Morgan Stanley Increases Steven Madden, Ltd. (NASDAQ:SHOO) Price Target to $41.50
Steven Madden, Ltd. (NASDAQ:SHOO) had its price objective increased by equities research analysts at Morgan Stanley from $38.00 to $41.50 in a report issued on Monday. The brokerage presently has an “equal weight” rating on the textile maker’s stock. Morgan Stanley’s price objective indicates a potential downside of 2.35% from the company’s previous close.
Several other research firms have also issued reports on SHOO. Canaccord Genuity reaffirmed a “buy” rating and set a $45.00 price target on shares of Steven Madden in a research report on Wednesday, April 19th. Citigroup Inc. upped their price target on shares of Steven Madden from $44.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, April 25th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $44.00 price target on shares of Steven Madden in a research report on Wednesday, July 26th. Zacks Investment Research lowered shares of Steven Madden from a “buy” rating to a “hold” rating in a research report on Wednesday, April 19th. Finally, Telsey Advisory Group upped their price target on shares of Steven Madden from $41.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 2nd. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Steven Madden presently has a consensus rating of “Buy” and a consensus target price of $43.32.
Steven Madden (SHOO) opened at 42.50 on Monday. The company has a market cap of $2.34 billion, a P/E ratio of 20.46 and a beta of 0.53. Steven Madden has a 12-month low of $32.30 and a 12-month high of $43.15. The stock’s 50 day moving average is $39.57 and its 200-day moving average is $37.86.
Steven Madden (NASDAQ:SHOO) last announced its earnings results on Tuesday, August 1st. The textile maker reported $0.51 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.06. Steven Madden had a net margin of 8.19% and a return on equity of 17.57%. The business had revenue of $374.15 million during the quarter, compared to analysts’ expectations of $355.22 million. During the same quarter in the prior year, the company posted $0.42 earnings per share. The firm’s revenue was up 15.0% on a year-over-year basis. Analysts predict that Steven Madden will post $2.25 earnings per share for the current fiscal year.
In other news, CFO Arvind Dharia sold 20,000 shares of the stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $40.22, for a total value of $804,400.00. Following the transaction, the chief financial officer now directly owns 66,662 shares of the company’s stock, valued at $2,681,145.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rose Peabody Lynch sold 2,240 shares of the stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $39.32, for a total transaction of $88,076.80. Following the completion of the transaction, the director now directly owns 4,754 shares in the company, valued at $186,927.28. The disclosure for this sale can be found here. Insiders sold 122,740 shares of company stock worth $4,832,677 over the last three months. Insiders own 2.20% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Steven Madden by 148,882.3% in the first quarter. BlackRock Inc. now owns 6,921,716 shares of the textile maker’s stock valued at $266,833,000 after buying an additional 6,917,070 shares during the last quarter. 1060 Capital LLC bought a new position in shares of Steven Madden during the second quarter valued at $24,372,000. Teachers Advisors LLC raised its position in shares of Steven Madden by 92.0% in the first quarter. Teachers Advisors LLC now owns 557,535 shares of the textile maker’s stock valued at $21,493,000 after buying an additional 267,183 shares during the last quarter. William Blair Investment Management LLC raised its position in shares of Steven Madden by 58.9% in the second quarter. William Blair Investment Management LLC now owns 684,896 shares of the textile maker’s stock valued at $27,362,000 after buying an additional 253,841 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Steven Madden by 4.6% in the first quarter. Vanguard Group Inc. now owns 4,809,629 shares of the textile maker’s stock valued at $185,410,000 after buying an additional 211,878 shares during the last quarter. 91.16% of the stock is currently owned by institutional investors.
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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