Steven Madden (NASDAQ:SHOO) Rating Increased to Buy at StockNews.com

Steven Madden (NASDAQ:SHOO) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Wednesday.

A number of other brokerages have also recently weighed in on SHOO. Wedbush reissued a “neutral” rating and issued a $41.00 price target on shares of Steven Madden in a research note on Wednesday, August 7th. Telsey Advisory Group restated a “market perform” rating and issued a $44.00 price target on shares of Steven Madden in a research report on Wednesday, July 31st. BTIG Research lifted their price objective on shares of Steven Madden from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $45.00 target price on shares of Steven Madden in a research report on Friday, August 23rd. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $44.29.

Steven Madden Stock Performance

Shares of NASDAQ SHOO opened at $47.89 on Wednesday. Steven Madden has a 1 year low of $30.35 and a 1 year high of $48.76. The stock has a fifty day moving average price of $44.04 and a two-hundred day moving average price of $42.62. The firm has a market cap of $3.48 billion, a P/E ratio of 19.79 and a beta of 1.08.

Steven Madden (NASDAQ:SHOO) last released its earnings results on Wednesday, July 31st. The textile maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.06. The firm had revenue of $523.60 million for the quarter, compared to analyst estimates of $515.15 million. Steven Madden had a return on equity of 23.49% and a net margin of 8.36%. Steven Madden’s revenue was up 17.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.47 earnings per share. On average, research analysts predict that Steven Madden will post 2.62 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Steven Madden

A number of institutional investors have recently made changes to their positions in SHOO. Blue Trust Inc. increased its position in Steven Madden by 9,166.7% in the 2nd quarter. Blue Trust Inc. now owns 834 shares of the textile maker’s stock worth $35,000 after buying an additional 825 shares during the period. Fidelis Capital Partners LLC bought a new position in shares of Steven Madden during the 1st quarter worth about $47,000. EntryPoint Capital LLC bought a new stake in Steven Madden in the first quarter valued at about $81,000. nVerses Capital LLC boosted its holdings in Steven Madden by 3,600.0% during the second quarter. nVerses Capital LLC now owns 3,700 shares of the textile maker’s stock valued at $157,000 after purchasing an additional 3,600 shares in the last quarter. Finally, Central Pacific Bank Trust Division bought a new stake in shares of Steven Madden in the 1st quarter valued at approximately $170,000. 99.88% of the stock is currently owned by institutional investors.

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.