Telsey Advisory Group Reiterates “Market Perform” Rating for Steven Madden (NASDAQ:SHOO)

Steven Madden (NASDAQ:SHOO)‘s stock had its “market perform” rating reiterated by equities research analysts at Telsey Advisory Group in a report issued on Wednesday, Benzinga reports. They currently have a $50.00 target price on the textile maker’s stock. Telsey Advisory Group’s target price points to a potential upside of 11.19% from the company’s current price.

Other analysts also recently issued reports about the stock. Piper Sandler reiterated a “neutral” rating and issued a $45.00 target price on shares of Steven Madden in a report on Friday, August 23rd. Wedbush reaffirmed a “neutral” rating and issued a $41.00 price target on shares of Steven Madden in a report on Wednesday, August 7th. Finally, StockNews.com raised Steven Madden from a “hold” rating to a “buy” rating in a research note on Wednesday, September 18th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Steven Madden has a consensus rating of “Hold” and a consensus target price of $45.14.

Steven Madden Stock Performance

Shares of NASDAQ SHOO opened at $44.97 on Wednesday. Steven Madden has a 1 year low of $31.56 and a 1 year high of $50.01. The firm has a market cap of $3.27 billion, a P/E ratio of 18.36 and a beta of 1.08. The stock has a fifty day moving average price of $46.37 and a two-hundred day moving average price of $43.91.

Steven Madden (NASDAQ:SHOO) last announced its earnings results on Wednesday, July 31st. The textile maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.06. Steven Madden had a return on equity of 23.49% and a net margin of 8.36%. The business had revenue of $523.60 million during the quarter, compared to analysts’ expectations of $515.15 million. During the same quarter last year, the business posted $0.47 earnings per share. The company’s quarterly revenue was up 17.6% on a year-over-year basis. On average, research analysts predict that Steven Madden will post 2.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Steven Madden

A number of hedge funds have recently bought and sold shares of the company. Harbor Capital Advisors Inc. lifted its position in shares of Steven Madden by 149.8% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 122,005 shares of the textile maker’s stock worth $5,977,000 after purchasing an additional 73,165 shares during the last quarter. New York State Teachers Retirement System raised its stake in Steven Madden by 0.9% during the 3rd quarter. New York State Teachers Retirement System now owns 79,020 shares of the textile maker’s stock valued at $3,871,000 after purchasing an additional 668 shares during the last quarter. abrdn plc boosted its holdings in Steven Madden by 2.7% in the 3rd quarter. abrdn plc now owns 558,015 shares of the textile maker’s stock valued at $27,242,000 after purchasing an additional 14,841 shares during the period. State of Alaska Department of Revenue boosted its holdings in Steven Madden by 2.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 41,439 shares of the textile maker’s stock valued at $2,030,000 after purchasing an additional 933 shares during the period. Finally, Louisiana State Employees Retirement System grew its position in Steven Madden by 1.2% in the 3rd quarter. Louisiana State Employees Retirement System now owns 35,100 shares of the textile maker’s stock worth $1,720,000 after purchasing an additional 400 shares during the last quarter. 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.