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

Steven Madden (NASDAQ:SHOO) had its price objective lowered by investment analysts at Citigroup from $35.00 to $23.00 in a report released on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the textile maker’s stock. Citigroup’s price objective would indicate a potential upside of 9.06% from the company’s previous close.

A number of other research firms also recently weighed in on SHOO. Piper Sandler dropped their target price on Steven Madden from $35.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. Telsey Advisory Group cut their price objective on shares of Steven Madden from $38.00 to $24.00 and set a “market perform” rating for the company in a research note on Wednesday. Loop Capital decreased their target price on shares of Steven Madden from $40.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. StockNews.com lowered shares of Steven Madden from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of Steven Madden in a report on Monday, February 3rd. Nine research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, Steven Madden has an average rating of “Hold” and an average target price of $31.86.

Steven Madden Stock Up 1.0 %

Steven Madden stock opened at $21.09 on Thursday. The business has a 50-day simple moving average of $24.60 and a 200 day simple moving average of $36.40. Steven Madden has a 52 week low of $19.05 and a 52 week high of $50.01. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 8.97 and a beta of 0.98.

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

Institutional Trading of Steven Madden

A number of hedge funds have recently modified their holdings of the business. Pictet Asset Management Holding SA boosted its stake in Steven Madden by 17.9% during the fourth quarter. Pictet Asset Management Holding SA now owns 10,503 shares of the textile maker’s stock worth $447,000 after acquiring an additional 1,594 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Steven Madden by 5.5% during the fourth quarter. Bank of Montreal Can now owns 10,660 shares of the textile maker’s stock valued at $453,000 after purchasing an additional 554 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Steven Madden by 3.1% in the 4th quarter. Principal Financial Group Inc. now owns 381,196 shares of the textile maker’s stock worth $16,208,000 after purchasing an additional 11,602 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Steven Madden by 26.4% in the 4th quarter. JPMorgan Chase & Co. now owns 584,068 shares of the textile maker’s stock worth $24,835,000 after buying an additional 121,972 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Steven Madden by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,122,680 shares of the textile maker’s stock valued at $47,736,000 after buying an additional 25,903 shares in the last quarter. Institutional investors own 99.88% of the company’s stock.

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.