Steven Madden (NASDAQ:SHOO) Shares Down 16.5% – Here’s What Happened

Steven Madden, Ltd. (NASDAQ:SHOO) shares dropped 16.5% during trading on Thursday. The company traded as low as $39.11 and last traded at $39.2230. Approximately 380,342 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 1,198,749 shares. The stock had previously closed at $46.98.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Piper Sandler set a $55.00 price objective on Steven Madden and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Zacks Research downgraded Steven Madden from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 4th. BTIG Research restated a “buy” rating and set a $55.00 target price on shares of Steven Madden in a research note on Tuesday, October 27th. Capital One Financial set a $60.00 price objective on Steven Madden in a report on Tuesday, September 8th. Finally, Williams Trading set a $56.00 target price on shares of Steven Madden in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Steven Madden presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.30.

Steven Madden Price Performance

The company has a fifty day simple moving average of $43.92 and a 200 day simple moving average of $41.44. The stock has a market capitalization of $2.88 billion, a price-to-earnings ratio of 19.75 and a beta of 1.14. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.13 and a current ratio of 1.91.

Steven Madden (NASDAQ:SHOO) last issued its quarterly earnings results on Thursday, November 5th. The textile maker reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.06. Steven Madden had a return on equity of 13.85% and a net margin of 5.23%. The firm had revenue of $772.61 million during the quarter, compared to the consensus estimate of $774.35 million. During the same period last year, the business posted $0.43 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. Equities research analysts forecast that Steven Madden, Ltd. will post 2.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Steven Madden

Several large investors have recently bought and sold shares of SHOO. Dimensional Fund Advisors LP boosted its holdings in Steven Madden by 4.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,353,331 shares of the textile maker’s stock worth $79,819,000 after purchasing an additional 99,066 shares during the last quarter. Neumeier Poma Investment Counsel LLC purchased a new stake in Steven Madden in the 2nd quarter worth about $49,890,563. Bank of America Corp DE lifted its stake in shares of Steven Madden by 4.9% during the 1st quarter. Bank of America Corp DE now owns 751,627 shares of the textile maker’s stock valued at $25,495,000 after buying an additional 35,259 shares in the last quarter. Vise Technologies Inc. bought a new position in shares of Steven Madden in the third quarter worth $29,302,000. Finally, Fort Washington Investment Advisors Inc. OH increased its position in shares of Steven Madden by 13.6% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 645,578 shares of the textile maker’s stock valued at $28,903,000 after buying an additional 77,108 shares during the period. 99.88% of the stock is currently owned by institutional investors.

About Steven Madden

Steven Madden, Ltd. is a fashion company that designs, sources, markets and sells footwear, handbags, accessories and apparel. Its products are offered under the Steve Madden brand and a portfolio of owned, licensed and distributed brands, including Dolce Vita, Betsey Johnson, Blondo, Mad Love and Greats.

The company sells its products through wholesale channels, including department stores, specialty retailers and online retailers, as well as through its own retail stores and e-commerce websites.