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

StockNews.com upgraded shares of Steven Madden (NASDAQ:SHOO) from a hold rating to a buy rating in a research report released on Thursday.

Several other research firms also recently issued reports on SHOO. Citigroup boosted their price objective on Steven Madden from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC reissued a “hold” rating on shares of Steven Madden in a research report on Thursday, December 5th. Telsey Advisory Group restated a “market perform” rating and issued a $50.00 price objective on shares of Steven Madden in a report on Wednesday, November 13th. Finally, Piper Sandler reiterated a “neutral” rating and set a $45.00 target price on shares of Steven Madden in a report on Friday, August 23rd. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $45.43.

Steven Madden Price Performance

Shares of SHOO stock opened at $42.83 on Thursday. The company has a 50-day moving average of $44.83 and a two-hundred day moving average of $44.66. The firm has a market cap of $3.09 billion, a PE ratio of 18.23 and a beta of 1.07. Steven Madden has a 1-year low of $37.99 and a 1-year high of $50.01.

Steven Madden (NASDAQ:SHOO) last posted its quarterly earnings data 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 firm had revenue of $624.68 million during 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 firm’s quarterly revenue was up 13.0% on a year-over-year basis. During the same quarter last year, the company posted $0.88 EPS. Sell-side analysts anticipate that Steven Madden will post 2.66 EPS for the current fiscal year.

Steven Madden Announces Dividend

The company 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 dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend is Friday, December 13th. Steven Madden’s dividend payout ratio (DPR) is presently 35.74%.

Institutional Investors Weigh In On Steven Madden

A number of hedge funds and other institutional investors have recently modified their holdings of SHOO. Tidal Investments LLC increased its holdings in Steven Madden by 15.1% in the third quarter. Tidal Investments LLC now owns 17,375 shares of the textile maker’s stock valued at $851,000 after buying an additional 2,278 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Steven Madden by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,710,492 shares of the textile maker’s stock valued at $83,812,000 after acquiring an additional 49,075 shares during the last quarter. Barclays PLC raised its position in shares of Steven Madden by 286.9% during the 3rd quarter. Barclays PLC now owns 139,206 shares of the textile maker’s stock worth $6,819,000 after acquiring an additional 103,226 shares in the last quarter. Weiss Asset Management LP purchased a new stake in Steven Madden during the third quarter worth approximately $12,558,000. Finally, State Street Corp boosted its holdings in Steven Madden by 1.7% in the third quarter. State Street Corp now owns 2,756,075 shares of the textile maker’s stock valued at $135,020,000 after purchasing an additional 47,017 shares in 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.