Steven Madden’s (NASDAQ:SHOO) Outperform Rating Reaffirmed at Telsey Advisory Group
Steven Madden, Ltd. (NASDAQ:SHOO)‘s stock had its “outperform” rating reiterated by investment analysts at Telsey Advisory Group in a research note issued on Tuesday. They currently have a $45.00 price objective on the textile maker’s stock, up from their previous price objective of $41.00. Telsey Advisory Group’s price objective would indicate a potential upside of 5.88% from the stock’s current price.
SHOO has been the subject of a number of other research reports. BidaskClub raised Steven Madden from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. Zacks Investment Research raised Steven Madden from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a report on Tuesday, June 27th. Piper Jaffray Companies set a $41.00 price target on Steven Madden and gave the company a “buy” rating in a report on Wednesday, May 31st. Citigroup Inc. increased their price target on Steven Madden from $44.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, April 25th. Finally, Morgan Stanley increased their price target on Steven Madden from $37.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday, June 6th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $43.32.
Shares of Steven Madden (SHOO) traded up 0.24% during midday trading on Tuesday, hitting $42.50. The stock had a trading volume of 453,107 shares. The stock has a 50 day moving average of $39.57 and a 200-day moving average of $37.86. Steven Madden has a one year low of $32.30 and a one year high of $43.15. The company has a market cap of $2.34 billion, a P/E ratio of 20.46 and a beta of 0.53.
Steven Madden (NASDAQ:SHOO) last issued its quarterly earnings results on Tuesday, August 1st. The textile maker reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.06. The firm had revenue of $374.15 million during the quarter, compared to the consensus estimate of $355.22 million. Steven Madden had a return on equity of 17.57% and a net margin of 8.19%. Steven Madden’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 earnings per share. Analysts forecast that Steven Madden will post $2.25 EPS for the current fiscal year.
In other Steven Madden news, COO Awadhesh K. Sinha sold 10,500 shares of the stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $40.00, for a total transaction of $420,000.00. Following the transaction, the chief operating officer now owns 66,683 shares of the company’s stock, valued at approximately $2,667,320. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Arvind Dharia sold 20,000 shares of the stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $40.22, for a total value of $804,400.00. Following the transaction, the chief financial officer now directly owns 66,662 shares in the company, valued at approximately $2,681,145.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 122,740 shares of company stock worth $4,832,677. 2.20% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in Steven Madden by 0.3% in the second quarter. Principal Financial Group Inc. now owns 445,698 shares of the textile maker’s stock worth $17,805,000 after buying an additional 1,223 shares in the last quarter. 1060 Capital LLC bought a new stake in shares of Steven Madden during the second quarter worth $24,372,000. Airain ltd bought a new stake in shares of Steven Madden during the second quarter worth $416,000. Prudential Financial Inc. boosted its stake in shares of Steven Madden by 63.4% in the second quarter. Prudential Financial Inc. now owns 255,446 shares of the textile maker’s stock worth $10,205,000 after buying an additional 99,150 shares during the last quarter. Finally, Royce & Associates LP boosted its stake in shares of Steven Madden by 14.3% in the second quarter. Royce & Associates LP now owns 667,480 shares of the textile maker’s stock worth $26,666,000 after buying an additional 83,552 shares during the last quarter. 91.16% of the stock is currently owned by institutional investors.
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.
Receive News & Ratings for Steven Madden Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steven Madden Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.