Steven Madden (NASDAQ:SHOO) Reaches New 52-Week Low on Analyst Downgrade

Steven Madden, Ltd. (NASDAQ:SHOO)’s stock price hit a new 52-week low during mid-day trading on Wednesday after Citigroup lowered their price target on the stock from $45.00 to $38.00. Citigroup currently has a neutral rating on the stock. Steven Madden traded as low as $36.88 and last traded at $37.43, with a volume of 34571 shares trading hands. The stock had previously closed at $37.29.

A number of other analysts have also commented on the company. Needham & Company LLC reissued a “hold” rating on shares of Steven Madden in a report on Thursday, December 5th. Telsey Advisory Group reduced their price objective on Steven Madden from $50.00 to $44.00 and set a “market perform” rating for the company in a report on Tuesday. StockNews.com cut shares of Steven Madden from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Finally, Piper Sandler reduced their price target on shares of Steven Madden from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Steven Madden currently has an average rating of “Hold” and an average target price of $43.33.

Hedge Funds Weigh In On Steven Madden

Several hedge funds have recently added to or reduced their stakes in the company. Pacer Advisors Inc. bought a new stake in shares of Steven Madden during the fourth quarter valued at approximately $72,795,000. FMR LLC raised its position in Steven Madden by 8,180.4% during the 3rd quarter. FMR LLC now owns 535,081 shares of the textile maker’s stock valued at $26,214,000 after purchasing an additional 528,619 shares in the last quarter. Weiss Asset Management LP purchased a new stake in shares of Steven Madden in the 3rd quarter worth $12,558,000. Barclays PLC grew its position in shares of Steven Madden by 286.9% during the 3rd quarter. Barclays PLC now owns 139,206 shares of the textile maker’s stock worth $6,819,000 after buying an additional 103,226 shares in the last quarter. Finally, Edgestream Partners L.P. grew its position in shares of Steven Madden by 269.7% during the 3rd quarter. Edgestream Partners L.P. now owns 134,716 shares of the textile maker’s stock worth $6,600,000 after buying an additional 98,274 shares in the last quarter. 99.88% of the stock is currently owned by institutional investors.

Steven Madden Stock Up 0.2 %

The firm has a 50 day moving average price of $42.44 and a 200 day moving average price of $44.21. The stock has a market cap of $2.70 billion, a PE ratio of 15.89 and a beta of 1.07.

Steven Madden (NASDAQ:SHOO) last announced its quarterly earnings results on Thursday, November 7th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.02. Steven Madden had a return on equity of 23.41% and a net margin of 7.68%. The business had revenue of $624.68 million for the quarter, compared to the consensus estimate of $607.89 million. During the same period last year, the business posted $0.88 EPS. The business’s revenue was up 13.0% compared to the same quarter last year. Equities analysts forecast that Steven Madden, Ltd. will post 2.66 earnings per share for the current year.

Steven Madden Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date was Friday, December 13th. Steven Madden’s dividend payout ratio (DPR) is presently 35.74%.

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.