Steven Madden (NASDAQ:SHOO) Price Target Cut to $35.00 by Analysts at Citigroup

Steven Madden (NASDAQ:SHOO) had its target price lowered by Citigroup from $38.00 to $35.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the textile maker’s stock.

Several other equities research analysts have also recently issued reports on SHOO. Telsey Advisory Group decreased their price target on shares of Steven Madden from $44.00 to $38.00 and set a “market perform” rating on the stock in a research note on Thursday. Jefferies Financial Group reaffirmed a “hold” rating on shares of Steven Madden in a research note on Monday, February 3rd. StockNews.com cut shares of Steven Madden from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Needham & Company LLC reiterated a “hold” rating on shares of Steven Madden in a report on Thursday. Finally, Piper Sandler cut their price objective on shares of Steven Madden from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, February 4th. Eight equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $40.33.

Steven Madden Trading Down 4.6 %

Shares of NASDAQ SHOO opened at $33.22 on Thursday. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 14.14 and a beta of 1.07. Steven Madden has a 52 week low of $32.81 and a 52 week high of $50.01. The company’s 50-day moving average price is $40.27 and its 200 day moving average price is $43.56.

Steven Madden (NASDAQ:SHOO) last released its quarterly earnings results on Wednesday, February 26th. The textile maker reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.02. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. The company had revenue of $582.32 million for the quarter, compared to analysts’ expectations of $550.37 million. As a group, research analysts expect that Steven Madden will post 2.66 earnings per share for the current year.

Steven Madden Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Monday, March 10th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $0.84 annualized dividend and a yield of 2.53%. Steven Madden’s payout ratio is 35.74%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Steven Madden by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 8,097,339 shares of the textile maker’s stock valued at $344,299,000 after buying an additional 54,877 shares during the period. State Street Corp raised its holdings in Steven Madden by 1.7% in the third quarter. State Street Corp now owns 2,756,075 shares of the textile maker’s stock valued at $135,020,000 after buying an additional 47,017 shares during the period. First Trust Advisors LP raised its holdings in Steven Madden by 36.9% in the fourth quarter. First Trust Advisors LP now owns 2,002,228 shares of the textile maker’s stock valued at $85,135,000 after buying an additional 539,738 shares during the period. Invesco Ltd. raised its holdings in Steven Madden by 8.6% in the fourth quarter. Invesco Ltd. now owns 1,745,456 shares of the textile maker’s stock valued at $74,217,000 after buying an additional 138,065 shares during the period. Finally, Pacer Advisors Inc. purchased a new position in Steven Madden in the fourth quarter valued at approximately $72,795,000. Hedge funds and other institutional investors 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.