BTIG Research Forecasts Strong Price Appreciation for Steven Madden (NASDAQ:SHOO) Stock

Steven Madden (NASDAQ:SHOO) had its target price upped by BTIG Research from $34.00 to $40.00 in a research note issued on Thursday, MarketBeat reports. The brokerage presently has a “buy” rating on the textile maker’s stock. BTIG Research’s price target points to a potential upside of 24.03% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. UBS Group boosted their target price on shares of Steven Madden from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Monday, July 28th. Telsey Advisory Group reiterated a “market perform” rating and set a $26.00 target price (up previously from $24.00) on shares of Steven Madden in a research note on Wednesday, July 30th. Citigroup upgraded shares of Steven Madden from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $26.00 to $32.00 in a research note on Thursday, July 17th. Piper Sandler upgraded shares of Steven Madden from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $25.00 to $40.00 in a research note on Monday, September 22nd. Finally, Wall Street Zen downgraded shares of Steven Madden from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Three research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $33.17.

Steven Madden Stock Down 5.1%

Steven Madden stock opened at $32.25 on Thursday. The company has a current ratio of 2.01, a quick ratio of 1.13 and a debt-to-equity ratio of 0.33. The stock’s fifty day simple moving average is $30.09 and its 200-day simple moving average is $26.15. The firm has a market capitalization of $2.34 billion, a P/E ratio of 25.39 and a beta of 1.22. Steven Madden has a twelve month low of $19.05 and a twelve month high of $49.12.

Steven Madden (NASDAQ:SHOO) last issued its earnings results on Wednesday, July 30th. The textile maker reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.04). The firm 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 business’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 EPS. As a group, equities analysts expect that Steven Madden will post 2.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Steven Madden

Several hedge funds have recently made changes to their positions in SHOO. Nuveen LLC acquired a new stake in shares of Steven Madden during the first quarter worth about $23,334,000. Invesco Ltd. boosted its stake in shares of Steven Madden by 50.5% during the second quarter. Invesco Ltd. now owns 2,426,926 shares of the textile maker’s stock worth $58,198,000 after buying an additional 814,318 shares during the period. Millennium Management LLC boosted its stake in shares of 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 buying an additional 568,477 shares during the period. Federated Hermes Inc. boosted its stake in shares of 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 buying an additional 532,917 shares during the period. Finally, Nixon Capital LLC boosted its stake in shares of Steven Madden by 303.5% during the second quarter. Nixon Capital LLC now owns 708,466 shares of the textile maker’s stock worth $16,989,000 after buying an additional 532,870 shares during the period. Institutional investors and hedge funds 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.