Brokerages Set Steven Madden, Ltd. (NASDAQ:SHOO) Target Price at $31.86

Steven Madden, Ltd. (NASDAQ:SHOO - Get Free Report) has been assigned a consensus rating of "Hold" from the nine research firms that are covering the stock, Marketbeat reports. Eight analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $32.00.

SHOO has been the topic of several recent research reports. StockNews.com cut Steven Madden from a "buy" rating to a "hold" rating in a report on Tuesday, January 14th. Citigroup cut their price target on shares of Steven Madden from $35.00 to $23.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Loop Capital decreased their target price on Steven Madden from $40.00 to $35.00 and set a "hold" rating for the company in a research report on Thursday, February 27th. Needham & Company LLC reissued a "hold" rating on shares of Steven Madden in a research report on Friday, May 2nd. Finally, Piper Sandler cut their price objective on shares of Steven Madden from $35.00 to $25.00 and set a "neutral" rating on the stock in a report on Friday, April 11th.

Steven Madden Stock Down 3.6 %

SHOO traded down $0.87 during midday trading on Wednesday, hitting $22.98. 2,093,110 shares of the company traded hands, compared to its average volume of 977,395. The company's 50-day moving average is $23.61 and its 200 day moving average is $35.52. Steven Madden has a 52 week low of $19.05 and a 52 week high of $50.01. The firm has a market capitalization of $1.67 billion, a PE ratio of 9.78 and a beta of 1.04.

Steven Madden (NASDAQ:SHOO - Get Free Report) last announced its 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. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. The business had revenue of $551.38 million during the quarter, compared to analyst estimates of $557.81 million. During the same period in the previous year, the business earned $0.65 EPS. The company's quarterly revenue was up .2% compared to the same quarter last year. On average, sell-side analysts predict that Steven Madden will post 2.66 earnings per share for the current fiscal year.

Steven Madden Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Monday, June 9th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 3.66%. The ex-dividend date is Monday, June 9th. Steven Madden's payout ratio is 35.74%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Pacer Advisors Inc. purchased a new position in shares of Steven Madden during the 4th quarter worth approximately $72,795,000. First Trust Advisors LP raised its position in Steven Madden by 36.9% in the 4th quarter. First Trust Advisors LP now owns 2,002,228 shares of the textile maker's stock valued at $85,135,000 after purchasing an additional 539,738 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Steven Madden by 270,516.2% in the 1st quarter. Federated Hermes Inc. now owns 533,114 shares of the textile maker's stock valued at $14,202,000 after buying an additional 532,917 shares during the period. Victory Capital Management Inc. grew its position in shares of Steven Madden by 46.5% during the first quarter. Victory Capital Management Inc. now owns 1,212,373 shares of the textile maker's stock worth $32,298,000 after buying an additional 384,979 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Steven Madden by 29.6% during the first 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 period. Institutional investors and hedge funds 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.