StockNews.com Upgrades Steven Madden (NASDAQ:SHOO) to Buy

StockNews.com upgraded shares of Steven Madden (NASDAQ:SHOO - Free Report) from a hold rating to a buy rating in a research note released on Saturday.

Several other equities analysts have also recently issued reports on SHOO. Citigroup boosted their price target on Steven Madden from $43.00 to $45.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Telsey Advisory Group reiterated a "market perform" rating and set a $50.00 target price on shares of Steven Madden in a research report on Wednesday. Wedbush reiterated 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 reiterated a "neutral" rating and set a $45.00 target price on shares of Steven Madden in a research report on Friday, August 23rd. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $45.43.

Steven Madden Price Performance

Shares of SHOO traded down $0.72 during midday trading on Friday, reaching $43.23. 750,477 shares of the stock were exchanged, compared to its average volume of 709,764. The business's 50-day moving average price is $46.43 and its 200 day moving average price is $44.30. Steven Madden has a twelve month low of $35.64 and a twelve month high of $50.01. The company has a market capitalization of $3.12 billion, a price-to-earnings ratio of 18.40 and a beta of 1.08.

Steven Madden (NASDAQ:SHOO - Get Free Report) last posted its 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. 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 analysts' expectations of $607.89 million. During the same quarter in the previous year, the firm earned $0.88 earnings per share. The business's revenue was up 13.0% compared to the same quarter last year. As a group, equities research analysts expect that Steven Madden will post 2.65 earnings per share for the current fiscal year.

Steven Madden Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Friday, December 13th. Steven Madden's dividend payout ratio (DPR) is 35.74%.

Institutional Investors Weigh In On Steven Madden

Institutional investors have recently modified their holdings of the company. Mackenzie Financial Corp lifted its stake in Steven Madden by 3.1% in the 2nd quarter. Mackenzie Financial Corp now owns 8,232 shares of the textile maker's stock valued at $348,000 after buying an additional 248 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in Steven Madden by 1.2% in the 3rd quarter. Louisiana State Employees Retirement System now owns 35,100 shares of the textile maker's stock valued at $1,720,000 after buying an additional 400 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Steven Madden by 1.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 40,141 shares of the textile maker's stock valued at $1,698,000 after buying an additional 484 shares in the last quarter. AlphaMark Advisors LLC lifted its stake in Steven Madden by 7.4% in the 2nd quarter. AlphaMark Advisors LLC now owns 7,785 shares of the textile maker's stock valued at $329,000 after buying an additional 535 shares in the last quarter. Finally, KBC Group NV lifted its stake in Steven Madden by 34.1% in the 3rd quarter. KBC Group NV now owns 2,208 shares of the textile maker's stock valued at $108,000 after buying an additional 561 shares in the last quarter. Hedge funds and other 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.