Piper Sandler Cuts Steven Madden (NASDAQ:SHOO) Price Target to $40.00

Steven Madden (NASDAQ:SHOO) had its price target trimmed by Piper Sandler from $45.00 to $40.00 in a report released on Tuesday,Benzinga reports. The firm currently has a neutral rating on the textile maker’s stock.

Other research analysts have also recently issued reports about the stock. Telsey Advisory Group reduced their price target on shares of Steven Madden from $50.00 to $44.00 and set a “market perform” rating on the stock in a research report on Tuesday. Citigroup increased their price target on shares of Steven Madden from $43.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC reiterated a “hold” rating on shares of Steven Madden in a research report on Thursday, December 5th. Finally, StockNews.com cut shares of Steven Madden from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $43.33.

Steven Madden Stock Performance

SHOO stock opened at $37.60 on Tuesday. The company’s 50 day moving average is $42.15 and its 200 day moving average is $44.12. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of 16.00 and a beta of 1.07. Steven Madden has a 1-year low of $36.88 and a 1-year high of $50.01.

Steven Madden (NASDAQ:SHOO) last posted its quarterly earnings data on Thursday, November 7th. The textile maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.02. The company had revenue of $624.68 million for the quarter, compared to analysts’ expectations of $607.89 million. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. Steven Madden’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.88 earnings per share. As a group, sell-side analysts forecast that Steven Madden will post 2.66 EPS for the current fiscal year.

Steven Madden Announces Dividend

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SHOO. Gladius Capital Management LP bought a new position in shares of Steven Madden in the third quarter worth approximately $36,000. R Squared Ltd bought a new position in shares of Steven Madden in the fourth quarter worth approximately $55,000. Exchange Traded Concepts LLC bought a new position in shares of Steven Madden in the third quarter worth approximately $59,000. GAMMA Investing LLC grew its holdings in shares of Steven Madden by 80.6% in the third quarter. GAMMA Investing LLC now owns 1,329 shares of the textile maker’s stock worth $65,000 after purchasing an additional 593 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in Steven Madden by 94.1% in the third quarter. Blue Trust Inc. now owns 1,619 shares of the textile maker’s stock worth $79,000 after acquiring an additional 785 shares during the period. Institutional investors own 99.88% of the company’s stock.

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.