Steven Madden (NASDAQ:SHOO) Given “Hold” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of Steven Madden (NASDAQ:SHOO) in a research note issued to investors on Wednesday,Benzinga reports.

Several other research firms have also recently issued reports on SHOO. Citigroup upgraded Steven Madden from a “neutral” rating to a “buy” rating and increased their target price for the stock from $26.00 to $32.00 in a research report on Thursday, July 17th. UBS Group increased their target price on Steven Madden from $23.00 to $26.00 and gave the stock a “neutral” rating in a research report on Monday, July 28th. Piper Sandler cut their price target on Steven Madden from $35.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, April 11th. Finally, Telsey Advisory Group restated a “market perform” rating and set a $24.00 price target on shares of Steven Madden in a report on Wednesday, July 23rd. Eight investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $30.83.

Steven Madden Stock Performance

NASDAQ:SHOO opened at $23.52 on Wednesday. The company has a current ratio of 2.01, a quick ratio of 1.64 and a debt-to-equity ratio of 0.33. Steven Madden has a 12-month low of $19.05 and a 12-month high of $50.01. The stock has a 50-day moving average price of $24.99 and a 200 day moving average price of $27.87. The stock has a market capitalization of $1.71 billion, a P/E ratio of 18.52 and a beta of 1.10.

Steven Madden (NASDAQ:SHOO) last released its earnings results on Wednesday, July 30th. The textile maker reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.04). Steven Madden had a return on equity of 18.32% and a net margin of 3.92%. The business had revenue of $556.09 million for the quarter, compared to analysts’ expectations of $575.83 million. During the same quarter in the prior year, the business posted $0.57 EPS. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. Equities research analysts forecast that Steven Madden will post 2.66 EPS for the current fiscal year.

Steven Madden Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 12th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 3.6%. The ex-dividend date is Friday, September 12th. Steven Madden’s dividend payout ratio (DPR) is currently 66.14%.

Hedge Funds Weigh In On Steven Madden

Several institutional investors have recently added to or reduced their stakes in SHOO. HighTower Advisors LLC lifted its stake in shares of Steven Madden by 11.7% in the 4th quarter. HighTower Advisors LLC now owns 6,439 shares of the textile maker’s stock valued at $274,000 after purchasing an additional 676 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Steven Madden by 53.4% in the 4th quarter. American Century Companies Inc. now owns 74,779 shares of the textile maker’s stock valued at $3,180,000 after purchasing an additional 26,043 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Steven Madden by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 8,097,339 shares of the textile maker’s stock valued at $344,299,000 after purchasing an additional 54,877 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Steven Madden by 26.4% in the 4th quarter. JPMorgan Chase & Co. now owns 584,068 shares of the textile maker’s stock valued at $24,835,000 after purchasing an additional 121,972 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Steven Madden in the 4th quarter valued at approximately $9,399,000. 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.