Steven Madden (NASDAQ:SHOO) Stock Price Down 5.5% Following Analyst Downgrade

Steven Madden, Ltd. (NASDAQ:SHOO) was down 5.5% during trading on Friday after B. Riley lowered their price target on the stock from $34.00 to $29.00. The stock traded as low as $21.05 and last traded at $21.18, approximately 1,330,305 shares changed hands during mid-day trading. An increase of 52% from the average daily volume of 876,709 shares. The stock had previously closed at $22.41.

Several other research analysts have also commented on the stock. Wedbush decreased their price objective on shares of Steven Madden from $24.00 to $23.00 and set a “neutral” rating for the company in a report on Thursday. BTIG Research started coverage on shares of Steven Madden in a research report on Tuesday, April 28th. They issued a “neutral” rating on the stock. Zacks Investment Research downgraded shares of Steven Madden from a “hold” rating to a “sell” rating and set a $26.00 target price on the stock. in a research report on Wednesday, May 27th. Telsey Advisory Group reduced their target price on shares of Steven Madden from $30.00 to $23.00 and set a “market perform” rating on the stock in a research report on Friday, May 22nd. Finally, Loop Capital downgraded shares of Steven Madden from a “buy” rating to a “hold” rating and reduced their target price for the stock from $37.00 to $23.00 in a research report on Wednesday, May 13th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $23.20.

A number of hedge funds have recently made changes to their positions in the stock. Comerica Bank grew its position in Steven Madden by 7.6% during the 2nd quarter. Comerica Bank now owns 81,229 shares of the textile maker’s stock valued at $1,839,000 after purchasing an additional 5,727 shares during the last quarter. Monarch Partners Asset Management LLC purchased a new stake in shares of Steven Madden during the 2nd quarter valued at about $5,105,000. UBS Group AG boosted its holdings in shares of Steven Madden by 62.1% during the 2nd quarter. UBS Group AG now owns 180,518 shares of the textile maker’s stock valued at $4,457,000 after acquiring an additional 69,146 shares during the last quarter. Fort Washington Investment Advisors Inc. OH boosted its holdings in shares of Steven Madden by 1.3% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 324,681 shares of the textile maker’s stock valued at $8,016,000 after acquiring an additional 4,200 shares during the last quarter. Finally, Duality Advisers LP purchased a new stake in shares of Steven Madden during the 2nd quarter valued at about $1,762,000. 92.26% of the stock is currently owned by institutional investors.

The business’s fifty day moving average price is $23.03 and its 200-day moving average price is $27.58. The stock has a market cap of $1.86 billion, a PE ratio of 51.66, a P/E/G ratio of 2.68 and a beta of 1.14.

Steven Madden (NASDAQ:SHOO) last announced its quarterly earnings results on Wednesday, July 29th. The textile maker reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.08. The firm had revenue of $142.80 million for the quarter, compared to the consensus estimate of $181.48 million. Steven Madden had a net margin of 2.56% and a return on equity of 10.70%. The business’s quarterly revenue was down 67.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.47 EPS. As a group, equities analysts predict that Steven Madden, Ltd. will post 0.56 earnings per share for the current year.

About Steven Madden (NASDAQ:SHOO)

Steven Madden, Ltd. designs, sources, markets, and sells fashion-forward name brand and private label footwear for women, men, and children worldwide. Its Wholesale Footwear segment provides footwear under the Steve Madden Women's, Madden Girl, Steve Madden Men's, Madden, Madden NYC, Report, Dolce Vita, DV by Dolce Vita, Mad Love, Steven by Steve Madden, Superga, Betsey Johnson, Betseyville, Steve Madden Kids, Stevies, Brian Atwood, Blondo, Kate Spade, and Anne Klein brands, as well as private label footwear.

Further Reading: Cost of Equity For A Business, Investors

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