Steven Madden (NASDAQ:SHOO) Upgraded to Buy by StockNews.com

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

Several other brokerages also recently weighed in on SHOO. Telsey Advisory Group reiterated a market perform rating and issued a $44.00 price target on shares of Steven Madden in a report on Wednesday, July 31st. Wedbush reiterated a neutral rating and issued a $41.00 target price on shares of Steven Madden in a research note on Wednesday, August 7th. Piper Sandler reissued a neutral rating and set a $45.00 target price on shares of Steven Madden in a research note on Friday, August 23rd. Finally, BTIG Research raised their price target on shares of Steven Madden from $50.00 to $53.00 and gave the stock a buy rating in a research note on Thursday, June 6th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $44.29.

Steven Madden Stock Up 0.8 %

NASDAQ SHOO opened at $47.46 on Wednesday. Steven Madden has a 52 week low of $30.35 and a 52 week high of $48.59. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of 19.61 and a beta of 1.08. The company has a fifty day moving average of $43.95 and a two-hundred day moving average of $42.59.

Steven Madden (NASDAQ:SHOO) last released its quarterly earnings results on Wednesday, July 31st. The textile maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.06. The firm had revenue of $523.60 million during the quarter, compared to analysts’ expectations of $515.15 million. Steven Madden had a net margin of 8.36% and a return on equity of 23.49%. The firm’s revenue for the quarter was up 17.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.47 EPS. Equities research analysts anticipate that Steven Madden will post 2.62 EPS for the current year.

Steven Madden Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 13th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date is Friday, September 13th. Steven Madden’s dividend payout ratio (DPR) is 34.71%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SHOO. Norges Bank bought a new stake in shares of Steven Madden in the 4th quarter valued at about $19,846,000. Ranger Investment Management L.P. boosted its stake in Steven Madden by 36.8% in the fourth quarter. Ranger Investment Management L.P. now owns 560,941 shares of the textile maker’s stock valued at $23,560,000 after acquiring an additional 150,852 shares in the last quarter. Capital Research Global Investors grew its holdings in Steven Madden by 8.6% in the first quarter. Capital Research Global Investors now owns 1,856,001 shares of the textile maker’s stock worth $78,472,000 after purchasing an additional 146,324 shares during the last quarter. Edgestream Partners L.P. acquired a new position in shares of Steven Madden during the first quarter worth $5,834,000. Finally, Nicholas Investment Partners LP purchased a new stake in shares of Steven Madden during the 2nd quarter valued at $4,863,000. 99.88% of the stock is currently owned by hedge funds and other institutional investors.

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.