Steven Madden (NASDAQ:SHOO) Hits New 12-Month Low - Here's Why

Shares of Steven Madden, Ltd. (NASDAQ:SHOO - Get Free Report) hit a new 52-week low during trading on Friday . The company traded as low as $23.31 and last traded at $23.65, with a volume of 4072712 shares trading hands. The stock had previously closed at $28.28.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Piper Sandler cut their price objective on shares of Steven Madden from $45.00 to $40.00 and set a "neutral" rating for the company in a report on Tuesday, February 4th. Telsey Advisory Group dropped their target price on shares of Steven Madden from $44.00 to $38.00 and set a "market perform" rating for the company in a research report on Thursday, February 27th. Citigroup lowered their price target on Steven Madden from $38.00 to $35.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Loop Capital cut their price objective on Steven Madden from $40.00 to $35.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Finally, StockNews.com cut Steven Madden from a "buy" rating to a "hold" rating in a report on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $40.33.

Steven Madden Trading Down 2.2 %

The firm has a fifty day moving average of $32.28 and a two-hundred day moving average of $40.21. The company has a market capitalization of $1.58 billion, a PE ratio of 9.27 and a beta of 0.98.

Steven Madden (NASDAQ:SHOO - Get Free Report) last issued its earnings results on Wednesday, February 26th. The textile maker reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.02. The firm had revenue of $582.32 million for the quarter, compared to analysts' expectations of $550.37 million. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. On average, equities analysts expect that Steven Madden, Ltd. will post 2.66 EPS for the current fiscal year.

Steven Madden Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.86%. Steven Madden's dividend payout ratio is presently 35.74%.

Institutional Trading of Steven Madden

Several large investors have recently added to or reduced their stakes in SHOO. Pacer Advisors Inc. purchased a new stake in shares of Steven Madden in the 4th quarter worth about $72,795,000. First Trust Advisors LP raised its stake in Steven Madden by 36.9% in the fourth quarter. First Trust Advisors LP now owns 2,002,228 shares of the textile maker's stock worth $85,135,000 after buying an additional 539,738 shares in the last quarter. FMR LLC lifted its holdings in Steven Madden by 8,180.4% in the third quarter. FMR LLC now owns 535,081 shares of the textile maker's stock worth $26,214,000 after buying an additional 528,619 shares during the period. Raymond James Financial Inc. bought a new position in shares of Steven Madden in the 4th quarter worth approximately $13,652,000. Finally, Norges Bank purchased a new position in shares of Steven Madden in the 4th quarter valued at approximately $9,399,000. Institutional investors own 99.88% of the company's stock.

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.