Citigroup Cuts Steven Madden (NASDAQ:SHOO) Price Target to $38.00

Steven Madden (NASDAQ:SHOO) had its price objective decreased by Citigroup from $45.00 to $38.00 in a report issued on Tuesday morning,Benzinga reports. Citigroup currently has a neutral rating on the textile maker’s stock.

A number of other research analysts have also weighed in on SHOO. StockNews.com lowered Steven Madden from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Telsey Advisory Group decreased their price objective on Steven Madden from $50.00 to $44.00 and set a “market perform” rating on the stock in a report on Tuesday. Piper Sandler cut their target price on shares of Steven Madden from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Steven Madden in a research note on Thursday, December 5th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $43.33.

Steven Madden Stock Performance

NASDAQ:SHOO opened at $37.60 on Tuesday. The stock has a 50-day moving average price of $42.15 and a 200 day moving average price of $44.12. Steven Madden has a 12-month low of $36.88 and a 12-month high of $50.01. The stock has a market capitalization of $2.71 billion, a P/E ratio of 16.00 and a beta of 1.07.

Steven Madden (NASDAQ:SHOO) last released its quarterly earnings data on Thursday, November 7th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.02. The firm 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 company’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.88 earnings per share. On average, research analysts predict that Steven Madden will post 2.66 earnings per share for the current fiscal year.

Steven Madden Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend was Friday, December 13th. Steven Madden’s payout ratio is currently 35.74%.

Hedge Funds Weigh In On Steven Madden

A number of large investors have recently bought and sold shares of SHOO. Pacer Advisors Inc. bought a new position in shares of Steven Madden in the fourth quarter worth about $72,795,000. FMR LLC increased its position in shares of Steven Madden by 8,180.4% during the third quarter. FMR LLC now owns 535,081 shares of the textile maker’s stock worth $26,214,000 after acquiring an additional 528,619 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Steven Madden during the fourth quarter worth approximately $13,652,000. Weiss Asset Management LP bought a new stake in Steven Madden during the 3rd quarter valued at $12,558,000. Finally, Barclays PLC raised its position in Steven Madden by 286.9% during the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 99.88% of the company’s stock.

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.