Steven Madden, Ltd. (SHOO) Cut to “Hold” at Zacks Investment Research
Zacks Investment Research downgraded shares of Steven Madden, Ltd. (NASDAQ:SHOO) from a buy rating to a hold rating in a research note issued to investors on Wednesday.
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 equities research analysts have also issued reports about the company. Telsey Advisory Group reiterated an outperform rating and set a $45.00 price objective (up from $41.00) on shares of Steven Madden in a research note on Tuesday, August 8th. B. Riley reiterated a buy rating and set a $47.00 price objective on shares of Steven Madden in a research note on Tuesday, August 8th. Morgan Stanley boosted their price objective on Steven Madden from $37.00 to $38.00 and gave the stock an equal weight rating in a research note on Tuesday, June 6th. BidaskClub lowered Steven Madden from a buy rating to a hold rating in a research note on Tuesday, July 25th. Finally, Canaccord Genuity boosted their price objective on Steven Madden from $45.00 to $46.00 and gave the stock a buy rating in a research note on Monday, June 5th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $43.96.
Steven Madden (SHOO) traded up 1.29% during mid-day trading on Wednesday, hitting $43.30. The company had a trading volume of 470,812 shares. The firm has a market capitalization of $2.56 billion, a P/E ratio of 20.85 and a beta of 0.51. The company has a 50-day moving average price of $41.95 and a 200 day moving average price of $39.28. Steven Madden has a 12 month low of $32.30 and a 12 month high of $43.80.
Steven Madden (NASDAQ:SHOO) last announced its quarterly earnings results on Tuesday, August 1st. The textile maker reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.06. Steven Madden had a return on equity of 17.57% and a net margin of 8.19%. The firm had revenue of $374.15 million during the quarter, compared to analyst estimates of $355.22 million. During the same quarter in the previous year, the business earned $0.42 EPS. Steven Madden’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts forecast that Steven Madden will post $2.25 EPS for the current fiscal year.
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Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Riverhead Capital Management LLC lifted its holdings 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 acquiring an additional 1,262 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Steven Madden during the second quarter worth $127,000. Meadow Creek Investment Management LLC lifted its stake in Steven Madden by 17.5% during the first quarter. Meadow Creek Investment Management LLC now owns 3,388 shares of the textile maker’s stock worth $131,000 after purchasing an additional 504 shares in the last quarter. First Mercantile Trust Co. lifted its stake in Steven Madden by 1.7% during the second quarter. First Mercantile Trust Co. now owns 3,570 shares of the textile maker’s stock worth $143,000 after purchasing an additional 60 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its stake in Steven Madden by 9.7% during the first quarter. Public Employees Retirement System of Ohio now owns 4,575 shares of the textile maker’s stock worth $176,000 after purchasing an additional 403 shares in the last quarter. Hedge funds and other institutional investors own 91.34% of the company’s stock.
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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