Steven Madden (NASDAQ:SHOO) Stock Price Down 16.5% - Here's Why

Key Points

• Steven Madden shares fell 16.5% in Thursday midday trading, from a prior close of $46.98 to about $39.22; trading volume was 68% below its daily average. The article does not identify a specific cause for the decline.
• Analysts maintained a generally positive view, with a “Moderate Buy” consensus and an average price target of $52.30; targets cited ranged from $55 to $60 among several firms.
• In its latest reported quarter, the company earned $0.79 per share, beating estimates of $0.73, while revenue of $772.61 million came in slightly below consensus; revenue rose 15% year over year.

Shares of Steven Madden, Ltd. (NASDAQ:SHOO - Get Free Report) traded down 16.5% during mid-day trading on Thursday. The stock traded as low as $39.11 and last traded at $39.2230. Approximately 380,342 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 1,198,749 shares. The stock had previously closed at $46.98.

Analysts Set New Price Targets

SHOO has been the topic of several research reports. BMO Capital Markets assumed coverage on Steven Madden in a research note on Tuesday, September 8th. They set an "outperform" rating and a $60.00 target price on the stock. Telsey Advisory Group boosted their target price on Steven Madden from $50.00 to $55.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. Williams Trading set a $56.00 price objective on shares of Steven Madden in a research report on Monday, August 3rd. Piper Sandler set a $55.00 target price on Steven Madden and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. Finally, Citigroup reissued a "buy" rating and issued a $55.00 price target (up from $45.00) on shares of Steven Madden in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Steven Madden currently has a consensus rating of "Moderate Buy" and an average target price of $52.30.

Steven Madden Price Performance

The company has a current ratio of 1.91, a quick ratio of 1.13 and a debt-to-equity ratio of 0.13. The stock has a fifty day simple moving average of $43.92 and a two-hundred day simple moving average of $41.44. The company has a market cap of $2.88 billion, a PE ratio of 19.75 and a beta of 1.14.

Steven Madden (NASDAQ:SHOO - Get Free Report) last released its quarterly earnings data on Thursday, November 5th. The textile maker reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.73 by $0.06. Steven Madden had a net margin of 5.23% and a return on equity of 13.85%. The firm had revenue of $772.61 million for the quarter, compared to the consensus estimate of $774.35 million. During the same quarter in the previous year, the firm earned $0.43 earnings per share. The firm's revenue was up 15.0% on a year-over-year basis. On average, equities analysts predict that Steven Madden, Ltd. will post 2.15 EPS for the current fiscal year.

Institutional Trading of Steven Madden

Hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position in shares of Steven Madden by 4.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,353,331 shares of the textile maker's stock valued at $79,819,000 after purchasing an additional 99,066 shares during the period. Neumeier Poma Investment Counsel LLC acquired a new position in Steven Madden during the 2nd quarter worth $49,890,563. Vise Technologies Inc. bought a new position in shares of Steven Madden in the 3rd quarter valued at about $29,302,000. Fort Washington Investment Advisors Inc. OH boosted its position in shares of Steven Madden by 13.6% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 645,578 shares of the textile maker's stock worth $28,903,000 after purchasing an additional 77,108 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of Steven Madden during the 2nd quarter worth about $25,618,000. 99.88% of the stock is owned by institutional investors.

Steven Madden Company Profile

Steven Madden, Ltd. is a fashion company that designs, sources, markets and sells footwear, handbags, accessories and apparel. Its products are offered under the Steve Madden brand and a portfolio of owned, licensed and distributed brands, including Dolce Vita, Betsey Johnson, Blondo, Mad Love and Greats.

The company sells its products through wholesale channels, including department stores, specialty retailers and online retailers, as well as through its own retail stores and e-commerce websites.

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