Needham & Company LLC Initiates Coverage on Steven Madden (NASDAQ:SHOO)

Analysts at Needham & Company LLC initiated coverage on shares of Steven Madden (NASDAQ:SHOO - Get Free Report) in a note issued to investors on Friday, Marketbeat.com reports. The brokerage set a "hold" rating on the textile maker's stock.

Several other equities analysts also recently commented on SHOO. Citigroup upped their target price on Steven Madden from $43.00 to $45.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Wedbush reiterated a "neutral" rating and set a $41.00 price objective on shares of Steven Madden in a research report on Wednesday, August 7th. StockNews.com raised shares of Steven Madden from a "hold" rating to a "buy" rating in a research report on Saturday, November 16th. Telsey Advisory Group reiterated a "market perform" rating and issued a $50.00 price objective on shares of Steven Madden in a research note on Wednesday, November 13th. Finally, Piper Sandler restated a "neutral" rating and set a $45.00 target price on shares of Steven Madden in a research report on Friday, August 23rd. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $45.43.

Steven Madden Stock Up 1.4 %

Shares of NASDAQ SHOO traded up $0.60 during midday trading on Friday, hitting $43.42. 367,617 shares of the company's stock were exchanged, compared to its average volume of 707,808. The firm has a market capitalization of $3.13 billion, a PE ratio of 18.26 and a beta of 1.08. Steven Madden has a 12 month low of $36.56 and a 12 month high of $50.01. The company's 50 day moving average price is $46.33 and its 200 day moving average price is $44.37.

Steven Madden (NASDAQ:SHOO - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The textile maker reported $0.91 EPS for the quarter, beating the consensus estimate of $0.89 by $0.02. The firm had revenue of $624.68 million for the quarter, compared to the consensus estimate of $607.89 million. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. The company's quarterly revenue was up 13.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.88 earnings per share. On average, equities research analysts anticipate that Steven Madden will post 2.65 EPS for the current year.

Hedge Funds Weigh In On Steven Madden

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. increased its holdings in shares of Steven Madden by 273.4% during the second quarter. Harbor Capital Advisors Inc. now owns 48,840 shares of the textile maker's stock worth $2,066,000 after buying an additional 35,761 shares in the last quarter. Magnetar Financial LLC bought a new position in Steven Madden in the first quarter valued at about $876,000. Jane Street Group LLC boosted its stake in shares of Steven Madden by 36.9% during the first quarter. Jane Street Group LLC now owns 183,423 shares of the textile maker's stock valued at $7,755,000 after purchasing an additional 49,432 shares in the last quarter. Nicholas Investment Partners LP bought a new stake in shares of Steven Madden during the second quarter worth about $4,863,000. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of Steven Madden in the third quarter valued at approximately $2,614,000. 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.