Steven Madden (NASDAQ:SHOO) Downgraded by BidaskClub to Hold

BidaskClub downgraded shares of Steven Madden (NASDAQ:SHOO) from a buy rating to a hold rating in a research report released on Tuesday morning, BidAskClub reports.

SHOO has been the topic of a number of other research reports. ValuEngine lowered shares of Steven Madden from a sell rating to a strong sell rating in a research note on Wednesday, October 2nd. Zacks Investment Research downgraded shares of Steven Madden from a hold rating to a sell rating and set a $43.00 target price for the company. in a research report on Wednesday, October 30th. Loop Capital upped their price target on shares of Steven Madden to $45.00 and gave the company a buy rating in a report on Wednesday, October 30th. Finally, Telsey Advisory Group increased their price target on Steven Madden from $36.00 to $40.00 and gave the stock a market perform rating in a research report on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $40.00.

Shares of NASDAQ:SHOO opened at $41.20 on Tuesday. Steven Madden has a 52-week low of $27.88 and a 52-week high of $44.79. The stock has a market cap of $3.57 billion, a price-to-earnings ratio of 22.51, a PEG ratio of 3.64 and a beta of 0.81. The business has a 50-day moving average price of $40.65 and a 200-day moving average price of $34.74.

Steven Madden (NASDAQ:SHOO) last issued its earnings results on Tuesday, October 29th. The textile maker reported $0.67 EPS for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.09. Steven Madden had a return on equity of 20.01% and a net margin of 7.71%. The firm had revenue of $497.31 million for the quarter, compared to analyst estimates of $487.18 million. During the same quarter in the prior year, the firm earned $0.65 earnings per share. Steven Madden’s revenue for the quarter was up 8.5% on a year-over-year basis. Research analysts expect that Steven Madden will post 1.94 EPS for the current fiscal year.

In other Steven Madden news, CFO Arvind Dharia sold 7,500 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $36.30, for a total value of $272,250.00. Following the completion of the transaction, the chief financial officer now owns 102,107 shares in the company, valued at $3,706,484.10. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Amelia Varela sold 6,400 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $44.19, for a total transaction of $282,816.00. Following the sale, the president now directly owns 144,876 shares in the company, valued at $6,402,070.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 142,736 shares of company stock valued at $5,898,375. Company insiders own 1.96% of the company’s stock.

Several institutional investors have recently made changes to their positions in SHOO. BlackRock Inc. grew its stake in Steven Madden by 2.1% in the 2nd quarter. BlackRock Inc. now owns 11,992,962 shares of the textile maker’s stock valued at $407,160,000 after acquiring an additional 248,673 shares during the period. Victory Capital Management Inc. boosted its holdings in Steven Madden by 16.4% in the 2nd quarter. Victory Capital Management Inc. now owns 3,153,956 shares of the textile maker’s stock worth $107,077,000 after buying an additional 443,933 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in Steven Madden by 13.0% in the 2nd quarter. Wells Fargo & Company MN now owns 1,395,894 shares of the textile maker’s stock worth $47,390,000 after buying an additional 160,555 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Steven Madden by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,353 shares of the textile maker’s stock worth $44,861,000 after buying an additional 21,883 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Steven Madden by 0.6% during the second quarter. Northern Trust Corp now owns 1,156,463 shares of the textile maker’s stock valued at $39,261,000 after acquiring an additional 7,206 shares during the last quarter. Hedge funds and other institutional investors own 99.21% of the company’s stock.

About Steven Madden

Steven Madden, Ltd. designs, sources, markets, and sells fashion-forward name brand and private label footwear for women, men, and children worldwide. Its Wholesale Footwear segment provides footwear under the Steve Madden Women's, Madden Girl, Steve Madden Men's, Madden, Madden NYC, Report, Dolce Vita, DV by Dolce Vita, Mad Love, Steven by Steve Madden, Superga, Betsey Johnson, Betseyville, Steve Madden Kids, Stevies, Brian Atwood, Blondo, Kate Spade, and Anne Klein brands, as well as private label footwear.

Further Reading: Hedge Funds – Risk or Reward?

Analyst Recommendations for Steven Madden (NASDAQ:SHOO)

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