Steven Madden, Ltd. (SHOO) Upgraded to Buy by Zacks Investment Research
Steven Madden, Ltd. (NASDAQ:SHOO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The firm currently has a $47.00 price target on the textile maker’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.17% from the company’s current price.
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 “
SHOO has been the subject of a number of other reports. BidaskClub raised shares of Steven Madden from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Canaccord Genuity set a $47.00 target price on shares of Steven Madden and gave the stock a “buy” rating in a research note on Tuesday, August 15th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $44.00 target price on shares of Steven Madden in a research note on Wednesday, July 26th. ValuEngine raised shares of Steven Madden from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Morgan Stanley upped their target price on shares of Steven Madden from $37.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 6th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $43.96.
Shares of Steven Madden (NASDAQ SHOO) opened at 41.90 on Friday. The company’s 50 day moving average price is $41.85 and its 200 day moving average price is $39.15. Steven Madden has a one year low of $32.30 and a one year high of $43.80. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of 20.17 and a beta of 0.51.
Steven Madden (NASDAQ:SHOO) last announced its earnings results on Tuesday, August 1st. The textile maker reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.06. The firm had revenue of $374.15 million during the quarter, compared to analyst estimates of $355.22 million. Steven Madden had a net margin of 8.19% and a return on equity of 17.57%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.42 EPS. On average, analysts expect that Steven Madden will post $2.25 earnings per share for the current fiscal year.
In other Steven Madden news, insider Karla Frieders sold 5,000 shares of the business’s stock in a transaction dated 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 approximately $3,212,969.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.06% of the company’s stock.
A number of large investors have recently modified their holdings of SHOO. Riverhead Capital Management LLC lifted its position 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 worth $102,000 after buying an additional 1,262 shares in the last quarter. Elkfork Partners LLC lifted its position in Steven Madden by 17.5% during the 1st quarter. Elkfork Partners LLC now owns 2,662 shares of the textile maker’s stock worth $103,000 after buying an additional 396 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in Steven Madden during the 2nd quarter worth about $127,000. Meadow Creek Investment Management LLC lifted its position 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 worth $131,000 after buying an additional 504 shares in the last quarter. Finally, First Mercantile Trust Co. lifted its position in Steven Madden by 1.7% during the 2nd quarter. First Mercantile Trust Co. now owns 3,570 shares of the textile maker’s stock worth $143,000 after buying an additional 60 shares in the last quarter. 91.36% of the stock is currently owned by hedge funds and other institutional investors.
Steven Madden Company Profile
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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