Steven Madden (NASDAQ:SHOO) Earns “Buy” Rating from Needham & Company LLC

Steven Madden (NASDAQ:SHOO)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $50.00 price target on the textile maker’s stock. Needham & Company LLC’s price target indicates a potential upside of 18.43% from the stock’s current price.

Several other research analysts have also issued reports on the company. Citigroup reiterated a “buy” rating and set a $41.00 price objective (up from $32.00) on shares of Steven Madden in a research note on Friday, October 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Steven Madden in a research report on Thursday, January 22nd. Piper Sandler boosted their price target on shares of Steven Madden from $40.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. BTIG Research reaffirmed a “buy” rating and set a $50.00 price objective (up from $43.00) on shares of Steven Madden in a research note on Thursday, December 4th. Finally, Zacks Research raised Steven Madden from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Steven Madden presently has an average rating of “Moderate Buy” and a consensus price target of $45.57.

Steven Madden Stock Down 7.5%

Shares of SHOO opened at $42.22 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.91 and a debt-to-equity ratio of 0.33. The company has a 50-day moving average price of $43.74 and a two-hundred day moving average price of $36.02. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of 53.44 and a beta of 1.11. Steven Madden has a 12 month low of $19.05 and a 12 month high of $46.88.

Steven Madden (NASDAQ:SHOO) last issued its earnings results on Wednesday, November 5th. The textile maker reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.01). The company had revenue of $667.88 million during the quarter, compared to analyst estimates of $697.89 million. Steven Madden had a return on equity of 14.28% and a net margin of 2.38%.The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.91 earnings per share. Equities analysts predict that Steven Madden will post 2.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Scopus Asset Management L.P. acquired a new stake in shares of Steven Madden during the 3rd quarter worth approximately $36,451,000. Boston Partners acquired a new stake in Steven Madden during the 3rd quarter worth $33,319,000. Invesco Ltd. raised its position in shares of Steven Madden by 50.5% during the 2nd quarter. Invesco Ltd. now owns 2,426,926 shares of the textile maker’s stock valued at $58,198,000 after acquiring an additional 814,318 shares during the last quarter. Neumeier Poma Investment Counsel LLC raised its position in shares of Steven Madden by 155.9% during the 3rd quarter. Neumeier Poma Investment Counsel LLC now owns 955,010 shares of the textile maker’s stock valued at $31,974,000 after acquiring an additional 581,745 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Steven Madden by 1,170.4% in the 1st quarter. Millennium Management LLC now owns 617,049 shares of the textile maker’s stock valued at $16,438,000 after purchasing an additional 568,477 shares during the period. 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.