Steven Madden (NASDAQ:SHOO) Hits New 52-Week Low – Here’s Why

Steven Madden, Ltd. (NASDAQ:SHOO) shares hit a new 52-week low on Tuesday . The stock traded as low as $36.40 and last traded at $37.73, with a volume of 1042922 shares changing hands. The stock had previously closed at $37.19.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Telsey Advisory Group cut their price objective on shares of Steven Madden from $50.00 to $44.00 and set a “market perform” rating for the company in a research report on Tuesday, February 4th. Piper Sandler cut their price target 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. Needham & Company LLC reissued a “hold” rating on shares of Steven Madden in a research note on Thursday, February 6th. StockNews.com lowered Steven Madden from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Finally, Citigroup dropped their price target on Steven Madden from $45.00 to $38.00 and set a “neutral” rating for the company in a research report on Tuesday, February 4th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Steven Madden currently has a consensus rating of “Hold” and an average target price of $43.33.

Steven Madden Stock Up 1.5 %

The business’s 50-day simple moving average is $41.81 and its 200 day simple moving average is $44.04. The firm has a market capitalization of $2.72 billion, a P/E ratio of 16.06 and a beta of 1.07.

Steven Madden Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were given a $0.21 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.23%. Steven Madden’s dividend payout ratio is currently 35.74%.

Hedge Funds Weigh In On Steven Madden

A number of institutional investors and hedge funds have recently made changes to their positions in SHOO. Pacer Advisors Inc. bought a new stake in shares of Steven Madden during the fourth quarter valued at approximately $72,795,000. FMR LLC increased its holdings in shares of Steven Madden by 8,180.4% in the 3rd quarter. FMR LLC now owns 535,081 shares of the textile maker’s stock worth $26,214,000 after purchasing an additional 528,619 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Steven Madden in the fourth quarter worth $13,652,000. Weiss Asset Management LP bought a new position in shares of Steven Madden during the third quarter valued at $12,558,000. Finally, Barclays PLC boosted its position in shares of Steven Madden by 286.9% during the third quarter. Barclays PLC now owns 139,206 shares of the textile maker’s stock valued at $6,819,000 after buying an additional 103,226 shares during the last quarter. 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.