Zacks Investment Research upgraded shares of Steven Madden, Ltd. (NASDAQ:SHOO) from a hold rating to a buy rating in a research note released on Wednesday. The brokerage currently has $42.00 price target on the 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 “

A number of other research analysts have also recently issued reports on SHOO. Canaccord Genuity set a $40.00 target price on Steven Madden and gave the company a buy rating in a research report on Thursday, December 1st. Wells Fargo & Co initiated coverage on Steven Madden in a research report on Tuesday, December 6th. They issued a market perform rating and a $39.00 target price on the stock. Jefferies Group LLC cut Steven Madden from a buy rating to a hold rating and set a $37.00 target price on the stock. in a research report on Tuesday, January 3rd. Piper Jaffray Companies set a $33.00 target price on Steven Madden and gave the company a hold rating in a research report on Tuesday, January 10th. Finally, Citigroup Inc upgraded Steven Madden from a neutral rating to a buy rating in a research report on Tuesday, January 31st. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Steven Madden presently has an average rating of Buy and a consensus price target of $41.00.

Analyst Recommendations for Steven Madden (NASDAQ:SHOO)

Shares of Steven Madden (NASDAQ:SHOO) traded down 0.592% during mid-day trading on Wednesday, hitting $37.775. The stock had a trading volume of 46,080 shares. The firm has a market capitalization of $2.26 billion, a PE ratio of 18.608 and a beta of 0.43. Steven Madden has a 1-year low of $31.68 and a 1-year high of $40.55. The stock’s 50-day moving average is $36.50 and its 200-day moving average is $36.04.

Steven Madden (NASDAQ:SHOO) last released its earnings results on Tuesday, February 28th. The company reported $0.49 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.49. Steven Madden had a return on equity of 16.26% and a net margin of 8.11%. The firm had revenue of $336.40 million for the quarter, compared to analysts’ expectations of $338.19 million. During the same quarter in the previous year, the business posted $0.43 earnings per share. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. Equities analysts expect that Steven Madden will post $2.18 earnings per share for the current year.

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In other news, CEO Edward R. Rosenfeld sold 27,500 shares of Steven Madden stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $36.73, for a total transaction of $1,010,075.00. Following the sale, the chief executive officer now directly owns 495,978 shares of the company’s stock, valued at $18,217,271.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karla Frieders sold 10,600 shares of Steven Madden stock in a transaction dated Friday, March 17th. The shares were sold at an average price of $37.59, for a total value of $398,454.00. Following the sale, the insider now directly owns 79,269 shares in the company, valued at $2,979,721.71. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio raised its stake in shares of Steven Madden by 18.5% in the second quarter. Public Employees Retirement System of Ohio now owns 3,550 shares of the company’s stock worth $121,000 after buying an additional 555 shares during the last quarter. Royal Bank of Canada raised its stake in shares of Steven Madden by 7.1% in the second quarter. Royal Bank of Canada now owns 989,916 shares of the company’s stock worth $33,836,000 after buying an additional 65,307 shares during the last quarter. Macquarie Group Ltd. raised its stake in shares of Steven Madden by 3.0% in the second quarter. Macquarie Group Ltd. now owns 1,557,644 shares of the company’s stock worth $53,240,000 after buying an additional 45,593 shares during the last quarter. Lebenthal Lisanti Capital Growth LLC purchased a new stake in shares of Steven Madden during the third quarter worth approximately $770,000. Finally, Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Steven Madden during the third quarter worth approximately $20,161,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

About Steven Madden

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