Steven Madden’s (SHOO) “Buy” Rating Reaffirmed at Needham & Company LLC

Steven Madden (NASDAQ:SHOO)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They currently have a $50.00 price objective on the textile maker’s stock. Needham & Company LLC’s target price points to a potential upside of 18.43% from the stock’s current price.

A number of other research analysts have also commented on SHOO. Piper Sandler raised their price objective on shares of Steven Madden from $40.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. UBS Group reiterated a “neutral” rating and issued a $43.00 target price on shares of Steven Madden in a report on Tuesday, December 9th. Wall Street Zen upgraded Steven Madden from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. Citigroup reissued a “buy” rating and issued a $41.00 price target (up from $32.00) on shares of Steven Madden in a research report on Friday, October 17th. Finally, BTIG Research reiterated a “buy” rating and issued a $50.00 target price (up previously from $43.00) on shares of Steven Madden in a research report on Thursday, December 4th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Steven Madden has a consensus rating of “Moderate Buy” and a consensus price target of $45.57.

Steven Madden Stock Down 7.5%

Steven Madden stock opened at $42.22 on Wednesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.08 and a current ratio of 1.91. Steven Madden has a one year low of $19.05 and a one year high of $46.88. The company has a 50-day simple moving average of $43.74 and a 200-day simple moving average of $36.02. The firm has a market capitalization of $3.07 billion, a P/E ratio of 53.44 and a beta of 1.11.

Steven Madden (NASDAQ:SHOO) last issued its quarterly earnings data on Wednesday, November 5th. The textile maker reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.01). Steven Madden had a net margin of 2.38% and a return on equity of 14.28%. The firm had revenue of $667.88 million during the quarter, compared to the consensus estimate of $697.89 million. During the same quarter in the prior year, the business earned $0.91 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, equities analysts expect that Steven Madden will post 2.66 earnings per share for the current year.

Institutional Investors Weigh In On Steven Madden

A number of hedge funds have recently bought and sold shares of the company. Scopus Asset Management L.P. acquired a new position in Steven Madden during the 3rd quarter valued at $36,451,000. Boston Partners acquired a new position in shares of Steven Madden during the third quarter valued at about $33,319,000. Invesco Ltd. raised its position in shares of Steven Madden by 50.5% during the second quarter. Invesco Ltd. now owns 2,426,926 shares of the textile maker’s stock valued at $58,198,000 after buying an additional 814,318 shares during the last quarter. Neumeier Poma Investment Counsel LLC lifted its stake in shares of Steven Madden by 155.9% in the third quarter. Neumeier Poma Investment Counsel LLC now owns 955,010 shares of the textile maker’s stock valued at $31,974,000 after buying an additional 581,745 shares during the period. Finally, Millennium Management LLC grew its position in Steven Madden by 1,170.4% during the first quarter. Millennium Management LLC now owns 617,049 shares of the textile maker’s stock worth $16,438,000 after buying an additional 568,477 shares in the last quarter. 99.88% of the stock is currently owned by institutional investors.

Steven Madden Company Profile

Steven Madden, Inc (NASDAQ: SHOO) is a New York–based designer and marketer of fashion footwear, handbags and accessories. The company’s product portfolio spans a range of contemporary and lifestyle brands for women, men and children, including its core Steve Madden label as well as the Madden Girl and Dolce Vita brands. In addition to footwear, the company licenses its trademarks for use on apparel, eyewear and other fashion accessories.

Steven Madden distributes its products through multiple channels, including wholesale partners, e-commerce platforms and its own brick-and-mortar retail stores.