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 report report published on Friday.

A number of other analysts have also commented on the company. Citigroup increased 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. Telsey Advisory Group reiterated a “market perform” rating and set a $50.00 target price on shares of Steven Madden in a report on Thursday. Piper Sandler restated a “neutral” rating and set a $45.00 price objective on shares of Steven Madden in a report on Friday, August 23rd. Finally, Wedbush restated a “neutral” rating and set a $41.00 price objective on shares of Steven Madden in a research report on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $45.43.

Steven Madden Stock Performance

Shares of Steven Madden stock opened at $44.63 on Friday. The business has a 50-day simple moving average of $46.41 and a 200-day simple moving average of $44.22. The company has a market cap of $3.24 billion, a PE ratio of 18.99 and a beta of 1.08. Steven Madden has a one year low of $32.71 and a one year high of $50.01.

Steven Madden (NASDAQ:SHOO) last issued 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. Steven Madden had a return on equity of 23.41% and a net margin of 7.68%. The company had revenue of $624.68 million during the quarter, compared to analysts’ expectations of $607.89 million. During the same quarter in the previous year, the business earned $0.88 earnings per share. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. On average, sell-side analysts predict that Steven Madden will post 2.65 earnings per share for the current fiscal year.

Steven Madden Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a dividend of $0.21 per share. The ex-dividend date is Friday, December 13th. This represents a $0.84 annualized dividend and a yield of 1.88%. Steven Madden’s payout ratio is 35.74%.

Hedge Funds Weigh In On Steven Madden

Hedge funds have recently modified their holdings of the stock. Mackenzie Financial Corp boosted its position in Steven Madden by 3.1% in the 2nd quarter. Mackenzie Financial Corp now owns 8,232 shares of the textile maker’s stock valued at $348,000 after buying an additional 248 shares during the last quarter. Louisiana State Employees Retirement System increased its position in shares of Steven Madden by 1.2% in the third quarter. Louisiana State Employees Retirement System now owns 35,100 shares of the textile maker’s stock valued at $1,720,000 after acquiring an additional 400 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Steven Madden by 1.2% during the second quarter. The Manufacturers Life Insurance Company now owns 40,141 shares of the textile maker’s stock worth $1,698,000 after purchasing an additional 484 shares during the period. AlphaMark Advisors LLC grew its holdings in Steven Madden by 7.4% during the second quarter. AlphaMark Advisors LLC now owns 7,785 shares of the textile maker’s stock worth $329,000 after purchasing an additional 535 shares during the period. Finally, KBC Group NV boosted its holdings in shares of Steven Madden by 34.1% during the third quarter. KBC Group NV now owns 2,208 shares of the textile maker’s stock worth $108,000 after acquiring an additional 561 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.