Steven Madden Ltd. (SHOO) Lifted 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 report released on Thursday. The brokerage presently has a $41.00 target price on the stock. Zacks Investment Research’s price objective points to a potential upside of 10.66% from the stock’s current price.
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 “
SHOO has been the subject of a number of other research reports. Jefferies Group restated a “buy” rating and issued a $40.00 target price on shares of Steven Madden in a research note on Thursday, November 3rd. B. Riley restated a “neutral” rating and issued a $40.00 target price on shares of Steven Madden in a research note on Wednesday, November 2nd. Canaccord Genuity restated a “buy” rating and issued a $40.00 target price on shares of Steven Madden in a research note on Monday, October 31st. Telsey Advisory Group reduced their target price on Steven Madden from $40.00 to $38.00 and set an “outperform” rating for the company in a research note on Wednesday, August 3rd. Finally, Susquehanna assumed coverage on Steven Madden in a research note on Friday, August 12th. They issued a “positive” rating and a $42.00 target price for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $38.30.
Shares of Steven Madden (NASDAQ:SHOO) opened at 37.05 on Thursday. Steven Madden has a 52-week low of $27.80 and a 52-week high of $40.55. The stock has a market capitalization of $2.25 billion, a P/E ratio of 18.82 and a beta of 0.52. The company has a 50 day moving average price of $35.92 and a 200-day moving average price of $34.94.
Steven Madden (NASDAQ:SHOO) last issued its earnings results on Tuesday, November 1st. The company reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. The company earned $408.40 million during the quarter, compared to analyst estimates of $404.58 million. Steven Madden had a return on equity of 16.26% and a net margin of 8.11%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the business posted $0.70 EPS. On average, analysts predict that Steven Madden will post $2.02 earnings per share for the current fiscal year.
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In related news, Director Peter Migliorini sold 2,592 shares of Steven Madden stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $38.96, for a total value of $100,984.32. Following the sale, the director now directly owns 2,977 shares in the company, valued at approximately $115,983.92. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Arvind Dharia sold 15,000 shares of Steven Madden stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $40.06, for a total value of $600,900.00. Following the completion of the sale, the chief financial officer now owns 86,662 shares in the company, valued at $3,471,679.72. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.
A number of large investors have recently bought and sold shares of SHOO. Public Employees Retirement System of Ohio boosted its stake in 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 valued at $121,000 after buying an additional 555 shares during the last quarter. Strs Ohio boosted its stake in Steven Madden by 14.6% in the second quarter. Strs Ohio now owns 4,700 shares of the company’s stock valued at $160,000 after buying an additional 600 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Steven Madden during the third quarter valued at about $217,000. Amalgamated Bank boosted its stake in Steven Madden by 19.0% in the second quarter. Amalgamated Bank now owns 7,055 shares of the company’s stock valued at $249,000 after buying an additional 1,124 shares during the last quarter. Finally, PineBridge Investments L.P. boosted its stake in Steven Madden by 3.8% in the second quarter. PineBridge Investments L.P. now owns 7,057 shares of the company’s stock valued at $241,000 after buying an additional 261 shares during the last quarter. Institutional investors own 94.72% of the company’s stock.
Steven Madden Company Profile
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