Citigroup Lowers Steven Madden (NASDAQ:SHOO) Price Target to $38.00

Steven Madden (NASDAQ:SHOO) had its target price dropped by Citigroup from $45.00 to $38.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the textile maker’s stock. Citigroup’s target price points to a potential upside of 1.06% from the company’s previous close.

SHOO has been the subject of a number of other reports. Telsey Advisory Group reduced their target price on shares of Steven Madden from $50.00 to $44.00 and set a “market perform” rating for the company in a report on Tuesday. StockNews.com lowered Steven Madden from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Piper Sandler cut their target price on Steven Madden from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Steven Madden in a research report on Thursday, December 5th. Seven 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, the stock presently has a consensus rating of “Hold” and a consensus target price of $43.33.

Steven Madden Price Performance

NASDAQ SHOO opened at $37.60 on Tuesday. The firm has a market capitalization of $2.71 billion, a PE ratio of 16.00 and a beta of 1.07. Steven Madden has a 12 month low of $36.88 and a 12 month high of $50.01. The company’s 50 day simple moving average is $42.29 and its 200 day simple moving average is $44.17.

Steven Madden (NASDAQ:SHOO) last posted its quarterly earnings data 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 company had revenue of $624.68 million for the quarter, compared to the consensus estimate of $607.89 million. Steven Madden had a return on equity of 23.41% and a net margin of 7.68%. The company’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.88 EPS. Sell-side analysts anticipate that Steven Madden will post 2.66 earnings per share for the current fiscal year.

Institutional Trading of Steven Madden

Hedge funds have recently made changes to their positions in the stock. Gladius Capital Management LP purchased a new position in Steven Madden during the third quarter valued at approximately $36,000. R Squared Ltd purchased a new position in shares of Steven Madden during the 4th quarter valued at $55,000. Exchange Traded Concepts LLC acquired a new position in shares of Steven Madden in the third quarter worth $59,000. GAMMA Investing LLC increased its stake in shares of Steven Madden by 80.6% in the third quarter. GAMMA Investing LLC now owns 1,329 shares of the textile maker’s stock worth $65,000 after acquiring an additional 593 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in Steven Madden by 94.1% during the third quarter. Blue Trust Inc. now owns 1,619 shares of the textile maker’s stock valued at $79,000 after purchasing an additional 785 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.