Canaccord Genuity Reiterates $50.00 Price Target for Steven Madden (SHOO)

Steven Madden (NASDAQ:SHOO) has been given a $50.00 price target by Canaccord Genuity in a research report issued on Sunday, January 7th. The firm presently has a “buy” rating on the textile maker’s stock. Canaccord Genuity’s price target would indicate a potential upside of 4.93% from the company’s previous close.

SHOO has been the subject of a number of other reports. Piper Jaffray Companies set a $51.00 price target on Steven Madden and gave the stock a “buy” rating in a research note on Monday, January 8th. Telsey Advisory Group cut their price objective on Steven Madden from $45.00 to $44.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 1st. Jefferies Group set a $39.00 price objective on Steven Madden and gave the company a “hold” rating in a research note on Tuesday, October 31st. B. Riley set a $47.00 price objective on Steven Madden and gave the company a “buy” rating in a research note on Thursday, October 26th. Finally, Zacks Investment Research raised Steven Madden from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Friday, September 22nd. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Steven Madden presently has a consensus rating of “Buy” and a consensus target price of $49.13.

Shares of Steven Madden (NASDAQ SHOO) traded down $0.55 during trading on Friday, reaching $47.65. The company had a trading volume of 339,400 shares, compared to its average volume of 455,600. Steven Madden has a 1 year low of $33.50 and a 1 year high of $48.80. The stock has a market cap of $2,848.78, a P/E ratio of 22.58, a P/E/G ratio of 1.75 and a beta of 0.51.

Steven Madden (NASDAQ:SHOO) last posted its quarterly earnings results on Tuesday, October 31st. The textile maker reported $0.77 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.77. Steven Madden had a return on equity of 17.21% and a net margin of 8.04%. The company had revenue of $441.19 million during the quarter, compared to the consensus estimate of $441.03 million. During the same period last year, the business earned $0.74 EPS. The business’s quarterly revenue was up 8.0% on a year-over-year basis. sell-side analysts predict that Steven Madden will post 2.23 earnings per share for the current year.

In other news, COO Awadhesh K. Sinha sold 6,500 shares of Steven Madden stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $45.03, for a total transaction of $292,695.00. Following the sale, the chief operating officer now owns 63,383 shares of the company’s stock, valued at approximately $2,854,136.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Amelia Varela sold 25,000 shares of Steven Madden stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $42.78, for a total value of $1,069,500.00. Following the sale, the president now directly owns 113,007 shares in the company, valued at approximately $4,834,439.46. The disclosure for this sale can be found here. Insiders sold a total of 34,000 shares of company stock worth $1,460,100 in the last ninety days. Insiders own 2.06% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Riverhead Capital Management LLC lifted its position in shares of Steven Madden by 97.1% during the 2nd 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 during the period. Fortaleza Asset Management Inc. bought a new position in shares of Steven Madden during the 3rd quarter worth approximately $158,000. First Quadrant L P CA bought a new position in shares of Steven Madden during the 3rd quarter worth approximately $191,000. Public Employees Retirement System of Ohio lifted its position in shares of Steven Madden by 9.1% during the 2nd 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. Finally, Worth Venture Partners LLC bought a new position in shares of Steven Madden during the 3rd quarter worth approximately $205,000. 92.98% of the stock is currently owned by institutional investors.

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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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