Citigroup Upgrades Steven Madden (NASDAQ:SHOO) to “Buy”

Steven Madden (NASDAQ:SHOO) was upgraded by Citigroup from a “neutral” rating to a “buy” rating in a research report issued on Thursday, MarketBeat reports. The brokerage presently has a $32.00 price target on the textile maker’s stock, up from their previous price target of $26.00. Citigroup’s target price would suggest a potential upside of 20.89% from the stock’s previous close.

Several other equities analysts also recently commented on SHOO. Piper Sandler lowered their price target on Steven Madden from $35.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Steven Madden in a report on Friday, May 2nd. UBS Group lifted their target price on shares of Steven Madden from $22.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Finally, Telsey Advisory Group reissued a “market perform” rating and set a $24.00 target price on shares of Steven Madden in a research report on Wednesday, June 4th. Eight analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $30.00.

Steven Madden Stock Up 1.3%

Shares of NASDAQ:SHOO opened at $26.47 on Thursday. The firm has a fifty day moving average of $25.00 and a two-hundred day moving average of $28.95. The firm has a market capitalization of $1.92 billion, a P/E ratio of 11.41 and a beta of 1.10. Steven Madden has a 12-month low of $19.05 and a 12-month high of $50.01.

Steven Madden (NASDAQ:SHOO) last released its quarterly earnings results on Wednesday, May 7th. The textile maker reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.14. The business had revenue of $551.38 million for the quarter, compared to the consensus estimate of $557.81 million. Steven Madden had a net margin of 7.26% and a return on equity of 21.63%. Steven Madden’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter last year, the firm earned $0.65 EPS. Equities research analysts expect that Steven Madden will post 2.66 earnings per share for the current fiscal year.

Institutional Trading of Steven Madden

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC increased its holdings in shares of Steven Madden by 475.5% during the second quarter. Signaturefd LLC now owns 2,492 shares of the textile maker’s stock worth $60,000 after buying an additional 2,059 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in Steven Madden by 8.1% during the 2nd quarter. State of Alaska Department of Revenue now owns 43,248 shares of the textile maker’s stock valued at $1,036,000 after purchasing an additional 3,247 shares in the last quarter. CX Institutional increased its holdings in Steven Madden by 2,597.1% during the 2nd quarter. CX Institutional now owns 32,014 shares of the textile maker’s stock valued at $768,000 after purchasing an additional 30,827 shares in the last quarter. GAMMA Investing LLC increased its holdings in Steven Madden by 584.7% during the 2nd quarter. GAMMA Investing LLC now owns 9,428 shares of the textile maker’s stock valued at $226,000 after purchasing an additional 8,051 shares in the last quarter. Finally, Three Seasons Wealth LLC acquired a new stake in Steven Madden during the 2nd quarter valued at $475,000. 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.