Steven Madden Ltd. (SHOO) Rating Increased to Buy 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 note issued to investors on Thursday. The firm currently has a $42.00 price objective on the stock. Zacks Investment Research’s target price would suggest a potential upside of 10.38% from the company’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 “
Several other equities analysts have also issued reports on the stock. Canaccord Genuity reaffirmed a “buy” rating and issued a $40.00 price target on shares of Steven Madden in a report on Monday, October 31st. Susquehanna initiated coverage on shares of Steven Madden in a report on Friday, August 12th. They issued a “positive” rating and a $42.00 price target on the stock. B. Riley lowered shares of Steven Madden from a “buy” rating to a “neutral” rating and cut their price target for the stock from $47.00 to $40.00 in a report on Monday, August 1st. Jefferies Group reaffirmed a “buy” rating and issued a $40.00 price target on shares of Steven Madden in a report on Thursday, November 3rd. Finally, Telsey Advisory Group dropped their price objective on shares of Steven Madden from $40.00 to $38.00 and set an “outperform” rating on the stock in a report on Wednesday, August 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. Steven Madden has a consensus rating of “Hold” and an average price target of $38.40.
Steven Madden (NASDAQ:SHOO) opened at 38.05 on Thursday. The company has a market capitalization of $2.31 billion, a PE ratio of 19.32 and a beta of 0.52. Steven Madden has a one year low of $27.80 and a one year high of $40.55. The company has a 50-day moving average price of $35.26 and a 200-day moving average price of $34.71.
Steven Madden (NASDAQ:SHOO) last released its quarterly earnings results on Tuesday, November 1st. The company reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.04. Steven Madden had a net margin of 8.11% and a return on equity of 16.26%. The business had revenue of $408.40 million for the quarter, compared to analyst estimates of $404.58 million. During the same period in the previous year, the company earned $0.70 earnings per share. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. Analysts expect that Steven Madden will post $2.02 earnings per share for the current fiscal year.
In other Steven Madden news, Director Peter Migliorini sold 2,592 shares of the company’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $38.96, for a total value of $100,984.32. Following the completion of the transaction, the director now owns 2,977 shares in the company, valued at $115,983.92. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Arvind Dharia sold 15,000 shares of the company’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $40.06, for a total transaction of $600,900.00. Following the completion of the transaction, the chief financial officer now owns 86,662 shares of the company’s stock, valued at approximately $3,471,679.72. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio increased its position in shares of Steven Madden by 18.5% in the second quarter. Public Employees Retirement System of Ohio now owns 3,550 shares of the company’s stock worth $121,000 after buying an additional 555 shares during the period. BlackRock Inc. increased its position in shares of Steven Madden by 124.0% in the first quarter. BlackRock Inc. now owns 3,805 shares of the company’s stock worth $140,000 after buying an additional 2,106 shares during the period. Strs Ohio increased its position in shares of Steven Madden by 14.6% in the second quarter. Strs Ohio now owns 4,700 shares of the company’s stock worth $160,000 after buying an additional 600 shares during the period. SG Americas Securities LLC purchased a new position in shares of Steven Madden during the third quarter worth $217,000. Finally, PineBridge Investments L.P. increased its position in shares of Steven Madden by 3.8% in the second quarter. PineBridge Investments L.P. now owns 7,057 shares of the company’s stock worth $241,000 after buying an additional 261 shares during the period. Institutional investors and hedge funds own 94.03% of the company’s stock.
About Steven Madden
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