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 report published on Saturday morning.

Other research analysts also recently issued research reports about the stock. Telsey Advisory Group restated a “market perform” rating and set a $50.00 price objective on shares of Steven Madden in a report on Wednesday. Citigroup increased their price objective on Steven Madden from $43.00 to $45.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Wedbush reiterated a “neutral” rating and set a $41.00 price target on shares of Steven Madden in a report on Wednesday, August 7th. Finally, Piper Sandler reissued a “neutral” rating and set a $45.00 price target on shares of Steven Madden in a research report on Friday, August 23rd. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $45.43.

Steven Madden Price Performance

Shares of SHOO opened at $43.23 on Friday. Steven Madden has a one year low of $35.64 and a one year high of $50.01. The company has a market cap of $3.12 billion, a PE ratio of 18.40 and a beta of 1.08. The stock has a 50-day moving average of $46.43 and a 200-day moving average of $44.32.

Steven Madden (NASDAQ:SHOO) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $607.89 million. During the same quarter last year, the firm posted $0.88 earnings per share. The company’s revenue for the quarter was up 13.0% compared to the same quarter last year. Analysts expect that Steven Madden will post 2.65 EPS for the current fiscal year.

Steven Madden Announces Dividend

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

Institutional Trading of Steven Madden

Several hedge funds have recently made changes to their positions in SHOO. Geode Capital Management LLC grew its stake in shares of Steven Madden by 3.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,710,492 shares of the textile maker’s stock worth $83,812,000 after acquiring an additional 49,075 shares during the period. Barclays PLC lifted its holdings in Steven Madden by 286.9% during the third quarter. Barclays PLC now owns 139,206 shares of the textile maker’s stock valued at $6,819,000 after purchasing an additional 103,226 shares during the last quarter. Weiss Asset Management LP bought a new position in Steven Madden during the third quarter worth about $12,558,000. State Street Corp increased its stake 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 purchasing an additional 47,017 shares in the last quarter. Finally, Systematic Financial Management LP increased its stake in shares of Steven Madden by 15.9% in the third quarter. Systematic Financial Management LP now owns 439,126 shares of the textile maker’s stock worth $21,513,000 after purchasing an additional 60,276 shares in the last quarter. 99.88% of the stock is currently 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.