Citigroup Increases Steven Madden (NASDAQ:SHOO) Price Target to $45.00

Steven Madden (NASDAQ:SHOO) had its price target upped by Citigroup from $43.00 to $45.00 in a research report released on Friday,Benzinga reports. Citigroup currently has a neutral rating on the textile maker’s stock.

Other equities analysts have also recently issued reports about the company. Piper Sandler reissued a “neutral” rating and set a $45.00 price objective on shares of Steven Madden in a report on Friday, August 23rd. Wedbush restated a “neutral” rating and issued a $41.00 price objective on shares of Steven Madden in a report on Wednesday, August 7th. Telsey Advisory Group reissued a “market perform” rating and issued a $50.00 price target on shares of Steven Madden in a research note on Thursday. Finally, StockNews.com raised Steven Madden from a “hold” rating to a “buy” rating in a research note on Wednesday, September 18th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $45.43.

Steven Madden Trading Down 2.1 %

Shares of SHOO traded down $0.97 during trading hours on Friday, reaching $44.63. 1,340,635 shares of the company’s stock traded hands, compared to its average volume of 707,524. The firm’s 50 day simple moving average is $46.41 and its 200-day simple moving average is $44.16. The stock has a market cap of $3.24 billion, a PE ratio of 18.99 and a beta of 1.08. Steven Madden has a 12 month low of $32.71 and a 12 month high of $50.01.

Steven Madden (NASDAQ:SHOO) last released its quarterly earnings results on Thursday, November 7th. The textile maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.02. The business had revenue of $624.68 million during the quarter, compared to analysts’ expectations of $607.89 million. Steven Madden had a net margin of 8.36% and a return on equity of 23.49%. The business’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.88 EPS. As a group, analysts expect that Steven Madden will post 2.62 earnings per share for the current fiscal year.

Steven Madden Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.88%. Steven Madden’s dividend payout ratio is currently 35.74%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SHOO. Seven Eight Capital LP raised its holdings in shares of Steven Madden by 902.5% during the first quarter. Seven Eight Capital LP now owns 49,265 shares of the textile maker’s stock valued at $2,083,000 after acquiring an additional 44,351 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of Steven Madden by 273.4% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 48,840 shares of the textile maker’s stock valued at $2,066,000 after purchasing an additional 35,761 shares in the last quarter. Quantbot Technologies LP bought a new position in Steven Madden in the first quarter worth about $1,968,000. Magnetar Financial LLC purchased a new stake in Steven Madden in the first quarter worth about $876,000. Finally, Jane Street Group LLC lifted its holdings in Steven Madden by 36.9% in the first quarter. Jane Street Group LLC now owns 183,423 shares of the textile maker’s stock worth $7,755,000 after buying an additional 49,432 shares during the period. 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.