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

StockNews.com lowered shares of Steven Madden (NASDAQ:SHOO) from a buy rating to a hold rating in a research note published on Sunday morning.

SHOO has been the subject of a number of other reports. Citigroup boosted their price target on shares of Steven Madden from $43.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC assumed coverage on shares of Steven Madden in a report on Friday. They issued a “hold” rating for the company. Piper Sandler reaffirmed a “neutral” rating and issued a $45.00 target price on shares of Steven Madden in a report on Friday, August 23rd. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $50.00 target price on shares of Steven Madden in a report on Wednesday, November 13th. Finally, Wedbush reissued a “neutral” rating and set a $41.00 price target on shares of Steven Madden in a report on Wednesday, August 7th. Eight equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Steven Madden currently has an average rating of “Hold” and an average target price of $45.43.

Steven Madden Price Performance

Shares of SHOO opened at $43.40 on Friday. Steven Madden has a 1-year low of $36.56 and a 1-year high of $50.01. The stock has a market cap of $3.13 billion, a PE ratio of 18.47 and a beta of 1.08. The firm has a fifty day moving average price of $46.29 and a 200 day moving average price of $44.44.

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, beating analysts’ consensus estimates of $0.89 by $0.02. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. The firm had revenue of $624.68 million during the quarter, compared to analysts’ expectations of $607.89 million. During the same period in the previous year, the company earned $0.88 earnings per share. Steven Madden’s quarterly revenue was up 13.0% compared to the same quarter last year. As a group, equities analysts expect that Steven Madden will post 2.65 EPS for the current fiscal year.

Steven Madden Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.84 annualized dividend and a yield of 1.94%. Steven Madden’s dividend payout ratio is currently 35.74%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp increased its holdings in Steven Madden by 3.1% in the second 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 in the last quarter. Louisiana State Employees Retirement System boosted its position in Steven Madden by 1.2% during the third quarter. Louisiana State Employees Retirement System now owns 35,100 shares of the textile maker’s stock worth $1,720,000 after acquiring an additional 400 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Steven Madden by 1.2% during the second quarter. The Manufacturers Life Insurance Company now owns 40,141 shares of the textile maker’s stock worth $1,698,000 after acquiring an additional 484 shares during the last quarter. AlphaMark Advisors LLC boosted its position in Steven Madden by 7.4% during the second quarter. AlphaMark Advisors LLC now owns 7,785 shares of the textile maker’s stock worth $329,000 after acquiring an additional 535 shares during the last quarter. Finally, KBC Group NV boosted its position in Steven Madden by 34.1% during the third quarter. KBC Group NV now owns 2,208 shares of the textile maker’s stock worth $108,000 after acquiring an additional 561 shares during the last quarter. 99.88% of the stock is owned by hedge funds and other institutional investors.

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.