Citigroup Has Lowered Expectations for Steven Madden (NASDAQ:SHOO) Stock Price

Steven Madden (NASDAQ:SHOO) had its price objective dropped by equities researchers at Citigroup from $38.00 to $35.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the textile maker’s stock. Citigroup’s price target would suggest a potential upside of 6.74% from the stock’s current price.

Other analysts have also recently issued reports about the company. Jefferies Financial Group reissued a “hold” rating on shares of Steven Madden in a research report on Monday, February 3rd. StockNews.com cut Steven Madden from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Steven Madden in a research report on Thursday. Telsey Advisory Group lowered their price objective on Steven Madden from $44.00 to $38.00 and set a “market perform” rating on the stock in a research report on Thursday. Finally, Piper Sandler decreased their target price on shares of Steven Madden from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, February 4th. Eight research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Steven Madden has a consensus rating of “Hold” and a consensus target price of $40.33.

Steven Madden Price Performance

Shares of NASDAQ:SHOO opened at $32.79 on Thursday. Steven Madden has a 1 year low of $32.31 and a 1 year high of $50.01. The company has a market cap of $2.37 billion, a PE ratio of 13.95 and a beta of 1.07. The stock’s 50-day moving average is $40.07 and its 200 day moving average is $43.49.

Steven Madden (NASDAQ:SHOO) last posted its earnings results on Wednesday, February 26th. The textile maker reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. Steven Madden had a return on equity of 23.41% and a net margin of 7.68%. The firm had revenue of $582.32 million for the quarter, compared to the consensus estimate of $550.37 million. Analysts expect that Steven Madden will post 2.66 EPS for the current fiscal year.

Institutional Investors Weigh In On Steven Madden

Several hedge funds and other institutional investors have recently modified their holdings of SHOO. Gladius Capital Management LP purchased a new stake in Steven Madden in the 3rd quarter worth $36,000. R Squared Ltd bought a new position in shares of Steven Madden during the 4th quarter valued at about $55,000. Quarry LP boosted its holdings in shares of Steven Madden by 403.6% during the 4th quarter. Quarry LP now owns 1,385 shares of the textile maker’s stock valued at $59,000 after purchasing an additional 1,110 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Steven Madden by 94.1% during the 3rd quarter. Blue Trust Inc. now owns 1,619 shares of the textile maker’s stock valued at $79,000 after purchasing an additional 785 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Steven Madden by 4,800.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,911 shares of the textile maker’s stock valued at $94,000 after purchasing an additional 1,872 shares during the last quarter. 99.88% of the stock is currently owned by hedge funds and other institutional investors.

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.