Steven Madden’s (SHOO) “Hold” Rating Reiterated at Jefferies Group LLC
Steven Madden, Ltd. (NASDAQ:SHOO)‘s stock had its “hold” rating restated by investment analysts at Jefferies Group LLC in a research note issued on Wednesday, August 2nd. They currently have a $39.00 price target on the textile maker’s stock, up from their prior price target of $37.00. Jefferies Group LLC’s price target would suggest a potential downside of 9.30% from the stock’s previous close. Jefferies Group also issued estimates for Steven Madden’s FY2017 earnings at $2.24 EPS and FY2018 earnings at $2.36 EPS.
Other equities research analysts have also recently issued reports about the company. Zacks Investment Research upgraded Steven Madden from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research note on Tuesday, June 27th. Susquehanna Bancshares Inc boosted their price objective on Steven Madden from $42.00 to $44.00 and gave the company a “positive” rating in a research note on Tuesday, April 25th. Citigroup Inc. boosted their price objective on Steven Madden from $44.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, April 25th. Canaccord Genuity restated a “buy” rating and issued a $45.00 price objective on shares of Steven Madden in a research note on Wednesday, April 19th. Finally, 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. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Steven Madden presently has an average rating of “Buy” and an average target price of $43.32.
Shares of Steven Madden (NASDAQ:SHOO) traded up 1.30% during mid-day trading on Wednesday, reaching $43.00. 495,723 shares of the company were exchanged. Steven Madden has a 12 month low of $32.30 and a 12 month high of $43.15. The firm has a 50-day moving average price of $40.21 and a 200 day moving average price of $38.12. The stock has a market capitalization of $2.54 billion, a P/E ratio of 20.70 and a beta of 0.53.
Steven Madden (NASDAQ:SHOO) last released its earnings results on Tuesday, August 1st. The textile maker reported $0.51 EPS for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.06. The company had revenue of $374.15 million for 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 for the quarter was up 15.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.42 EPS. Equities research analysts anticipate that Steven Madden will post $2.25 EPS for the current fiscal year.
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In other news, CFO Arvind Dharia sold 20,000 shares of the stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $40.22, for a total transaction of $804,400.00. Following the completion of the sale, the chief financial officer now owns 66,662 shares of the company’s stock, valued at $2,681,145.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Karla Frieders sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $38.99, for a total value of $2,339,400.00. Following the transaction, the insider now owns 148,216 shares of the company’s stock, valued at approximately $5,778,941.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 122,740 shares of company stock valued at $4,832,677. 2.20% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Riverhead Capital Management LLC increased its position in shares of Steven Madden by 97.1% in the second quarter. Riverhead Capital Management LLC now owns 2,562 shares of the textile maker’s stock worth $102,000 after buying an additional 1,262 shares in the last quarter. Elkfork Partners LLC increased its position in Steven Madden by 17.5% in the first quarter. Elkfork Partners LLC now owns 2,662 shares of the textile maker’s stock worth $103,000 after buying an additional 396 shares during the period. TrimTabs Asset Management LLC increased its position in Steven Madden by 89.1% in the first quarter. TrimTabs Asset Management LLC now owns 3,023 shares of the textile maker’s stock worth $117,000 after buying an additional 1,424 shares during the period. Meeder Asset Management Inc. purchased a new position in Steven Madden during the second quarter worth about $127,000. Finally, Meadow Creek Investment Management LLC increased its position in Steven Madden by 17.5% in the first quarter. Meadow Creek Investment Management LLC now owns 3,388 shares of the textile maker’s stock worth $131,000 after buying an additional 504 shares during the period. Institutional investors own 91.16% 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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