Citigroup Reaffirms “Buy” Rating for Steve Madden (SHOO)
Citigroup reissued their buy rating on shares of Steve Madden (NASDAQ:SHOO) in a research note issued to investors on Wednesday morning, MarketBeat reports. The firm currently has a $56.00 price objective on the textile maker’s stock.
Other equities research analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Steve Madden from a hold rating to a buy rating and set a $52.00 target price on the stock in a research note on Wednesday, January 10th. Canaccord Genuity set a $52.00 target price on shares of Steve Madden and gave the company a buy rating in a research note on Tuesday, February 27th. Buckingham Research restated a buy rating and issued a $53.00 target price on shares of Steve Madden in a research note on Wednesday. BidaskClub upgraded shares of Steve Madden from a hold rating to a buy rating in a research note on Wednesday, December 27th. Finally, Wedbush reiterated a buy rating and set a $53.00 price objective on shares of Steve Madden in a research note on Tuesday, December 19th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Steve Madden presently has a consensus rating of Buy and an average target price of $49.54.
Shares of Steve Madden stock opened at $47.25 on Wednesday. The stock has a market capitalization of $2,771.37, a PE ratio of 21.09, a P/E/G ratio of 1.52 and a beta of 0.47. Steve Madden has a 1 year low of $36.10 and a 1 year high of $49.28.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 29th. Investors of record on Monday, March 12th were paid a dividend of $0.20 per share. The ex-dividend date was Friday, March 9th. This represents a $0.80 annualized dividend and a yield of 1.69%. Steve Madden’s dividend payout ratio (DPR) is 35.71%.
In related news, CEO Edward R. Rosenfeld sold 33,000 shares of the stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $45.82, for a total transaction of $1,512,060.00. Following the sale, the chief executive officer now owns 515,200 shares in the company, valued at $23,606,464. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.77% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wolverine Trading LLC raised its stake in Steve Madden by 311.2% during the fourth quarter. Wolverine Trading LLC now owns 4,523 shares of the textile maker’s stock worth $211,000 after acquiring an additional 3,423 shares during the period. Xact Kapitalforvaltning AB bought a new position in Steve Madden in the 4th quarter worth about $248,000. Jefferies Group LLC bought a new position in Steve Madden in the 4th quarter worth about $261,000. GSA Capital Partners LLP grew its position in Steve Madden by 69.6% in the 3rd quarter. GSA Capital Partners LLP now owns 13,991 shares of the textile maker’s stock worth $606,000 after purchasing an additional 5,740 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in Steve Madden in the 3rd quarter worth about $639,000. Hedge funds and other institutional investors own 96.03% of the company’s stock.
Steve Madden Company Profile
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, Dolce Vita, DV by Dolce Vita, Mad Love, Steven by Steve Madden, Report, Superga, Betsey Johnson, Betseyville, Steve Madden Kids, FREEBIRD by Steven, Stevies, B Brian Atwood, Blondo, Kate Spade, and Avec Les Filles brands, as well as private label footwear.
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