88% of the stock is owned by institutional investors and hedge funds.

Steven Madden Company Profile

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.