Steven Madden (NASDAQ:SHOO) Cut to Hold at StockNews.com

StockNews.com lowered shares of Steven Madden (NASDAQ:SHOO) from a buy rating to a hold rating in a research report sent to investors on Friday.

Several other research firms also recently commented on SHOO. Needham & Company LLC restated a “hold” rating on shares of Steven Madden in a research note on Thursday, December 5th. Telsey Advisory Group reissued a “market perform” rating and set a $50.00 price objective on shares of Steven Madden in a research report on Wednesday, November 13th. Finally, Citigroup raised their target price on shares of Steven Madden from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Steven Madden has a consensus rating of “Hold” and an average target price of $45.43.

Steven Madden Stock Performance

NASDAQ:SHOO opened at $42.33 on Friday. The company has a 50 day moving average price of $44.23 and a 200 day moving average price of $44.59. Steven Madden has a fifty-two week low of $37.99 and a fifty-two week high of $50.01. The stock has a market capitalization of $3.06 billion, a P/E ratio of 18.01 and a beta of 1.07.

Steven Madden (NASDAQ:SHOO) last posted its earnings results on Thursday, November 7th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.02. The firm had revenue of $624.68 million for 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%. Steven Madden’s revenue was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 EPS. Research analysts forecast that Steven Madden will post 2.66 earnings per share for the current fiscal year.

Steven Madden Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were given a dividend of $0.21 per share. The ex-dividend date was Friday, December 13th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.98%. Steven Madden’s dividend payout ratio (DPR) is presently 35.74%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SHOO. State Street Corp lifted its stake 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 worth $135,020,000 after acquiring an additional 47,017 shares during the period. Geode Capital Management LLC grew 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 acquiring an additional 49,075 shares during the period. Charles Schwab Investment Management Inc. raised its position in Steven Madden by 3.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,096,777 shares of the textile maker’s stock worth $53,731,000 after acquiring an additional 32,696 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Steven Madden by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 873,682 shares of the textile maker’s stock valued at $36,957,000 after acquiring an additional 5,451 shares during the period. Finally, Fisher Asset Management LLC boosted its position in shares of Steven Madden by 0.6% during the 3rd quarter. Fisher Asset Management LLC now owns 728,674 shares of the textile maker’s stock worth $35,698,000 after purchasing an additional 4,108 shares in the last quarter. 99.88% of the stock is owned by hedge funds and other 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.