Citigroup Has Lowered Expectations for Steven Madden (NASDAQ:SHOO) Stock Price

Steven Madden (NASDAQ:SHOO) had its target price lowered by Citigroup from $38.00 to $35.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the textile maker’s stock. Citigroup’s target price would indicate a potential upside of 6.74% from the stock’s previous close.

A number of other brokerages have also commented on SHOO. StockNews.com lowered Steven Madden from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Steven Madden in a report on Monday, February 3rd. Piper Sandler reduced their target price on Steven Madden from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, February 4th. Telsey Advisory Group reduced their target price on Steven Madden from $44.00 to $38.00 and set a “market perform” rating for the company in a report on Thursday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Steven Madden in a research report on Thursday. Eight investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $40.33.

Steven Madden Price Performance

Shares of NASDAQ:SHOO opened at $32.79 on Thursday. The business’s 50-day moving average is $40.07 and its 200-day moving average is $43.49. Steven Madden has a 1 year low of $32.31 and a 1 year high of $50.01. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 13.95 and a beta of 1.07.

Steven Madden (NASDAQ:SHOO) last posted its quarterly earnings results on Wednesday, February 26th. The textile maker reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. Steven Madden had a return on equity of 23.41% and a net margin of 7.68%. The business had revenue of $582.32 million for the quarter, compared to the consensus estimate of $550.37 million. Analysts anticipate that Steven Madden will post 2.66 EPS for the current year.

Hedge Funds Weigh In On Steven Madden

A number of large investors have recently made changes to their positions in SHOO. Pacer Advisors Inc. bought a new stake in Steven Madden during the fourth quarter valued at $72,795,000. First Trust Advisors LP lifted its stake in Steven Madden by 36.9% during the fourth quarter. First Trust Advisors LP now owns 2,002,228 shares of the textile maker’s stock worth $85,135,000 after purchasing an additional 539,738 shares during the last quarter. FMR LLC lifted its stake in 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 purchasing an additional 528,619 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Steven Madden during the fourth quarter worth about $13,652,000. Finally, Weiss Asset Management LP purchased a new position in shares of Steven Madden in the third quarter worth about $12,558,000. 99.88% of the stock is owned by 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.