Canaccord Genuity Analysts Give Steven Madden, Ltd. (SHOO) a $47.00 Price Target
Steven Madden, Ltd. (NASDAQ:SHOO) has been given a $47.00 price target by investment analysts at Canaccord Genuity in a research report issued on Tuesday. The firm currently has a “buy” rating on the textile maker’s stock. Canaccord Genuity’s price objective indicates a potential upside of 11.11% from the company’s current price.
The analysts wrote, “We are positive on SHOO into its Q3 report on Tuesday, October 31 BMO. Excluding the hurricane impact in TX and FL (which we estimate hurt comps by ~100bps), Q3 should be another solid quarter with EPS upside potential of 1-2c due to the strength of core SM women’s. We are currently modeling EPS of 76c vs. 77c consensus on net sales growth of 8%, based on wholesale sales growth of 8.4% and a 2% retail comp. Within the wholesale segment, we are modeling 2.2% growth in core w/s footwear (due to weak private label and tough comparisons in SM women’s) and 3% growth in w/s accessories as we believe handbags have ticked up now that industry promotional pressures have subsided. In addition, we estimate Schwartz & Benjamin (S&B) will add ~$21M (or ~600bps of growth) to Q3 wholesale revenue.””
Other analysts have also issued reports about the stock. Telsey Advisory Group restated an “outperform” rating and issued a $45.00 price objective (up from $41.00) on shares of Steven Madden in a report on Tuesday, August 8th. Zacks Investment Research upgraded shares of Steven Madden from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a report on Friday, August 18th. B. Riley restated a “buy” rating and issued a $47.00 price objective on shares of Steven Madden in a report on Tuesday, August 8th. BidaskClub lowered shares of Steven Madden from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, Morgan Stanley raised their price objective on shares of Steven Madden from $38.00 to $41.50 and gave the stock an “equal weight” rating in a report on Monday, August 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. Steven Madden has an average rating of “Hold” and an average target price of $44.29.
Steven Madden (NASDAQ:SHOO) opened at 42.35 on Tuesday. The stock has a 50 day moving average price of $42.08 and a 200-day moving average price of $40.05. The firm has a market capitalization of $2.51 billion, a P/E ratio of 20.39 and a beta of 0.51. Steven Madden has a 52 week low of $32.30 and a 52 week high of $43.80.
Steven Madden (NASDAQ:SHOO) last posted its earnings results on Tuesday, August 1st. The textile maker reported $0.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.06. The company had revenue of $374.15 million for the quarter, compared to analysts’ expectations of $355.22 million. Steven Madden had a return on equity of 17.57% and a net margin of 8.19%. Steven Madden’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the firm earned $0.42 earnings per share. Analysts anticipate that Steven Madden will post $2.25 EPS for the current fiscal year.
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Several hedge funds have recently added to or reduced their stakes in SHOO. UBS Asset Management Americas Inc. lifted its holdings in shares of Steven Madden by 45.7% during the first quarter. UBS Asset Management Americas Inc. now owns 29,957 shares of the textile maker’s stock valued at $1,155,000 after purchasing an additional 9,400 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Steven Madden by 1.5% during the first quarter. JPMorgan Chase & Co. now owns 158,617 shares of the textile maker’s stock valued at $6,114,000 after purchasing an additional 2,421 shares during the last quarter. OppenheimerFunds Inc. lifted its holdings in shares of Steven Madden by 24.4% during the first quarter. OppenheimerFunds Inc. now owns 28,721 shares of the textile maker’s stock valued at $1,107,000 after purchasing an additional 5,629 shares during the last quarter. Teachers Advisors LLC lifted its holdings in shares of Steven Madden by 92.0% during the first quarter. Teachers Advisors LLC now owns 557,535 shares of the textile maker’s stock valued at $21,493,000 after purchasing an additional 267,183 shares during the last quarter. Finally, TIAA CREF Investment Management LLC lifted its holdings in shares of Steven Madden by 27.1% during the first quarter. TIAA CREF Investment Management LLC now owns 303,436 shares of the textile maker’s stock valued at $11,697,000 after purchasing an additional 64,697 shares during the last quarter. Hedge funds and other institutional investors own 91.74% 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.
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