Zacks Investment Research Upgrades Steven Madden, Ltd. (SHOO) to “Buy”

Steven Madden, Ltd. (NASDAQ:SHOO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage presently has a $47.00 target price on the textile maker’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.98% from the stock’s previous close.

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 analysts also recently commented on SHOO. Canaccord Genuity set a $45.00 price objective on Steven Madden and gave the company a “buy” rating in a research note on Friday, May 26th. ValuEngine raised Steven Madden from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Piper Jaffray Companies set a $41.00 price objective on Steven Madden and gave the company a “buy” rating in a research note on Wednesday, May 31st. BidaskClub raised Steven Madden from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Finally, Morgan Stanley upped their price objective on Steven Madden from $38.00 to $41.50 and gave the company an “equal weight” rating in a research note on Monday, August 7th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Steven Madden currently has an average rating of “Buy” and a consensus target price of $43.96.

Steven Madden (SHOO) opened at 42.35 on Friday. The stock has a 50 day moving average price of $41.87 and a 200 day moving average price of $39.18. Steven Madden has a 52 week low of $32.30 and a 52 week high of $43.80. The stock has a market capitalization of $2.51 billion, a PE ratio of 20.39 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 analysts’ consensus estimates of $0.45 by $0.06. The firm had revenue of $374.15 million during the quarter, compared to analysts’ expectations of $355.22 million. Steven Madden had a return on equity of 17.57% and a net margin of 8.19%. The business’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.42 EPS. Equities analysts forecast that Steven Madden will post $2.25 EPS for the current year.

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In other Steven Madden news, insider Karla Frieders sold 5,000 shares of the stock in a transaction on Monday, June 19th. The stock was sold at an average price of $38.61, for a total transaction of $193,050.00. Following the sale, the insider now owns 83,216 shares in the company, valued at approximately $3,212,969.76. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.06% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in the business. Amalgamated Bank grew its holdings in Steven Madden by 0.4% during the 2nd quarter. Amalgamated Bank now owns 8,107 shares of the textile maker’s stock valued at $324,000 after buying an additional 32 shares during the last quarter. Jennison Associates LLC grew its holdings in Steven Madden by 0.4% during the 2nd quarter. Jennison Associates LLC now owns 11,834 shares of the textile maker’s stock valued at $473,000 after buying an additional 44 shares during the last quarter. First Mercantile Trust Co. grew its holdings in Steven Madden by 1.7% during the 2nd quarter. First Mercantile Trust Co. now owns 3,570 shares of the textile maker’s stock valued at $143,000 after buying an additional 60 shares during the last quarter. CS Mckee LP grew its holdings in Steven Madden by 0.5% during the 2nd quarter. CS Mckee LP now owns 22,175 shares of the textile maker’s stock valued at $886,000 after buying an additional 100 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in Steven Madden by 1.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 19,118 shares of the textile maker’s stock valued at $763,000 after buying an additional 189 shares during the last quarter. Hedge funds and other institutional investors own 91.36% 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.

Analyst Recommendations for Steven Madden (NASDAQ:SHOO)

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