Steven Madden (NASDAQ:SHOO) Stock Rating Upgraded by Citigroup

Steven Madden (NASDAQ:SHOO - Get Free Report) was upgraded by equities research analysts at Citigroup from a "neutral" rating to a "buy" rating in a note issued to investors on Thursday, Marketbeat.com reports. The firm presently has a $32.00 price target on the textile maker's stock, up from their prior price target of $26.00. Citigroup's price objective suggests a potential upside of 20.89% from the company's current price.

Several other research analysts have also recently commented on SHOO. Needham & Company LLC restated a "hold" rating on shares of Steven Madden in a report on Friday, May 2nd. UBS Group increased their price target on shares of Steven Madden from $22.00 to $23.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Piper Sandler cut their price target on shares of Steven Madden from $35.00 to $25.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Finally, Telsey Advisory Group reiterated a "market perform" rating and issued a $24.00 price target on shares of Steven Madden in a research note on Wednesday, June 4th. Eight equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $30.00.

Steven Madden Stock Up 1.3%

SHOO traded up $0.34 during trading hours on Thursday, hitting $26.47. 1,599,690 shares of the company's stock were exchanged, compared to its average volume of 1,147,305. Steven Madden has a 1-year low of $19.05 and a 1-year high of $50.01. The stock's 50-day moving average is $24.93 and its two-hundred day moving average is $29.06. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 11.41 and a beta of 1.10.

Steven Madden (NASDAQ:SHOO - Get Free Report) last announced its earnings results on Wednesday, May 7th. The textile maker reported $0.60 EPS for the quarter, topping the consensus estimate of $0.46 by $0.14. Steven Madden had a net margin of 7.26% and a return on equity of 21.63%. The business had revenue of $551.38 million during the quarter, compared to analysts' expectations of $557.81 million. During the same quarter in the prior year, the company posted $0.65 earnings per share. The firm's revenue was up .2% on a year-over-year basis. On average, equities research analysts anticipate that Steven Madden will post 2.66 EPS for the current year.

Hedge Funds Weigh In On Steven Madden

A number of hedge funds have recently bought and sold shares of SHOO. Nuveen LLC bought a new position in Steven Madden during the first quarter worth about $23,334,000. Millennium Management LLC increased its position in Steven Madden by 1,170.4% during the first quarter. Millennium Management LLC now owns 617,049 shares of the textile maker's stock worth $16,438,000 after acquiring an additional 568,477 shares during the period. First Trust Advisors LP increased its position in Steven Madden by 36.9% during the fourth quarter. First Trust Advisors LP now owns 2,002,228 shares of the textile maker's stock worth $85,135,000 after acquiring an additional 539,738 shares during the period. Federated Hermes Inc. increased its position in Steven Madden by 270,516.2% during the first quarter. Federated Hermes Inc. now owns 533,114 shares of the textile maker's stock worth $14,202,000 after acquiring an additional 532,917 shares during the period. Finally, Victory Capital Management Inc. increased its position in 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 acquiring an additional 384,979 shares during the period. 99.88% of the stock is owned by institutional investors.

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.