Steven Madden, Ltd. (SHOO) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Steven Madden, Ltd. (NASDAQ:SHOO) from a hold rating to a buy rating in a research report sent to investors on Thursday morning. The brokerage currently has $47.00 target price on the textile maker’s stock.
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 research firms have also recently weighed in on SHOO. BidaskClub raised shares of Steven Madden from a hold rating to a buy rating in a research note on Wednesday, July 5th. Canaccord Genuity set a $47.00 price target on shares of Steven Madden and gave the stock a buy rating in a report on Tuesday, August 15th. ValuEngine raised shares of Steven Madden from a hold rating to a buy rating in a research report on Friday, September 1st. Piper Jaffray Companies reaffirmed a buy rating and set a $44.00 price target on shares of Steven Madden in a research report on Wednesday, July 26th. Finally, Telsey Advisory Group upped their price objective on Steven Madden from $41.00 to $45.00 and gave the company an outperform rating in a report on Wednesday, August 2nd. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Steven Madden has a consensus rating of Buy and an average price target of $43.96.
Shares of Steven Madden (NASDAQ:SHOO) opened at 43.30 on Thursday. The stock has a market capitalization of $2.56 billion, a P/E ratio of 20.85 and a beta of 0.51. Steven Madden has a one year low of $32.30 and a one year high of $43.80. The stock has a 50 day moving average price of $41.95 and a 200 day moving average price of $39.28.
Steven Madden (NASDAQ:SHOO) last released its quarterly earnings data 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. Steven Madden had a net margin of 8.19% and a return on equity of 17.57%. The firm had revenue of $374.15 million during the quarter, compared to analysts’ expectations of $355.22 million. During the same period last year, the business earned $0.42 earnings per share. Steven Madden’s revenue was up 15.0% compared to the same quarter last year. Equities analysts forecast that Steven Madden will post $2.25 earnings per share for the current year.
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Institutional investors have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System boosted its holdings in Steven Madden by 6.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 53,063 shares of the textile maker’s stock valued at $2,046,000 after acquiring an additional 3,243 shares during the period. First Trust Advisors LP increased its stake in Steven Madden by 31.3% during the first quarter. First Trust Advisors LP now owns 43,895 shares of the textile maker’s stock worth $1,692,000 after purchasing an additional 10,468 shares during the period. Bank of New York Mellon Corp increased its stake in Steven Madden by 6.5% during the first quarter. Bank of New York Mellon Corp now owns 753,863 shares of the textile maker’s stock worth $29,061,000 after purchasing an additional 45,928 shares during the period. BNP Paribas Arbitrage SA increased its stake in Steven Madden by 8.5% during the first quarter. BNP Paribas Arbitrage SA now owns 12,505 shares of the textile maker’s stock worth $482,000 after purchasing an additional 977 shares during the period. Finally, Comerica Bank increased its stake in Steven Madden by 2.8% during the first quarter. Comerica Bank now owns 60,410 shares of the textile maker’s stock worth $2,332,000 after purchasing an additional 1,658 shares during the period. Institutional investors own 91.32% 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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