Zacks Investment Research cut shares of Steven Madden, Ltd. (NASDAQ:SHOO) from a hold rating to a sell 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 research reports about the company. ValuEngine raised Steven Madden from a hold rating to a buy rating in a report on Friday, September 1st. Piper Jaffray Companies reissued a buy rating and issued a $45.00 price objective on shares of Steven Madden in a report on Thursday, August 3rd. BidaskClub raised Steven Madden from a hold rating to a buy rating in a report on Wednesday, July 5th. Morgan Stanley lifted their price objective on Steven Madden from $38.00 to $41.50 and gave the stock an equal weight rating in a report on Monday, August 7th. Finally, Canaccord Genuity set a $47.00 price objective on Steven Madden and gave the stock a buy rating in a report on Tuesday, August 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $43.96.
Shares of Steven Madden (NASDAQ:SHOO) traded down 0.61% during midday trading on Wednesday, hitting $40.85. 255,994 shares of the stock were exchanged. Steven Madden has a 1-year low of $32.30 and a 1-year high of $43.80. The stock’s 50-day moving average price is $42.14 and its 200-day moving average price is $39.90. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of 19.67 and a beta of 0.51.
Steven Madden (NASDAQ:SHOO) last announced its earnings results on Tuesday, August 1st. The textile maker reported $0.51 earnings per share (EPS) for the quarter, beating the 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 period last year, the firm posted $0.42 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. On average, analysts forecast that Steven Madden will post $2.25 EPS for the current year.
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Hedge funds and other institutional investors have recently modified their holdings of the business. Riverhead Capital Management LLC boosted its stake in Steven Madden by 97.1% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,562 shares of the textile maker’s stock worth $102,000 after purchasing an additional 1,262 shares during the period. Meeder Asset Management Inc. bought a new position in Steven Madden in the 2nd quarter worth about $127,000. First Mercantile Trust Co. boosted its stake in Steven Madden by 1.7% in the 2nd 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 during the period. Public Employees Retirement System of Ohio boosted its stake in Steven Madden by 9.7% in the 1st 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 during the period. Finally, IFP Advisors Inc boosted its stake in Steven Madden by 3,804.2% in the 2nd quarter. IFP Advisors Inc now owns 4,607 shares of the textile maker’s stock worth $184,000 after purchasing an additional 4,489 shares during the period. Institutional investors and hedge funds own 91.32% 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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