Citigroup Lowers Steven Madden (NASDAQ:SHOO) Price Target to $35.00

Steven Madden (NASDAQ:SHOO) had its price objective cut by investment analysts at Citigroup from $38.00 to $35.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the textile maker’s stock. Citigroup’s price target would suggest a potential upside of 4.90% from the stock’s previous close.

SHOO has been the topic of several other research reports. Piper Sandler cut their target price on Steven Madden from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 4th. Jefferies Financial Group reissued a “hold” rating on shares of Steven Madden in a research report on Monday, February 3rd. Needham & Company LLC reissued a “hold” rating on shares of Steven Madden in a research report on Thursday. Telsey Advisory Group cut their target price on Steven Madden from $44.00 to $38.00 and set a “market perform” rating on the stock in a research report on Thursday. Finally, StockNews.com cut Steven Madden from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Steven Madden presently has an average rating of “Hold” and an average target price of $41.40.

Steven Madden Stock Performance

NASDAQ:SHOO traded down $1.48 during trading hours on Thursday, reaching $33.37. The stock had a trading volume of 925,524 shares, compared to its average volume of 782,095. Steven Madden has a 52 week low of $32.81 and a 52 week high of $50.01. The company has a 50 day moving average price of $40.46 and a two-hundred day moving average price of $43.63. The stock has a market capitalization of $2.41 billion, a PE ratio of 14.18 and a beta of 1.07.

Steven Madden (NASDAQ:SHOO) last released its quarterly earnings data on Wednesday, February 26th. The textile maker reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. The business had revenue of $582.32 million for the quarter, compared to the consensus estimate of $550.37 million. Steven Madden had a return on equity of 23.41% and a net margin of 7.68%. Equities research analysts predict that Steven Madden will post 2.66 EPS for the current year.

Institutional Investors Weigh In On Steven Madden

Several hedge funds have recently made changes to their positions in SHOO. Creative Planning lifted its holdings in shares of Steven Madden by 25.2% in the 3rd quarter. Creative Planning now owns 13,507 shares of the textile maker’s stock worth $662,000 after buying an additional 2,716 shares during the period. Blue Trust Inc. lifted its holdings in shares of Steven Madden by 94.1% in the 3rd quarter. Blue Trust Inc. now owns 1,619 shares of the textile maker’s stock worth $79,000 after buying an additional 785 shares during the period. Raymond James & Associates lifted its holdings in shares of Steven Madden by 3.6% in the 3rd quarter. Raymond James & Associates now owns 114,484 shares of the textile maker’s stock worth $5,609,000 after buying an additional 3,962 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Steven Madden by 4,800.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,911 shares of the textile maker’s stock worth $94,000 after buying an additional 1,872 shares during the period. Finally, Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Steven Madden in the 3rd quarter worth $205,000. 99.88% of the stock is currently owned by hedge funds and other 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.