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

StockNews.com upgraded shares of Steven Madden (NASDAQ:SHOO) from a hold rating to a buy rating in a report issued on Saturday morning.

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

Steven Madden Price Performance

Shares of NASDAQ SHOO opened at $42.53 on Friday. Steven Madden has a one year low of $36.23 and a one year high of $50.01. The stock has a market capitalization of $3.07 billion, a P/E ratio of 18.10 and a beta of 1.08. The firm’s 50 day simple moving average is $46.40 and its two-hundred day simple moving average is $44.40.

Steven Madden (NASDAQ:SHOO) last released 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. The firm 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 business’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.88 earnings per share. As a group, equities analysts expect that Steven Madden will post 2.65 earnings per share for the current fiscal year.

Steven Madden Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors 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 yield of 1.98%. Steven Madden’s payout ratio is 35.74%.

Institutional Investors Weigh In On Steven Madden

Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its stake in shares of Steven Madden by 225.8% during the 1st quarter. SG Americas Securities LLC now owns 13,075 shares of the textile maker’s stock worth $553,000 after acquiring an additional 9,062 shares during the last quarter. ProShare Advisors LLC lifted its holdings in Steven Madden by 5.8% during the first quarter. ProShare Advisors LLC now owns 14,817 shares of the textile maker’s stock valued at $626,000 after purchasing an additional 807 shares in the last quarter. Seven Eight Capital LP increased its stake 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 purchasing an additional 44,351 shares in the last quarter. UniSuper Management Pty Ltd bought a new stake in shares of Steven Madden during the 1st quarter valued at $757,000. Finally, CANADA LIFE ASSURANCE Co lifted its stake in shares of Steven Madden by 5.1% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 73,147 shares of the textile maker’s stock valued at $3,089,000 after buying an additional 3,569 shares in the last quarter. 99.88% of the stock is currently owned by hedge funds and other institutional investors.

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.