Steven Madden (NASDAQ:SHOO) Cut to “Hold” at StockNews.com

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

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

Steven Madden Trading Down 2.8 %

Steven Madden stock opened at $44.16 on Friday. The business’s 50 day simple moving average is $46.28 and its 200 day simple moving average is $44.47. Steven Madden has a 12 month low of $36.56 and a 12 month high of $50.01. The company has a market cap of $3.19 billion, a price-to-earnings ratio of 18.84 and a beta of 1.08.

Steven Madden (NASDAQ:SHOO) last issued its quarterly earnings results on Thursday, November 7th. The textile maker reported $0.91 EPS for the quarter, beating 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 firm had revenue of $624.68 million for the quarter, compared to analysts’ expectations of $607.89 million. During the same quarter in the prior year, the firm earned $0.88 EPS. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. As a group, equities research 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 declared 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 annualized dividend and a dividend yield of 1.90%. Steven Madden’s payout ratio is currently 35.74%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SHOO. FMR LLC lifted its position in Steven Madden by 8,180.4% during the third quarter. FMR LLC now owns 535,081 shares of the textile maker’s stock valued at $26,214,000 after purchasing an additional 528,619 shares during the last quarter. Weiss Asset Management LP bought a new stake in shares of Steven Madden during the 3rd quarter worth $12,558,000. Nicholas Investment Partners LP purchased a new position in Steven Madden in the second quarter worth $4,863,000. Squarepoint Ops LLC bought a new position in Steven Madden in the second quarter valued at $4,550,000. Finally, Barclays PLC raised its position in Steven Madden by 286.9% during the third quarter. Barclays PLC now owns 139,206 shares of the textile maker’s stock valued at $6,819,000 after purchasing an additional 103,226 shares in 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.