Steven Madden (NASDAQ:SHOO) Upgraded to Buy by StockNews.com

Steven Madden (NASDAQ:SHOO) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday.

A number of other brokerages have also commented on SHOO. Wedbush restated a “neutral” rating and set a $41.00 price objective on shares of Steven Madden in a research report on Wednesday, August 7th. BTIG Research increased their price target on shares of Steven Madden from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. Piper Sandler reaffirmed a “neutral” rating and set a $45.00 price objective on shares of Steven Madden in a research report on Friday, August 23rd. Finally, Telsey Advisory Group reiterated a “market perform” rating and issued a $44.00 target price 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. According to MarketBeat, Steven Madden currently has a consensus rating of “Hold” and a consensus price target of $44.29.

Steven Madden Stock Up 0.8 %

Shares of SHOO stock traded up $0.36 during trading hours on Wednesday, reaching $47.46. 830,733 shares of the stock traded hands, compared to its average volume of 705,582. The firm has a market capitalization of $3.48 billion, a PE ratio of 19.61 and a beta of 1.08. Steven Madden has a 1-year low of $30.35 and a 1-year high of $48.59. The business has a fifty day moving average price of $43.95 and a 200 day moving average price of $42.59.

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

Institutional Investors Weigh In On Steven Madden

Institutional investors and hedge funds have recently modified their holdings of the business. Aristides Capital LLC bought a new position in Steven Madden during the second quarter valued at about $261,000. Creative Planning raised its stake in shares of Steven Madden by 78.7% in the 2nd quarter. Creative Planning now owns 10,791 shares of the textile maker’s stock valued at $456,000 after acquiring an additional 4,752 shares in the last quarter. Algert Global LLC acquired a new stake in Steven Madden in the 2nd quarter worth approximately $299,000. Scientech Research LLC bought a new stake in Steven Madden during the second quarter worth approximately $821,000. Finally, Mackenzie Financial Corp boosted its position in Steven Madden by 3.1% during the second quarter. Mackenzie Financial Corp now owns 8,232 shares of the textile maker’s stock worth $348,000 after purchasing an additional 248 shares during the period. Institutional investors and hedge funds own 99.88% of the company’s stock.

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.