Steven Madden (NASDAQ:SHOO) Coverage Initiated at Needham & Company LLC

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

Other analysts have also issued reports about the stock. Piper Sandler reiterated a “neutral” rating and set a $45.00 price target on shares of Steven Madden in a research note on Friday, August 23rd. Wedbush reaffirmed a “neutral” rating and set a $41.00 target price on shares of Steven Madden in a research note on Wednesday, August 7th. Citigroup increased their target price on shares of Steven Madden from $43.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Telsey Advisory Group restated 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, StockNews.com upgraded Steven Madden from a “hold” rating to a “buy” rating in a research note on Saturday, November 16th. Eight research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Steven Madden has an average rating of “Hold” and a consensus target price of $45.43.

Steven Madden Stock Performance

NASDAQ:SHOO opened at $43.40 on Friday. Steven Madden has a fifty-two week low of $36.56 and a fifty-two week high of $50.01. The company has a 50 day moving average price of $46.29 and a 200 day moving average price of $44.44. The stock has a market capitalization of $3.13 billion, a P/E ratio of 18.47 and a beta of 1.08.

Steven Madden (NASDAQ:SHOO) last released its quarterly earnings results on Thursday, November 7th. The textile maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.89 by $0.02. The business had revenue of $624.68 million during 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 quarterly revenue was up 13.0% on a year-over-year basis. During the same period last year, the business posted $0.88 earnings per share. Research analysts forecast that Steven Madden will post 2.65 earnings per share for the current fiscal year.

Steven Madden Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, December 13th. This represents a $0.84 annualized dividend and a dividend yield of 1.94%. Steven Madden’s dividend payout ratio (DPR) is currently 35.74%.

Hedge Funds Weigh In On Steven Madden

Several large investors have recently bought and sold shares of SHOO. FMR LLC lifted its holdings in Steven Madden by 8,180.4% during the 3rd quarter. FMR LLC now owns 535,081 shares of the textile maker’s stock worth $26,214,000 after buying an additional 528,619 shares during the last quarter. Weiss Asset Management LP acquired a new stake in shares of Steven Madden during the 3rd quarter worth about $12,558,000. Nicholas Investment Partners LP purchased a new stake in Steven Madden during the second quarter worth approximately $4,863,000. Squarepoint Ops LLC acquired a new position in Steven Madden in the second quarter valued at approximately $4,550,000. Finally, Barclays PLC increased its stake in Steven Madden by 286.9% in 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 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.