Zacks Investment Research Lowers Steven Madden, Ltd. (SHOO) to Hold
Steven Madden, Ltd. (NASDAQ:SHOO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.
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 “
A number of other research analysts also recently weighed in on the company. BidaskClub downgraded Steven Madden from a “buy” rating to a “hold” rating in a report on Tuesday, August 22nd. Canaccord Genuity set a $47.00 target price on Steven Madden and gave the company a “buy” rating in a report on Tuesday, August 15th. Wedbush assumed coverage on Steven Madden in a report on Monday, August 14th. They issued an “outperform” rating and a $48.00 target price on the stock. Telsey Advisory Group reissued an “outperform” rating and issued a $45.00 target price (up previously from $41.00) on shares of Steven Madden in a report on Tuesday, August 8th. Finally, B. Riley reissued a “buy” rating and issued a $47.00 target price on shares of Steven Madden in a report on Tuesday, August 8th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $43.79.
Shares of Steven Madden (NASDAQ SHOO) opened at 41.80 on Thursday. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 20.13 and a beta of 0.53. The firm’s 50-day moving average is $40.81 and its 200 day moving average is $38.60. 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 for the quarter, beating analysts’ consensus estimates of $0.45 by $0.06. Steven Madden had a return on equity of 17.57% and a net margin of 8.19%. The company had revenue of $374.15 million for the quarter, compared to the consensus estimate of $355.22 million. During the same quarter in the prior year, the company earned $0.42 earnings per share. Steven Madden’s revenue was up 15.0% on a year-over-year basis. On average, equities research analysts anticipate that Steven Madden will post $2.25 earnings per share for the current year.
In other news, CFO Arvind Dharia sold 20,000 shares of the firm’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $40.22, for a total value of $804,400.00. Following the transaction, the chief financial officer now owns 66,662 shares of the company’s stock, valued at $2,681,145.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Amelia Varela sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $39.51, for a total value of $987,750.00. Following the completion of the transaction, the president now directly owns 89,099 shares in the company, valued at approximately $3,520,301.49. The disclosure for this sale can be found here. Insiders sold 62,740 shares of company stock worth $2,493,277 in the last ninety days. Corporate insiders own 2.06% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Riverhead Capital Management LLC increased its position in Steven Madden by 97.1% in the second quarter. Riverhead Capital Management LLC now owns 2,562 shares of the textile maker’s stock valued at $102,000 after buying an additional 1,262 shares during the period. Elkfork Partners LLC boosted its stake in Steven Madden by 17.5% in the first quarter. Elkfork Partners LLC now owns 2,662 shares of the textile maker’s stock valued at $103,000 after buying an additional 396 shares in the last quarter. TrimTabs Asset Management LLC boosted its stake in Steven Madden by 89.1% in the first quarter. TrimTabs Asset Management LLC now owns 3,023 shares of the textile maker’s stock valued at $117,000 after buying an additional 1,424 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in Steven Madden during the second quarter valued at about $127,000. Finally, Meadow Creek Investment Management LLC boosted its stake in Steven Madden by 17.5% in the first quarter. Meadow Creek Investment Management LLC now owns 3,388 shares of the textile maker’s stock valued at $131,000 after buying an additional 504 shares in the last quarter. 91.37% of the stock is currently owned by hedge funds and other institutional investors.
About Steven Madden
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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