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

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

A number of other research analysts have also issued reports on SHOO. Needham & Company LLC restated a “hold” rating on shares of Steven Madden in a report on Thursday, December 5th. Telsey Advisory Group reissued a “market perform” rating and set a $50.00 price objective on shares of Steven Madden in a research note on Wednesday, November 13th. Finally, Citigroup lifted their target price on shares of Steven Madden from $43.00 to $45.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Steven Madden currently has an average rating of “Hold” and an average target price of $46.33.

Steven Madden Price Performance

Shares of NASDAQ SHOO opened at $42.15 on Monday. The firm’s 50-day moving average is $43.81 and its two-hundred day moving average is $44.54. The company has a market capitalization of $3.04 billion, a PE ratio of 17.94 and a beta of 1.08. Steven Madden has a 12-month low of $37.99 and a 12-month high of $50.01.

Steven Madden (NASDAQ:SHOO) last announced its earnings results on Thursday, November 7th. The textile maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.02. Steven Madden had a return on equity of 23.41% and a net margin of 7.68%. The firm had revenue of $624.68 million for the quarter, compared to analysts’ expectations of $607.89 million. During the same quarter in the prior year, the firm earned $0.88 EPS. Steven Madden’s quarterly revenue was up 13.0% on a year-over-year basis. On average, analysts forecast that Steven Madden will post 2.66 EPS for the current fiscal year.

Steven Madden Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were issued a $0.21 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.99%. Steven Madden’s dividend payout ratio (DPR) is 35.74%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. State Street Corp increased its position in shares of Steven Madden by 1.7% in the third quarter. State Street Corp now owns 2,756,075 shares of the textile maker’s stock worth $135,020,000 after acquiring an additional 47,017 shares in the last quarter. Geode Capital Management LLC increased its holdings in Steven Madden by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,710,492 shares of the textile maker’s stock valued at $83,812,000 after purchasing an additional 49,075 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Steven Madden by 3.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,096,777 shares of the textile maker’s stock valued at $53,731,000 after purchasing an additional 32,696 shares during the period. Fisher Asset Management LLC raised its position in Steven Madden by 0.6% in the third quarter. Fisher Asset Management LLC now owns 728,674 shares of the textile maker’s stock valued at $35,698,000 after purchasing an additional 4,108 shares during the period. Finally, abrdn plc lifted its stake in shares of Steven Madden by 2.7% during the third quarter. abrdn plc now owns 558,015 shares of the textile maker’s stock worth $27,242,000 after purchasing an additional 14,841 shares in the last quarter. Hedge funds and other institutional investors own 99.88% of the company’s stock.

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.