Canaccord Genuity Reiterates $47.00 Price Target for Steven Madden, Ltd. (SHOO)
Steven Madden, Ltd. (NASDAQ:SHOO) has been assigned a $47.00 target price by equities research analysts at Canaccord Genuity in a report issued on Tuesday. The brokerage presently has a “buy” rating on the textile maker’s stock. Canaccord Genuity’s target price suggests a potential upside of 10.33% from the stock’s current price.
A number of other research analysts also recently issued reports on the company. BidaskClub raised Steven Madden from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Zacks Investment Research raised Steven Madden from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research note on Tuesday, June 27th. Piper Jaffray Companies set a $41.00 price objective on Steven Madden and gave the company a “buy” rating in a research note on Wednesday, May 31st. Citigroup Inc. boosted their price objective on Steven Madden from $44.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, April 25th. Finally, Morgan Stanley boosted their price objective on Steven Madden from $37.00 to $38.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 6th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $43.71.
Steven Madden (NASDAQ:SHOO) traded down 1.27% during trading on Tuesday, reaching $42.60. The company’s stock had a trading volume of 639,596 shares. Steven Madden has a 52-week low of $32.30 and a 52-week high of $43.80. The firm has a 50 day moving average price of $40.33 and a 200-day moving average price of $38.22. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of 20.51 and a beta of 0.53.
Steven Madden (NASDAQ:SHOO) last announced its earnings results on Tuesday, August 1st. The textile maker reported $0.51 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.06. The firm had revenue of $374.15 million for the quarter, compared to the consensus estimate of $355.22 million. Steven Madden had a return on equity of 15.64% and a net margin of 7.76%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 EPS. On average, analysts expect that Steven Madden will post $2.25 earnings per share for the current year.
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In other Steven Madden news, CFO Arvind Dharia sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $40.22, for a total transaction of $804,400.00. Following the completion of the sale, the chief financial officer now directly owns 66,662 shares of the company’s stock, valued at approximately $2,681,145.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rose Peabody Lynch sold 2,240 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $39.32, for a total value of $88,076.80. Following the sale, the director now directly owns 4,754 shares of the company’s stock, valued at $186,927.28. The disclosure for this sale can be found here. Insiders have sold a total of 122,740 shares of company stock valued at $4,832,677 over the last three months. Corporate insiders own 2.20% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Eagle Asset Management raised its stake in shares of Steven Madden by 70.8% in the third quarter. Eagle Asset Management now owns 4,498,772 shares of the textile maker’s stock worth $164,744,000 after buying an additional 1,864,756 shares in the last quarter. Emerald Mutual Fund Advisers Trust raised its stake in shares of Steven Madden by 31.1% in the fourth quarter. Emerald Mutual Fund Advisers Trust now owns 544,450 shares of the textile maker’s stock worth $16,453,000 after buying an additional 129,140 shares in the last quarter. Morgan Stanley raised its stake in shares of Steven Madden by 538.8% in the fourth quarter. Morgan Stanley now owns 379,668 shares of the textile maker’s stock worth $11,474,000 after buying an additional 320,233 shares in the last quarter. Boston Partners raised its stake in shares of Steven Madden by 163.0% in the fourth quarter. Boston Partners now owns 917,125 shares of the textile maker’s stock worth $27,716,000 after buying an additional 568,402 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in shares of Steven Madden by 4.9% in the fourth quarter. New York State Common Retirement Fund now owns 61,655 shares of the textile maker’s stock worth $1,863,000 after buying an additional 2,900 shares in the last quarter. 92.44% of the stock is 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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