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

Steven Madden (NASDAQ:SHOO) had its target price raised by research analysts at Citigroup from $43.00 to $45.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the textile maker’s stock. Citigroup’s target price would suggest a potential upside of 0.83% from the stock’s previous close.

SHOO has been the subject of a number of other reports. StockNews.com raised shares of Steven Madden from a “hold” rating to a “buy” rating in a report on Wednesday, September 18th. Piper Sandler restated a “neutral” rating and issued a $45.00 price objective on shares of Steven Madden in a research note on Friday, August 23rd. Wedbush reiterated a “neutral” rating and set a $41.00 target price on shares of Steven Madden in a research report on Wednesday, August 7th. Finally, Telsey Advisory Group restated a “market perform” rating and issued a $50.00 price target on shares of Steven Madden in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Steven Madden presently has an average rating of “Hold” and an average target price of $45.43.

Steven Madden Trading Down 2.1 %

SHOO stock opened at $44.63 on Friday. The stock’s 50 day simple moving average is $46.41 and its 200 day simple moving average is $44.19. Steven Madden has a 12-month low of $32.71 and a 12-month high of $50.01. The stock has a market capitalization of $3.24 billion, a PE ratio of 18.99 and a beta of 1.08.

Steven Madden (NASDAQ:SHOO) last released its quarterly earnings data on Thursday, November 7th. The textile maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.02. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. The firm had revenue of $624.68 million during the quarter, compared to analysts’ expectations of $607.89 million. During the same period in the previous year, the company earned $0.88 earnings per share. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. On average, research analysts predict that Steven Madden will post 2.65 earnings per share for the current year.

Hedge Funds Weigh In On Steven Madden

A number of hedge funds and other institutional investors have recently modified their holdings of SHOO. Gladius Capital Management LP purchased a new stake in shares of Steven Madden during the 3rd quarter worth $36,000. Blue Trust Inc. grew its stake in Steven Madden by 9,166.7% in the second quarter. Blue Trust Inc. now owns 834 shares of the textile maker’s stock valued at $35,000 after purchasing an additional 825 shares during the last quarter. Exchange Traded Concepts LLC bought a new position in Steven Madden in the third quarter worth about $59,000. GAMMA Investing LLC lifted its position in shares of Steven Madden by 80.6% during the third quarter. GAMMA Investing LLC now owns 1,329 shares of the textile maker’s stock valued at $65,000 after buying an additional 593 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new stake in shares of Steven Madden in the 1st quarter valued at about $81,000. 99.88% of the stock is currently 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.