Telsey Advisory Group Issues Pessimistic Forecast for Steven Madden (NASDAQ:SHOO) Stock Price

Steven Madden (NASDAQ:SHOO) had its price target cut by research analysts at Telsey Advisory Group from $38.00 to $24.00 in a research note issued on Wednesday, MarketBeat Ratings reports. The firm presently has a “market perform” rating on the textile maker’s stock. Telsey Advisory Group’s price objective indicates a potential upside of 14.89% from the company’s previous close.

A number of other analysts have also recently weighed in on the company. Jefferies Financial Group reaffirmed a “hold” rating on shares of Steven Madden in a research report on Monday, February 3rd. UBS Group decreased their price target on Steven Madden from $24.00 to $22.00 and set a “neutral” rating for the company in a report on Wednesday, April 23rd. StockNews.com cut shares of Steven Madden from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Needham & Company LLC restated a “hold” rating on shares of Steven Madden in a research note on Thursday, February 27th. Finally, Loop Capital lowered their target price on shares of Steven Madden from $40.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Nine research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $31.86.

Steven Madden Stock Performance

Steven Madden stock opened at $20.89 on Wednesday. The company has a market capitalization of $1.52 billion, a P/E ratio of 8.89 and a beta of 0.98. Steven Madden has a fifty-two week low of $19.05 and a fifty-two week high of $50.01. The stock has a 50-day simple moving average of $24.94 and a 200-day simple moving average of $36.59.

Steven Madden (NASDAQ:SHOO) last issued its quarterly earnings data on Wednesday, February 26th. The textile maker reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.02. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. The company had revenue of $582.32 million for the quarter, compared to the consensus estimate of $550.37 million. As a group, analysts forecast that Steven Madden will post 2.66 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SHOO. MQS Management LLC acquired a new stake in shares of Steven Madden in the 1st quarter worth approximately $291,000. CWM LLC boosted its position in Steven Madden by 231.0% during the first quarter. CWM LLC now owns 2,277 shares of the textile maker’s stock worth $61,000 after purchasing an additional 1,589 shares in the last quarter. Alps Advisors Inc. grew its holdings in Steven Madden by 1.5% in the first quarter. Alps Advisors Inc. now owns 135,654 shares of the textile maker’s stock valued at $3,614,000 after purchasing an additional 1,994 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Steven Madden by 2.8% in the first quarter. Principal Financial Group Inc. now owns 391,937 shares of the textile maker’s stock valued at $10,441,000 after buying an additional 10,741 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Steven Madden by 29.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,455,381 shares of the textile maker’s stock worth $39,907,000 after buying an additional 332,689 shares during 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.