Wedbush Reiterates Neutral Rating for Steven Madden (NASDAQ:SHOO)

Steven Madden (NASDAQ:SHOO)‘s stock had its “neutral” rating reiterated by research analysts at Wedbush in a note issued to investors on Wednesday, Benzinga reports. They currently have a $41.00 price target on the textile maker’s stock. Wedbush’s target price would suggest a potential downside of 5.40% from the company’s current price.

A number of other research analysts have also recently weighed in on the company. BTIG Research raised their price target on Steven Madden from $50.00 to $53.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Telsey Advisory Group reiterated a “market perform” rating and set a $44.00 price objective on shares of Steven Madden in a research report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $44.29.

Steven Madden Price Performance

Shares of SHOO stock traded up $0.71 during trading hours on Wednesday, hitting $43.34. The stock had a trading volume of 80,072 shares, compared to its average volume of 738,815. The firm has a market capitalization of $3.18 billion, a PE ratio of 17.92 and a beta of 1.09. Steven Madden has a twelve month low of $30.35 and a twelve month high of $47.24. The stock’s 50 day moving average is $43.54 and its 200 day moving average is $42.31.

Steven Madden (NASDAQ:SHOO) last issued its quarterly earnings results on Wednesday, July 31st. The textile maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.06. Steven Madden had a return on equity of 23.49% and a net margin of 8.36%. The firm had revenue of $523.60 million during the quarter, compared to the consensus estimate of $515.15 million. During the same period last year, the company earned $0.47 earnings per share. The company’s revenue for the quarter was up 17.6% on a year-over-year basis. As a group, equities analysts predict that Steven Madden will post 2.62 earnings per share for the current year.

Insider Activity at Steven Madden

In other Steven Madden news, insider Karla Frieders sold 10,000 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $44.91, for a total transaction of $449,100.00. Following the completion of the transaction, the insider now owns 86,658 shares in the company, valued at approximately $3,891,810.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Steven Madden news, insider Karla Frieders sold 10,000 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $44.91, for a total transaction of $449,100.00. Following the completion of the transaction, the insider now owns 86,658 shares in the company, valued at approximately $3,891,810.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Peter Migliorini sold 3,000 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $43.81, for a total value of $131,430.00. Following the sale, the director now directly owns 16,006 shares in the company, valued at $701,222.86. The disclosure for this sale can be found here. Insiders sold 14,600 shares of company stock worth $651,586 in the last 90 days. 2.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Steven Madden

A number of institutional investors and hedge funds have recently modified their holdings of SHOO. Raymond James & Associates lifted its holdings in shares of Steven Madden by 4.1% during the 4th quarter. Raymond James & Associates now owns 105,879 shares of the textile maker’s stock valued at $4,447,000 after buying an additional 4,136 shares during the last quarter. International Assets Investment Management LLC lifted its stake in Steven Madden by 4,100.0% in the fourth quarter. International Assets Investment Management LLC now owns 1,638 shares of the textile maker’s stock valued at $69,000 after acquiring an additional 1,599 shares during the last quarter. Louisiana State Employees Retirement System acquired a new stake in Steven Madden in the fourth quarter valued at approximately $1,474,000. Mackenzie Financial Corp acquired a new stake in Steven Madden in the fourth quarter valued at approximately $207,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Steven Madden by 54.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,914 shares of the textile maker’s stock valued at $1,088,000 after acquiring an additional 9,138 shares during the last quarter. 99.88% of the stock is owned by institutional investors and hedge funds.

About Steven Madden

Steven Madden, Ltd. designs, sources, and markets fashion-forward branded and private label footwear, accessories, and apparel in the United States and internationally. It operates through Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to- Consumer, and Licensing segments. The Wholesale Footwear segment designs, sources, and markets various products, including dress shoes, boots, booties, fashion sneakers, sandals, and casual shoes under the Steve Madden, Dolce Vita, Betsey Johnson, Blondo, GREATS, and Anne Klein brands.