Steven Madden, Ltd. (SHOO) Upgraded at 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 to clients and investors on Friday. The brokerage presently has a $47.00 target price on the textile maker’s stock. Zacks Investment Research‘s target price points to a potential upside of 10.98% from the stock’s previous close.
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 “
Other analysts also recently issued research reports about the stock. Canaccord Genuity set a $45.00 target price on shares of Steven Madden and gave the company a “buy” rating in a report on Friday, May 26th. B. Riley reiterated a “buy” rating and issued a $45.00 target price on shares of Steven Madden in a report on Friday, July 28th. Piper Jaffray Companies set a $41.00 target price on shares of Steven Madden and gave the company a “buy” rating in a report on Wednesday, June 14th. Jefferies Group LLC reiterated a “hold” rating and issued a $39.00 target price (up previously from $37.00) on shares of Steven Madden in a report on Wednesday, August 2nd. Finally, Buckingham Research increased their target price on shares of Steven Madden from $38.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, August 2nd. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $43.96.
Shares of Steven Madden (SHOO) traded up 0.95% on Friday, hitting $42.35. 666,624 shares of the stock were exchanged. The stock’s 50-day moving average is $41.87 and its 200-day moving average is $39.18. The stock has a market cap of $2.51 billion, a price-to-earnings ratio of 20.39 and a beta of 0.51. Steven Madden has a 1-year low of $32.30 and a 1-year high of $43.80.
Steven Madden (NASDAQ:SHOO) last announced its earnings results on Tuesday, August 1st. The textile maker reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.06. The company had revenue of $374.15 million during the quarter, compared to the consensus estimate of $355.22 million. Steven Madden had a net margin of 8.19% and a return on equity of 17.57%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.42 earnings per share. Analysts forecast that Steven Madden will post $2.25 earnings per share for the current year.
In related news, insider Karla Frieders sold 5,000 shares of the firm’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 completion of the sale, the insider now owns 83,216 shares in the company, valued at $3,212,969.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.06% of the company’s stock.
A number of large investors have recently modified their holdings of SHOO. BlackRock Inc. boosted its position in Steven Madden by 148,882.3% during the first quarter. BlackRock Inc. now owns 6,921,716 shares of the textile maker’s stock worth $266,833,000 after purchasing an additional 6,917,070 shares during the period. 1060 Capital LLC bought a new position in Steven Madden during the second quarter worth about $24,372,000. Wells Fargo & Company MN boosted its position in Steven Madden by 386.5% during the second quarter. Wells Fargo & Company MN now owns 698,957 shares of the textile maker’s stock worth $27,924,000 after purchasing an additional 555,283 shares during the period. Macquarie Group Ltd. boosted its position in Steven Madden by 16.2% during the second quarter. Macquarie Group Ltd. now owns 2,250,031 shares of the textile maker’s stock worth $89,889,000 after purchasing an additional 314,205 shares during the period. Finally, Teachers Advisors LLC boosted its position in Steven Madden by 92.0% during the first quarter. Teachers Advisors LLC now owns 557,535 shares of the textile maker’s stock worth $21,493,000 after purchasing an additional 267,183 shares during the period. Hedge funds and other institutional investors own 91.36% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.