Canaccord Genuity Analysts Give Steven Madden, Ltd. (SHOO) a $47.00 Price Target
Steven Madden, Ltd. (NASDAQ:SHOO) has been given a $47.00 target price by equities research analysts at Canaccord Genuity in a note issued to investors on Tuesday. The brokerage currently has a “buy” rating on the textile maker’s stock. Canaccord Genuity’s price target would suggest a potential upside of 10.33% from the stock’s current price.
A number of other brokerages have also weighed in on SHOO. Wedbush assumed coverage on Steven Madden in a report on Monday. They issued an “outperform” rating and a $48.00 price objective on the stock. BidaskClub raised Steven Madden from a “hold” rating to a “buy” rating in a report on Thursday, August 10th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $45.00 price objective (up previously from $41.00) on shares of Steven Madden in a report on Tuesday, August 8th. B. Riley reaffirmed a “buy” rating and issued a $47.00 price objective on shares of Steven Madden in a report on Tuesday, August 8th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $39.00 price objective (up previously from $37.00) on shares of Steven Madden in a report on Wednesday, August 2nd. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $43.71.
Shares of Steven Madden (SHOO) traded down 1.27% during mid-day trading on Tuesday, hitting $42.60. The stock had a trading volume of 639,596 shares. The firm has a 50 day moving average price of $40.33 and a 200 day moving average price of $38.22. Steven Madden has a 52-week low of $32.30 and a 52-week high of $43.80. The firm has a market cap of $2.52 billion, a PE ratio of 20.51 and a beta of 0.53.
Steven Madden (NASDAQ:SHOO) last announced its quarterly earnings data on Tuesday, August 1st. The textile maker reported $0.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.06. Steven Madden had a return on equity of 15.64% and a net margin of 7.76%. The company had revenue of $374.15 million for the quarter, compared to analyst estimates of $355.22 million. During the same quarter in the previous year, the company earned $0.42 EPS. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts predict that Steven Madden will post $2.25 EPS for the current year.
In other news, Director Rose Peabody Lynch sold 2,240 shares of Steven Madden 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 in the company, valued at approximately $186,927.28. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Karla Frieders sold 60,000 shares of Steven Madden stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $38.99, for a total transaction of $2,339,400.00. Following the sale, the insider now owns 148,216 shares of the company’s stock, valued at $5,778,941.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 122,740 shares of company stock valued at $4,832,677. Insiders own 2.20% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Nicholas Investment Partners LP bought a new position in shares of Steven Madden during the first quarter valued at about $1,958,000. Rothschild Asset Management Inc. increased its position in shares of Steven Madden by 0.5% in the first quarter. Rothschild Asset Management Inc. now owns 485,208 shares of the textile maker’s stock valued at $18,705,000 after buying an additional 2,500 shares in the last quarter. Parametrica Management Ltd bought a new position in shares of Steven Madden during the first quarter valued at about $250,000. Bank of New York Mellon Corp increased its position in shares of Steven Madden by 6.5% in the first quarter. Bank of New York Mellon Corp now owns 753,863 shares of the textile maker’s stock valued at $29,061,000 after buying an additional 45,928 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Steven Madden by 9.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,656,633 shares of the textile maker’s stock valued at $63,863,000 after buying an additional 139,594 shares in the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.
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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