Steven Madden (NASDAQ:SHOO) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Steven Madden (NASDAQ:SHOO) in a research note released on Wednesday,Benzinga reports. The brokerage currently has a $50.00 price objective on the textile maker’s stock.

SHOO has been the subject of several other research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Steven Madden in a research note on Thursday, January 22nd. UBS Group reaffirmed a “neutral” rating and issued a $43.00 price target on shares of Steven Madden in a research report on Tuesday, December 9th. Piper Sandler upped their price target on Steven Madden from $40.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Citigroup reissued a “buy” rating and issued a $41.00 price objective (up from $32.00) on shares of Steven Madden in a research note on Friday, October 17th. Finally, Wall Street Zen raised Steven Madden from a “sell” rating to a “hold” rating in a research report on Saturday, November 1st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $45.57.

Steven Madden Stock Performance

Shares of NASDAQ SHOO opened at $38.76 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.91 and a quick ratio of 1.08. Steven Madden has a one year low of $19.05 and a one year high of $46.88. The business’s 50-day moving average price is $43.68 and its two-hundred day moving average price is $36.04. The company has a market capitalization of $2.82 billion, a P/E ratio of 49.06 and a beta of 1.11.

Steven Madden (NASDAQ:SHOO) last announced its quarterly earnings results on Wednesday, November 5th. The textile maker reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.01). The firm had revenue of $667.88 million for the quarter, compared to analyst estimates of $697.89 million. Steven Madden had a net margin of 2.38% and a return on equity of 14.28%. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.91 earnings per share. Analysts anticipate that Steven Madden will post 2.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Steven Madden

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Steven Madden by 2.5% during the third quarter. Vanguard Group Inc. now owns 8,283,806 shares of the textile maker’s stock valued at $277,342,000 after acquiring an additional 200,013 shares during the period. Wellington Management Group LLP grew its holdings in shares of Steven Madden by 18.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,453,208 shares of the textile maker’s stock worth $115,613,000 after purchasing an additional 528,829 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of Steven Madden by 14.0% during the 3rd quarter. Capital Research Global Investors now owns 2,720,354 shares of the textile maker’s stock worth $91,077,000 after purchasing an additional 334,058 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Steven Madden by 1.7% during the third quarter. Dimensional Fund Advisors LP now owns 2,450,539 shares of the textile maker’s stock valued at $82,046,000 after purchasing an additional 41,947 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Steven Madden by 50.5% in the second quarter. Invesco Ltd. now owns 2,426,926 shares of the textile maker’s stock valued at $58,198,000 after purchasing an additional 814,318 shares in the last quarter. Institutional investors own 99.88% of the company’s stock.

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.