Steven Madden’s (SHOO) Market Perform Rating Reaffirmed at Telsey Advisory Group

Telsey Advisory Group reissued their market perform rating on shares of Steven Madden (NASDAQ:SHOO) in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a $50.00 price target on the textile maker’s stock.

Several other analysts also recently issued reports on SHOO. Piper Sandler restated a “neutral” rating and issued a $45.00 price objective on shares of Steven Madden in a research report on Friday, August 23rd. Wedbush restated a “neutral” rating and issued a $41.00 price objective on shares of Steven Madden in a research report on Wednesday, August 7th. Finally, StockNews.com upgraded Steven Madden from a “hold” rating to a “buy” rating in a research report on Wednesday, September 18th. Six equities research 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, the company presently has a consensus rating of “Hold” and a consensus price target of $45.14.

Steven Madden Stock Performance

Steven Madden stock opened at $44.75 on Wednesday. The firm has a market capitalization of $3.25 billion, a price-to-earnings ratio of 18.27 and a beta of 1.08. Steven Madden has a fifty-two week low of $32.54 and a fifty-two week high of $50.01. The stock’s fifty day moving average is $46.38 and its two-hundred day moving average is $43.96.

Steven Madden (NASDAQ:SHOO) last posted its earnings results on Wednesday, July 31st. The textile maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.06. The company 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 quarter in the prior year, the company earned $0.47 earnings per share. As a group, sell-side analysts forecast that Steven Madden will post 2.62 EPS for the current fiscal year.

Steven Madden Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 13th were given a dividend of $0.21 per share. The ex-dividend date was Friday, September 13th. This represents a $0.84 annualized dividend and a yield of 1.88%. Steven Madden’s dividend payout ratio (DPR) is presently 34.29%.

Hedge Funds Weigh In On Steven Madden

Several large investors have recently added to or reduced their stakes in the business. Capital Research Global Investors lifted its position in Steven Madden by 8.6% during the first quarter. Capital Research Global Investors now owns 1,856,001 shares of the textile maker’s stock worth $78,472,000 after buying an additional 146,324 shares during the period. Bank of New York Mellon Corp lifted its position in Steven Madden by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 873,682 shares of the textile maker’s stock worth $36,957,000 after buying an additional 5,451 shares during the period. abrdn plc lifted its position in Steven Madden by 2.7% during the third quarter. abrdn plc now owns 558,015 shares of the textile maker’s stock worth $27,242,000 after buying an additional 14,841 shares during the period. Fort Washington Investment Advisors Inc. OH raised its holdings in shares of Steven Madden by 10.1% in the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 501,457 shares of the textile maker’s stock worth $21,212,000 after purchasing an additional 45,910 shares during the period. Finally, Leeward Investments LLC MA raised its holdings in shares of Steven Madden by 5.6% in the 2nd quarter. Leeward Investments LLC MA now owns 312,740 shares of the textile maker’s stock worth $13,229,000 after purchasing an additional 16,529 shares during the period. 99.88% of the stock is currently 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.