Zacks Investment Research upgraded shares of Steven Madden, Ltd. (NASDAQ:SHOO) from a hold rating to a buy rating in a research note issued to investors on Thursday morning. Zacks Investment Research currently has $47.00 target price on the textile maker’s stock.
According to Zacks, “Steven Madden, Ltd. designs, sources, markets and sells fashion-forward footwear brands for women, men and children. They distribute products through their retail stores, their e-commerce websites, catalogs and department and specialty store “
Several other research firms have also commented on SHOO. Wedbush began coverage on shares of Steven Madden in a research report on Monday, August 14th. They set an outperform rating and a $48.00 price target for the company. ValuEngine raised shares of Steven Madden from a hold rating to a buy rating in a research report on Friday, September 1st. Canaccord Genuity set a $47.00 price target on shares of Steven Madden and gave the company a buy rating in a research report on Wednesday, August 9th. BidaskClub raised shares of Steven Madden from a hold rating to a buy rating in a research report on Thursday, August 10th. Finally, Telsey Advisory Group reaffirmed an outperform rating and set a $45.00 price target (up previously from $41.00) on shares of Steven Madden in a research report on Tuesday, August 8th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $43.96.
Steven Madden (SHOO) opened at 41.95 on Thursday. The stock has a 50 day moving average of $41.68 and a 200 day moving average of $39.01. The stock has a market cap of $2.48 billion, a P/E ratio of 20.20 and a beta of 0.51. Steven Madden has a 1-year low of $32.30 and a 1-year high of $43.80.
Steven Madden (NASDAQ:SHOO) last released its quarterly earnings results on Tuesday, August 1st. The textile maker reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.06. Steven Madden had a net margin of 8.19% and a return on equity of 17.57%. The firm had revenue of $374.15 million during the quarter, compared to analyst estimates of $355.22 million. During the same quarter in the prior year, the firm earned $0.42 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts anticipate that Steven Madden will post $2.25 EPS for the current fiscal year.
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In other Steven Madden news, Director Rose Peabody Lynch sold 2,240 shares of the stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $39.32, for a total transaction of $88,076.80. Following the completion of the sale, the director now directly owns 4,754 shares of the company’s stock, valued at approximately $186,927.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Karla Frieders sold 5,000 shares of the stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $38.61, for a total transaction of $193,050.00. Following the sale, the insider now directly owns 83,216 shares of the company’s stock, valued at $3,212,969.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,240 shares of company stock valued at $1,268,877. Insiders own 2.06% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in SHOO. Riverhead Capital Management LLC grew its holdings in Steven Madden by 97.1% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,562 shares of the textile maker’s stock valued at $102,000 after buying an additional 1,262 shares in the last quarter. Elkfork Partners LLC grew its holdings in Steven Madden by 17.5% during the 1st quarter. Elkfork Partners LLC now owns 2,662 shares of the textile maker’s stock valued at $103,000 after buying an additional 396 shares in the last quarter. TrimTabs Asset Management LLC grew its holdings in Steven Madden by 89.1% during the 1st quarter. TrimTabs Asset Management LLC now owns 3,023 shares of the textile maker’s stock valued at $117,000 after buying an additional 1,424 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Steven Madden during the 2nd quarter valued at approximately $127,000. Finally, Meadow Creek Investment Management LLC grew its holdings in Steven Madden by 17.5% during the 1st quarter. Meadow Creek Investment Management LLC now owns 3,388 shares of the textile maker’s stock valued at $131,000 after buying an additional 504 shares in the last quarter. 91.36% of the stock is owned by institutional investors and hedge funds.
About Steven Madden
Steven Madden, Ltd. and its subsidiaries design, source, market and sell name brand and private label footwear for women, men and children, and name brand and private label fashion handbags and accessories. The Company operates through five segments: Wholesale Footwear, Wholesale Accessories, Retail, First Cost and Licensing.
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