Needham & Company LLC Reaffirms Hold Rating for Steven Madden (NASDAQ:SHOO)

Key Points

• Needham & Company LLC has reiterated a "hold" rating for Steven Madden (NASDAQ:SHOO), indicating cautious outlook on the stock.
• Steven Madden's stock price is currently around $24.55 with an average target price of $30.50, reflecting a moderate outlook from various analysts.
• Institutional investors and hedge funds own nearly 99.88% of Steven Madden's stock, demonstrating strong institutional interest in the company.

Steven Madden (NASDAQ:SHOO - Get Free Report)'s stock had its "hold" rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports.

Several other equities research analysts also recently issued reports on the company. 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 research report on Friday, April 11th. Citigroup raised Steven Madden from a "neutral" rating to a "buy" rating and raised their price target for the company from $26.00 to $32.00 in a research report on Thursday, July 17th. UBS Group raised their price target on Steven Madden from $23.00 to $26.00 and gave the company a "neutral" rating in a research report on Monday. Finally, Telsey Advisory Group reaffirmed a "market perform" rating and issued a $24.00 price target on shares of Steven Madden in a research report on Wednesday, July 23rd. Eight analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Steven Madden presently has an average rating of "Hold" and a consensus target price of $30.83.

Steven Madden Stock Down 0.5%

Steven Madden stock traded down $0.12 during mid-day trading on Wednesday, hitting $23.89. 593,266 shares of the company's stock were exchanged, compared to its average volume of 1,551,296. The company has a current ratio of 2.01, a quick ratio of 1.64 and a debt-to-equity ratio of 0.33. The stock has a market cap of $1.74 billion, a P/E ratio of 18.80 and a beta of 1.10. Steven Madden has a 1-year low of $19.05 and a 1-year high of $50.01. The stock has a 50 day moving average of $25.01 and a two-hundred day moving average of $27.99.

Steven Madden (NASDAQ:SHOO - Get Free Report) last posted its earnings results on Wednesday, July 30th. The textile maker reported $0.20 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.04). The business had revenue of $556.09 million for the quarter, compared to analyst estimates of $575.83 million. Steven Madden had a return on equity of 18.32% and a net margin of 3.92%. The company's quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.57 earnings per share. As a group, analysts anticipate that Steven Madden will post 2.66 EPS for the current fiscal year.

Hedge Funds Weigh In On Steven Madden

Several institutional investors and hedge funds have recently added to or reduced their stakes in SHOO. HighTower Advisors LLC increased its stake in Steven Madden by 11.7% during the fourth quarter. HighTower Advisors LLC now owns 6,439 shares of the textile maker's stock valued at $274,000 after acquiring an additional 676 shares during the period. American Century Companies Inc. boosted its holdings in Steven Madden by 53.4% during the fourth quarter. American Century Companies Inc. now owns 74,779 shares of the textile maker's stock valued at $3,180,000 after purchasing an additional 26,043 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Steven Madden by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 8,097,339 shares of the textile maker's stock valued at $344,299,000 after purchasing an additional 54,877 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Steven Madden by 26.4% during the fourth quarter. JPMorgan Chase & Co. now owns 584,068 shares of the textile maker's stock valued at $24,835,000 after purchasing an additional 121,972 shares in the last quarter. Finally, Norges Bank acquired a new stake in Steven Madden during the fourth quarter valued at approximately $9,399,000. 99.88% of the stock is currently owned by 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.