Steven Madden (NASDAQ:SHOO) Lowered to Hold Rating by StockNews.com

Steven Madden (NASDAQ:SHOO - Get Free Report) was downgraded by stock analysts at StockNews.com from a "buy" rating to a "hold" rating in a report released on Sunday.

A number of other research analysts have also weighed in on the company. Needham & Company LLC assumed coverage on Steven Madden in a research report on Friday. They set a "hold" rating for the company. Citigroup raised their price target on Steven Madden from $43.00 to $45.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Telsey Advisory Group restated a "market perform" rating and set a $50.00 target price on shares of Steven Madden in a research report on Wednesday, November 13th. Wedbush reaffirmed a "neutral" rating and set a $41.00 target price on shares of Steven Madden in a research report on Wednesday, August 7th. Finally, Piper Sandler restated a "neutral" rating and set a $45.00 price target on shares of Steven Madden in a research note on Friday, August 23rd. Eight research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $45.43.

Steven Madden Price Performance

Shares of NASDAQ:SHOO traded up $0.58 during mid-day trading on Friday, reaching $43.40. 648,401 shares of the company traded hands, compared to its average volume of 811,055. The company's 50 day moving average price is $46.29 and its 200-day moving average price is $44.42. The firm has a market cap of $3.13 billion, a PE ratio of 18.47 and a beta of 1.08. Steven Madden has a 52 week low of $36.56 and a 52 week high of $50.01.

Steven Madden (NASDAQ:SHOO - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The textile maker reported $0.91 earnings per share 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 analyst estimates of $607.89 million. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. The company's revenue was up 13.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.88 earnings per share. On average, research analysts predict that Steven Madden will post 2.65 earnings per share for the current fiscal year.

Institutional Trading of Steven Madden

Several institutional investors have recently modified their holdings of SHOO. Harbor Capital Advisors Inc. lifted its stake in shares of Steven Madden by 273.4% in the second 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 during the period. Jane Street Group LLC raised its stake in shares of Steven Madden by 36.9% in the 1st quarter. Jane Street Group LLC now owns 183,423 shares of the textile maker's stock valued at $7,755,000 after acquiring an additional 49,432 shares during the period. Nicholas Investment Partners LP purchased a new stake in shares of Steven Madden in the second quarter worth about $4,863,000. Landscape Capital Management L.L.C. acquired a new stake in Steven Madden in the third quarter valued at approximately $2,614,000. Finally, Vest Financial LLC purchased a new stake in Steven Madden during the 2nd quarter worth $1,074,000. 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.