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

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

Several other analysts have also weighed in on the company. Telsey Advisory Group restated a “market perform” rating and issued a $50.00 price target on shares of Steven Madden in a research report on Thursday. Wedbush reaffirmed a “neutral” rating and set a $41.00 target price on shares of Steven Madden in a research note on Wednesday, August 7th. Piper Sandler reissued a “neutral” rating and set a $45.00 price target on shares of Steven Madden in a research note on Friday, August 23rd. Finally, Citigroup upped their price objective on Steven Madden from $43.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $45.43.

Steven Madden Price Performance

Shares of Steven Madden stock traded down $0.97 during trading hours on Friday, reaching $44.63. The company’s stock had a trading volume of 1,340,635 shares, compared to its average volume of 707,524. The firm has a 50 day moving average price of $46.42 and a 200-day moving average price of $44.13. The stock has a market cap of $3.24 billion, a P/E ratio of 18.99 and a beta of 1.08. Steven Madden has a one year low of $32.71 and a one year high of $50.01.

Steven Madden (NASDAQ:SHOO) last issued its quarterly earnings data on Thursday, November 7th. The textile maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.02. The company had revenue of $624.68 million for the quarter, compared to analysts’ expectations of $607.89 million. Steven Madden had a return on equity of 23.49% and a net margin of 8.36%. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.88 earnings per share. As a group, sell-side analysts forecast that Steven Madden will post 2.62 EPS for the current fiscal year.

Hedge Funds Weigh In On Steven Madden

Several hedge funds have recently modified their holdings of SHOO. Gladius Capital Management LP purchased a new stake in Steven Madden during the 3rd quarter worth approximately $36,000. Blue Trust Inc. lifted its stake in shares of Steven Madden by 9,166.7% during the second quarter. Blue Trust Inc. now owns 834 shares of the textile maker’s stock worth $35,000 after buying an additional 825 shares during the period. Exchange Traded Concepts LLC purchased a new stake in shares of Steven Madden during the third quarter valued at $59,000. GAMMA Investing LLC increased its position in shares of Steven Madden by 80.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,329 shares of the textile maker’s stock valued at $65,000 after acquiring an additional 593 shares during the period. Finally, EntryPoint Capital LLC purchased a new position in Steven Madden in the 1st quarter worth $81,000. Institutional investors and hedge funds own 99.88% of the company’s stock.

Steven Madden Company Profile

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.