Buckingham Research Raises Steven Madden (SHOO) Price Target to $62.00
Steven Madden (NASDAQ:SHOO) had its target price upped by Buckingham Research from $54.00 to $62.00 in a report released on Thursday morning. The firm currently has a buy rating on the textile maker’s stock.
SHOO has been the subject of several other reports. Zacks Investment Research upgraded Steven Madden from a hold rating to a buy rating and set a $54.00 price objective for the company in a research note on Wednesday, May 2nd. Wedbush reiterated an outperform rating and set a $51.00 price objective on shares of Steven Madden in a research note on Friday, April 20th. Canaccord Genuity increased their price objective on Steven Madden from $54.00 to $59.00 and gave the stock a buy rating in a research note on Thursday, June 7th. B. Riley set a $55.00 price objective on Steven Madden and gave the stock a buy rating in a research note on Monday, April 23rd. Finally, Citigroup reiterated a buy rating and set a $56.00 price objective on shares of Steven Madden in a research note on Wednesday, April 18th. Five equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $54.58.
Steven Madden stock opened at $56.90 on Thursday. Steven Madden has a 52-week low of $37.25 and a 52-week high of $57.75. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 25.40, a P/E/G ratio of 1.98 and a beta of 0.43.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Tuesday, September 18th will be paid a $0.20 dividend. The ex-dividend date is Monday, September 17th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.41%. Steven Madden’s dividend payout ratio (DPR) is presently 35.71%.
In other news, insider Karla Frieders sold 6,000 shares of the firm’s stock in a transaction on Wednesday, May 30th. The stock was sold at an average price of $53.29, for a total value of $319,740.00. Following the completion of the sale, the insider now directly owns 82,280 shares in the company, valued at $4,384,701.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Awadhesh K. Sinha sold 4,000 shares of the firm’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $57.50, for a total value of $230,000.00. Following the completion of the sale, the chief operating officer now owns 57,845 shares of the company’s stock, valued at $3,326,087.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,000 shares of company stock valued at $603,920. 1.77% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in SHOO. Renaissance Technologies LLC acquired a new stake in shares of Steven Madden in the fourth quarter valued at $1,792,000. HL Financial Services LLC bought a new position in Steven Madden in the first quarter valued at about $3,405,000. Wells Fargo & Company MN boosted its holdings in Steven Madden by 3.5% in the first quarter. Wells Fargo & Company MN now owns 840,007 shares of the textile maker’s stock valued at $36,876,000 after acquiring an additional 28,586 shares during the last quarter. Monarch Partners Asset Management LLC boosted its holdings in Steven Madden by 68.9% in the first quarter. Monarch Partners Asset Management LLC now owns 335,271 shares of the textile maker’s stock valued at $14,718,000 after acquiring an additional 136,780 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Steven Madden by 26.2% in the first quarter. SG Americas Securities LLC now owns 29,455 shares of the textile maker’s stock valued at $1,293,000 after acquiring an additional 6,120 shares during the last quarter. Institutional investors own 97.72% of the company’s stock.
Steven 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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