Steven Madden (NASDAQ:SHOO) Upgraded to "Buy" at StockNews.com

Steven Madden (NASDAQ:SHOO - Get Free Report) was upgraded by investment analysts at StockNews.com from a "hold" rating to a "buy" rating in a note issued to investors on Thursday.

Several other analysts have also recently issued reports on the stock. Citigroup increased their price target on shares of Steven Madden from $43.00 to $45.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of Steven Madden in a research note on Thursday, December 5th. Piper Sandler reissued a "neutral" rating and issued a $45.00 price target on shares of Steven Madden in a research report on Friday, August 23rd. Finally, Telsey Advisory Group restated a "market perform" rating and issued a $50.00 price target on shares of Steven Madden in a research note on Wednesday, November 13th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $45.43.

Steven Madden Price Performance

Shares of NASDAQ:SHOO traded up $0.15 during mid-day trading on Thursday, reaching $42.74. 796,332 shares of the company were exchanged, compared to its average volume of 707,820. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 18.19 and a beta of 1.07. Steven Madden has a 1 year low of $37.99 and a 1 year high of $50.01. The firm's 50-day simple moving average is $44.93 and its 200 day simple moving average is $44.67.

Steven Madden (NASDAQ:SHOO - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The textile maker reported $0.91 EPS for the quarter, topping the consensus estimate 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 return on equity of 23.41% and a net margin of 7.68%. The company's quarterly revenue was up 13.0% on a year-over-year basis. During the same period last year, the business posted $0.88 earnings per share. On average, research analysts forecast that Steven Madden will post 2.66 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SHOO. Tidal Investments LLC lifted its stake in Steven Madden by 15.1% during the third quarter. Tidal Investments LLC now owns 17,375 shares of the textile maker's stock worth $851,000 after purchasing an additional 2,278 shares during the last quarter. Geode Capital Management LLC raised its holdings in Steven Madden by 3.0% during the third quarter. Geode Capital Management LLC now owns 1,710,492 shares of the textile maker's stock worth $83,812,000 after purchasing an additional 49,075 shares in the last quarter. Barclays PLC lifted 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 during the last quarter. Weiss Asset Management LP purchased a new stake in shares of Steven Madden during the 3rd quarter worth approximately $12,558,000. Finally, State Street Corp boosted its holdings in shares of Steven Madden by 1.7% in the 3rd quarter. State Street Corp now owns 2,756,075 shares of the textile maker's stock valued at $135,020,000 after buying an additional 47,017 shares in the last quarter. 99.88% of the stock is owned by institutional investors and hedge funds.

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.

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