Steven Madden (SHOO) Upgraded to Buy at Zacks Investment Research

Steven Madden (NASDAQ:SHOO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $52.00 target price on the textile maker’s stock. Zacks Investment Research‘s price target suggests a potential upside of 10.17% from the company’s previous close.

According to Zacks, “Steve Madden designs, sources and markets fashion-forward footwear and accessories for women, men and children. In addition to marketing products under its own brands including Steve Madden, Dolce Vita, Betsey Johnson, Report, Big Buddha, Brian Atwood, Cejon, Blondo and Mad Love, Steve Madden is a licensee of various brands, including Kate Spade, Superga and Avec Les Filles. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden’s wholesale distribution includes department stores, specialty stores, luxury retailers, national chains and mass merchants. Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products, including for ready-to-wear, outerwear, intimate apparel, eyewear, hosiery, jewelry, fragrance, luggage and bedding and bath products. “

Several other equities research analysts have also issued reports on the company. B. Riley reiterated a “buy” rating and set a $52.00 price target (up from $47.00) on shares of Steven Madden in a report on Tuesday. Telsey Advisory Group reissued an “outperform” rating and issued a $51.00 price objective (up from $44.00) on shares of Steven Madden in a research note on Tuesday. Canaccord Genuity set a $50.00 price objective on Steven Madden and gave the company a “buy” rating in a research note on Sunday. Piper Jaffray Companies set a $51.00 price objective on Steven Madden and gave the company a “buy” rating in a research note on Monday. Finally, BidaskClub raised Steven Madden from a “hold” rating to a “buy” rating in a research note on Wednesday, December 27th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $48.41.

Shares of Steven Madden (NASDAQ SHOO) traded up $0.20 during trading on Wednesday, hitting $47.20. The stock had a trading volume of 331,900 shares, compared to its average volume of 526,383. The firm has a market cap of $2,800.00, a price-to-earnings ratio of 22.48, a price-to-earnings-growth ratio of 1.81 and a beta of 0.51. Steven Madden has a fifty-two week low of $33.50 and a fifty-two week high of $47.55.

Steven Madden (NASDAQ:SHOO) last announced its quarterly earnings results on Tuesday, October 31st. The textile maker reported $0.77 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.77. The business had revenue of $441.19 million during the quarter, compared to analyst estimates of $441.03 million. Steven Madden had a return on equity of 17.21% and a net margin of 8.04%. The firm’s revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.74 EPS. sell-side analysts predict that Steven Madden will post 2.21 EPS for the current fiscal year.

In other news, President Amelia Varela sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $42.78, for a total transaction of $1,069,500.00. Following the sale, the president now directly owns 113,007 shares in the company, valued at $4,834,439.46. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard P. Randall sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $38.05, for a total value of $76,100.00. Following the sale, the director now owns 22,809 shares in the company, valued at $867,882.45. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,000 shares of company stock worth $1,460,100. Company insiders own 2.06% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SHOO. GSA Capital Partners LLP boosted its stake in Steven Madden by 69.6% in the 3rd quarter. GSA Capital Partners LLP now owns 13,991 shares of the textile maker’s stock valued at $606,000 after buying an additional 5,740 shares in the last quarter. Algert Global LLC acquired a new stake in Steven Madden in the 3rd quarter valued at $455,000. Sterling Capital Management LLC boosted its stake in Steven Madden by 15.8% in the 3rd quarter. Sterling Capital Management LLC now owns 43,886 shares of the textile maker’s stock valued at $1,900,000 after buying an additional 5,984 shares in the last quarter. California Public Employees Retirement System boosted its stake in Steven Madden by 4.9% in the 3rd quarter. California Public Employees Retirement System now owns 133,655 shares of the textile maker’s stock valued at $5,787,000 after buying an additional 6,255 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new position in Steven Madden in the third quarter worth $639,000. Institutional investors and hedge funds own 92.98% of the company’s stock.

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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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