B. Riley Reaffirms Buy Rating for Steven Madden (SHOO)
B. Riley reiterated their buy rating on shares of Steven Madden (NASDAQ:SHOO) in a research note issued to investors on Tuesday, Marketbeat Ratings reports. They currently have a $52.00 price objective on the textile maker’s stock, up from their prior price objective of $47.00. B. Riley also issued estimates for Steven Madden’s Q4 2017 earnings at $0.46 EPS, FY2017 earnings at $2.22 EPS, Q1 2018 earnings at $0.56 EPS, Q2 2018 earnings at $0.59 EPS, Q3 2018 earnings at $0.94 EPS, Q4 2018 earnings at $0.58 EPS and FY2018 earnings at $2.66 EPS.
Several other equities research analysts have also issued reports on the stock. Telsey Advisory Group reiterated an outperform rating and set a $51.00 target price (up from $44.00) on shares of Steven Madden in a research report on Tuesday. Canaccord Genuity set a $50.00 price objective on shares of Steven Madden and gave the stock a buy rating in a report on Sunday, January 7th. Piper Jaffray Companies set a $51.00 price objective on shares of Steven Madden and gave the stock a buy rating in a report on Monday. BidaskClub upgraded shares of Steven Madden from a hold rating to a buy rating in a report on Wednesday, December 27th. Finally, Zacks Investment Research upgraded shares of Steven Madden from a sell rating to a hold rating in a report on Friday, December 22nd. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $48.21.
Shares of Steven Madden (SHOO) traded up $0.70 during trading on Tuesday, reaching $48.30. 459,500 shares of the company’s stock traded hands, compared to its average volume of 491,875. Steven Madden has a twelve month low of $33.50 and a twelve month high of $48.80. The company has a market capitalization of $2,850.00, a price-to-earnings ratio of 23.00, a PEG ratio of 1.81 and a beta of 0.51.
In related news, President Amelia Varela sold 25,000 shares of Steven Madden stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $42.78, for a total value of $1,069,500.00. Following the transaction, the president now directly owns 113,007 shares of the company’s stock, valued at $4,834,439.46. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard P. Randall sold 2,000 shares of Steven Madden stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $38.05, for a total transaction of $76,100.00. Following the completion of the transaction, the director now directly owns 22,809 shares in the company, valued at $867,882.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,000 shares of company stock valued at $1,460,100. Company insiders own 2.06% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Amalgamated Bank increased its stake in shares of Steven Madden by 0.4% in the second quarter. Amalgamated Bank now owns 8,107 shares of the textile maker’s stock worth $324,000 after buying an additional 32 shares during the period. CS Mckee LP increased its stake in shares of Steven Madden by 0.5% in the second quarter. CS Mckee LP now owns 22,175 shares of the textile maker’s stock worth $886,000 after buying an additional 100 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Steven Madden by 1.0% in the second quarter. PNC Financial Services Group Inc. now owns 19,118 shares of the textile maker’s stock worth $763,000 after buying an additional 189 shares during the period. State Board of Administration of Florida Retirement System increased its stake in shares of Steven Madden by 0.4% in the second quarter. State Board of Administration of Florida Retirement System now owns 53,280 shares of the textile maker’s stock worth $2,129,000 after buying an additional 217 shares during the period. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Steven Madden by 9.1% in the second quarter. Public Employees Retirement System of Ohio now owns 4,990 shares of the textile maker’s stock worth $199,000 after buying an additional 415 shares during the period. 92.98% of the stock is currently owned by institutional investors.
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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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