Steven Madden, Ltd. (SHOO) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Steven Madden, Ltd. (NASDAQ:SHOO) from a hold rating to a buy rating in a report published on Wednesday morning. They currently have $42.00 price objective 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 “
Several other equities research analysts have also recently issued reports on SHOO. Canaccord Genuity set a $40.00 price target on shares of Steven Madden and gave the stock a buy rating in a research note on Thursday, December 1st. Wells Fargo & Co started coverage on shares of Steven Madden in a research note on Tuesday, December 6th. They set a market perform rating and a $39.00 price target on the stock. Jefferies Group LLC cut shares of Steven Madden from a buy rating to a hold rating and set a $37.00 price target on the stock. in a research note on Tuesday, January 3rd. Piper Jaffray Companies set a $33.00 price target on shares of Steven Madden and gave the stock a hold rating in a research note on Tuesday, January 10th. Finally, Citigroup Inc raised shares of Steven Madden from a neutral rating to a buy rating in a research note on Tuesday, January 31st. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $41.00.
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Shares of Steven Madden (NASDAQ:SHOO) opened at 37.90 on Wednesday. Steven Madden has a 1-year low of $31.68 and a 1-year high of $40.55. The stock has a 50 day moving average of $36.50 and a 200-day moving average of $36.04. The stock has a market capitalization of $2.27 billion, a P/E ratio of 18.67 and a beta of 0.43.
Steven Madden (NASDAQ:SHOO) last released its quarterly earnings results on Tuesday, February 28th. The company reported $0.49 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.49. Steven Madden had a net margin of 8.11% and a return on equity of 16.26%. The company had revenue of $336.40 million for the quarter, compared to analysts’ expectations of $338.19 million. During the same period last year, the company earned $0.43 EPS. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. Equities research analysts predict that Steven Madden will post $2.18 earnings per share for the current fiscal year.
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In related news, insider Karla Frieders sold 10,600 shares of the firm’s stock in a transaction that occurred on Friday, March 17th. The shares were sold at an average price of $37.59, for a total value of $398,454.00. Following the transaction, the insider now owns 79,269 shares in the company, valued at $2,979,721.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Edward R. Rosenfeld sold 27,500 shares of the firm’s stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $36.73, for a total transaction of $1,010,075.00. Following the completion of the transaction, the chief executive officer now owns 495,978 shares in the company, valued at approximately $18,217,271.94. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of SHOO. Norges Bank purchased a new stake in Steven Madden during the fourth quarter worth about $26,293,000. Vaughan Nelson Investment Management L.P. purchased a new stake in Steven Madden during the third quarter worth about $20,161,000. Victory Capital Management Inc. raised its stake in Steven Madden by 73.1% in the third quarter. Victory Capital Management Inc. now owns 882,024 shares of the company’s stock worth $30,483,000 after buying an additional 372,523 shares in the last quarter. BlackRock Fund Advisors raised its stake in Steven Madden by 6.7% in the third quarter. BlackRock Fund Advisors now owns 3,990,793 shares of the company’s stock worth $137,922,000 after buying an additional 249,238 shares in the last quarter. Finally, Lazard Asset Management LLC raised its stake in Steven Madden by 25.5% in the third quarter. Lazard Asset Management LLC now owns 705,095 shares of the company’s stock worth $24,368,000 after buying an additional 143,055 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.
About Steven Madden
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