Steven Madden, Ltd. (NASDAQ:SHOO) Price Target Raised to $41.50 at Morgan Stanley
Steven Madden, Ltd. (NASDAQ:SHOO) had its price target increased by Morgan Stanley from $38.00 to $41.50 in a report issued on Monday. The brokerage currently has an “equal weight” rating on the textile maker’s stock. Morgan Stanley’s target price suggests a potential upside of 0.85% from the stock’s previous close.
Other equities research analysts have also issued research reports about the stock. Canaccord Genuity set a $45.00 price target on shares of Steven Madden and gave the company a “buy” rating in a report on Friday, May 26th. Jefferies Group LLC set a $37.00 price target on shares of Steven Madden and gave the company a “hold” rating in a report on Saturday, May 13th. B. Riley restated a “buy” rating and issued a $45.00 price target on shares of Steven Madden in a report on Saturday, April 29th. Piper Jaffray Companies set a $41.00 price target on shares of Steven Madden and gave the company a “buy” rating in a report on Friday, April 21st. Finally, Zacks Investment Research upgraded shares of Steven Madden from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a report on Tuesday, June 20th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $43.32.
Shares of Steven Madden (NASDAQ SHOO) traded up 2.612% during trading on Monday, hitting $42.225. 415,896 shares of the company’s stock were exchanged. Steven Madden has a one year low of $32.30 and a one year high of $42.70. The stock has a market cap of $2.33 billion, a P/E ratio of 20.330 and a beta of 0.53. The firm has a 50-day moving average price of $39.40 and a 200-day moving average price of $37.79.
Steven Madden (NASDAQ:SHOO) last released its quarterly earnings data on Tuesday, August 1st. The textile maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.06. Steven Madden had a net margin of 8.19% and a return on equity of 17.57%. The company had revenue of $374.15 million during the quarter, compared to analysts’ expectations of $355.22 million. During the same period in the previous year, the company earned $0.42 EPS. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. Equities research analysts expect that Steven Madden will post $2.24 EPS for the current fiscal year.
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In related news, President Amelia Varela sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $39.51, for a total transaction of $987,750.00. Following the completion of the transaction, the president now owns 89,099 shares in the company, valued at approximately $3,520,301.49. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Karla Frieders sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $38.99, for a total transaction of $2,339,400.00. Following the transaction, the insider now owns 148,216 shares of the company’s stock, valued at approximately $5,778,941.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 122,740 shares of company stock valued at $4,832,677. 2.20% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of SHOO. BlackRock Inc. raised its position in Steven Madden by 148,882.3% in the first quarter. BlackRock Inc. now owns 6,921,716 shares of the textile maker’s stock worth $266,833,000 after buying an additional 6,917,070 shares during the period. Teachers Advisors LLC raised its position in Steven Madden by 92.0% in the first quarter. Teachers Advisors LLC now owns 557,535 shares of the textile maker’s stock worth $21,493,000 after buying an additional 267,183 shares during the period. William Blair Investment Management LLC raised its position in Steven Madden by 58.9% in the second quarter. William Blair Investment Management LLC now owns 684,896 shares of the textile maker’s stock worth $27,362,000 after buying an additional 253,841 shares during the period. Vanguard Group Inc. raised its position in Steven Madden by 4.6% in the first quarter. Vanguard Group Inc. now owns 4,809,629 shares of the textile maker’s stock worth $185,410,000 after buying an additional 211,878 shares during the period. Finally, MARSHALL WACE ASIA Ltd bought a new position in Steven Madden during the first quarter worth approximately $7,774,000. Hedge funds and other institutional investors own 91.16% 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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