Steven Madden (NASDAQ:SHOO) Downgraded to Hold Rating by StockNews.com

Steven Madden (NASDAQ:SHOO) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Sunday.

A number of other brokerages have also issued reports on SHOO. Needham & Company LLC began coverage on Steven Madden in a research report on Friday. They set a “hold” rating on the stock. Telsey Advisory Group restated a “market perform” rating and set a $50.00 price objective on shares of Steven Madden in a report on Wednesday, November 13th. Wedbush reaffirmed a “neutral” rating and issued a $41.00 target price on shares of Steven Madden in a research report on Wednesday, August 7th. Citigroup raised 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. Finally, Piper Sandler restated a “neutral” rating and issued a $45.00 price target on shares of Steven Madden in a research note on Friday, August 23rd. Eight investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Steven Madden currently has an average rating of “Hold” and a consensus price target of $45.43.

Steven Madden Stock Performance

Shares of NASDAQ:SHOO opened at $43.40 on Friday. The business’s 50-day simple moving average is $46.29 and its 200 day simple moving average is $44.42. The company has a market cap of $3.13 billion, a P/E ratio of 18.47 and a beta of 1.08. Steven Madden has a one year low of $36.56 and a one year high of $50.01.

Steven Madden (NASDAQ:SHOO) last posted its earnings results on Thursday, November 7th. The textile maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.02. The business 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 revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.88 earnings per share. Analysts predict that Steven Madden will post 2.65 earnings per share for the current year.

Institutional Trading of Steven Madden

Institutional investors and hedge funds have recently modified their holdings of the business. CANADA LIFE ASSURANCE Co grew its position 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 during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Steven Madden by 6.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 134,309 shares of the textile maker’s stock valued at $5,679,000 after purchasing an additional 7,547 shares during the last quarter. Jane Street Group LLC raised its position in shares of Steven Madden by 36.9% during the 1st quarter. Jane Street Group LLC now owns 183,423 shares of the textile maker’s stock worth $7,755,000 after purchasing an additional 49,432 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in shares of Steven Madden by 273.4% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 48,840 shares of the textile maker’s stock worth $2,066,000 after purchasing an additional 35,761 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in Steven Madden by 61.1% during the 2nd quarter. SG Americas Securities LLC now owns 21,058 shares of the textile maker’s stock valued at $891,000 after purchasing an additional 7,983 shares during the period. 99.88% of the stock is owned by institutional investors and hedge funds.

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.