Canaccord Genuity Reiterates “$52.00” Price Target for Steve Madden (SHOO)

Steve Madden (NASDAQ:SHOO) has been assigned a $52.00 target price by stock analysts at Canaccord Genuity in a research report issued to clients and investors on Monday. The brokerage presently has a “buy” rating on the textile maker’s stock. Canaccord Genuity’s price objective indicates a potential upside of 11.47% from the stock’s current price.

A number of other analysts have also commented on the company. Zacks Investment Research raised Steve Madden from a “sell” rating to a “hold” rating in a report on Friday, December 22nd. Wedbush reissued a “buy” rating and issued a $53.00 target price on shares of Steve Madden in a report on Tuesday, December 19th. BidaskClub raised Steve Madden from a “hold” rating to a “buy” rating in a report on Wednesday, December 27th. B. Riley reissued a “buy” rating and issued a $52.00 target price (up previously from $47.00) on shares of Steve Madden in a report on Tuesday, January 9th. Finally, Citigroup restated a “buy” rating and issued a $56.00 price target on shares of Steve Madden in a research note on Tuesday, January 16th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $49.29.

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Steve Madden stock opened at $46.65 on Monday. The firm has a market capitalization of $2,707.06, a price-to-earnings ratio of 20.83, a price-to-earnings-growth ratio of 1.48 and a beta of 0.47. Steve Madden has a 12 month low of $35.55 and a 12 month high of $49.28.

Steve Madden (NASDAQ:SHOO) last posted its earnings results on Tuesday, February 27th. The textile maker reported $0.48 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.48. The business had revenue of $364.40 million during the quarter, compared to analyst estimates of $360.27 million. Steve Madden had a return on equity of 16.68% and a net margin of 7.63%. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.49 EPS. sell-side analysts expect that Steve Madden will post 2.67 earnings per share for the current year.

In other news, CEO Edward R. Rosenfeld sold 33,000 shares of the firm’s stock in a transaction on Friday, March 16th. The stock was sold at an average price of $45.82, for a total value of $1,512,060.00. Following the transaction, the chief executive officer now directly owns 515,200 shares in the company, valued at approximately $23,606,464. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.77% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in SHOO. Russell Investments Group Ltd. lifted its position in Steve Madden by 6.7% during the third quarter. Russell Investments Group Ltd. now owns 61,683 shares of the textile maker’s stock valued at $2,671,000 after purchasing an additional 3,856 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in Steve Madden by 7.0% during the third quarter. Schwab Charles Investment Management Inc. now owns 411,486 shares of the textile maker’s stock valued at $17,818,000 after purchasing an additional 26,856 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Steve Madden by 2.3% during the third quarter. Dimensional Fund Advisors LP now owns 1,691,671 shares of the textile maker’s stock valued at $73,248,000 after purchasing an additional 37,264 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in Steve Madden during the third quarter valued at $639,000. Finally, California Public Employees Retirement System lifted its position in Steve Madden by 4.9% during the third quarter. California Public Employees Retirement System now owns 133,655 shares of the textile maker’s stock valued at $5,787,000 after purchasing an additional 6,255 shares in the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

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Steve Madden Company Profile

Steven Madden, Ltd. designs, sources, markets, and sells fashion-forward name brand and private label footwear for women, men, and children worldwide. Its Wholesale Footwear segment provides footwear under the Steve Madden Women's, Madden Girl, Steve Madden Men's, Madden, Madden NYC, Dolce Vita, DV by Dolce Vita, Mad Love, Steven by Steve Madden, Report, Superga, Betsey Johnson, Betseyville, Steve Madden Kids, FREEBIRD by Steven, Stevies, B Brian Atwood, Blondo, Kate Spade, and Avec Les Filles brands, as well as private label footwear.

Analyst Recommendations for Steve Madden (NASDAQ:SHOO)

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