Needham & Company LLC Initiates Coverage on Steven Madden (NASDAQ:SHOO)

Equities research analysts at Needham & Company LLC began coverage on shares of Steven Madden (NASDAQ:SHOO) in a research report issued to clients and investors on Friday, Marketbeat reports. The brokerage set a “hold” rating on the textile maker’s stock.

A number of other equities analysts have also recently weighed in on SHOO. Telsey Advisory Group reissued a “market perform” rating and set a $50.00 price target on shares of Steven Madden in a research report on Wednesday, November 13th. Citigroup lifted their price target on shares of Steven Madden from $43.00 to $45.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Piper Sandler reaffirmed a “neutral” rating and issued a $45.00 price objective on shares of Steven Madden in a research report on Friday, August 23rd. Wedbush reaffirmed a “neutral” rating and issued a $41.00 price objective on shares of Steven Madden in a research report on Wednesday, August 7th. Finally, StockNews.com raised shares of Steven Madden from a “hold” rating to a “buy” rating in a research report on Saturday, November 16th. Eight investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $45.43.

Steven Madden Stock Performance

Shares of SHOO stock opened at $43.40 on Friday. The firm’s 50 day moving average price is $46.29 and its two-hundred day moving average price is $44.42. The stock has a market cap of $3.13 billion, a PE ratio of 18.47 and a beta of 1.08. Steven Madden has a 52-week low of $36.56 and a 52-week high of $50.01.

Steven Madden (NASDAQ:SHOO) last announced its quarterly earnings results on Thursday, November 7th. The textile maker reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.02. The company had revenue of $624.68 million for the quarter, compared to analysts’ expectations of $607.89 million. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. The business’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period last year, the firm posted $0.88 earnings per share. As a group, sell-side analysts predict that Steven Madden will post 2.65 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Steven Madden

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mackenzie Financial Corp increased its stake 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 stake in Steven Madden by 1.2% in the 3rd quarter. Louisiana State Employees Retirement System now owns 35,100 shares of the textile maker’s stock valued at $1,720,000 after buying an additional 400 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Steven Madden by 1.2% during the 2nd 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 last quarter. AlphaMark Advisors LLC increased its stake in shares of Steven Madden by 7.4% during the 2nd 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 last quarter. Finally, KBC Group NV increased its stake in shares of Steven Madden by 34.1% during the 3rd quarter. KBC Group NV now owns 2,208 shares of the textile maker’s stock worth $108,000 after purchasing an additional 561 shares during the last quarter. 99.88% of the stock is currently 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.