Citigroup Reiterates Buy Rating for Steven Madden (SHOO)

Citigroup reiterated their buy rating on shares of Steven Madden (NASDAQ:SHOO) in a research report sent to investors on Tuesday morning, The Fly reports. Citigroup currently has a $56.00 price objective on the textile maker’s stock.

Other equities research analysts also recently issued reports about the company. Zacks Investment Research upgraded Steven Madden from a hold rating to a buy rating and set a $52.00 target price on the stock in a report on Wednesday, January 10th. Buckingham Research dropped their target price on Steven Madden from $40.00 to $39.00 and set a neutral rating on the stock in a report on Wednesday, November 1st. B. Riley set a $47.00 target price on Steven Madden and gave the company a buy rating in a report on Thursday, October 26th. Canaccord Genuity set a $47.00 target price on Steven Madden and gave the company a buy rating in a report on Tuesday, October 24th. Finally, Susquehanna Bancshares restated a buy rating and set a $48.00 price objective on shares of Steven Madden in a report on Monday, October 23rd. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Steven Madden currently has an average rating of Buy and an average target price of $49.13.

Shares of Steven Madden (NASDAQ:SHOO) opened at $48.80 on Tuesday. The company has a market capitalization of $2,819.23, a PE ratio of 21.30, a P/E/G ratio of 1.73 and a beta of 0.51. Steven Madden has a twelve month low of $33.50 and a twelve month high of $48.90.

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

In other news, President Amelia Varela sold 25,000 shares of the business’s 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 completion of the sale, the president now directly owns 113,007 shares in the company, valued at approximately $4,834,439.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard P. Randall sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $38.05, for a total value of $76,100.00. Following the completion of the sale, the director now owns 22,809 shares of the company’s stock, valued at $867,882.45. The disclosure for this sale can be found here. Insiders have sold a total of 34,000 shares of company stock worth $1,460,100 over the last 90 days. 2.06% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of SHOO. Schwab Charles Investment Management Inc. increased its holdings in shares of Steven Madden by 9.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 384,630 shares of the textile maker’s stock valued at $15,366,000 after acquiring an additional 34,309 shares during the last quarter. Eaton Vance Management bought a new stake in shares of Steven Madden in the 2nd quarter valued at approximately $1,573,000. Wells Fargo & Company MN increased its holdings in shares of Steven Madden by 386.5% in the 2nd quarter. Wells Fargo & Company MN now owns 698,957 shares of the textile maker’s stock valued at $27,924,000 after acquiring an additional 555,283 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Steven Madden by 4.1% in the 2nd quarter. Alliancebernstein L.P. now owns 91,961 shares of the textile maker’s stock valued at $3,674,000 after acquiring an additional 3,600 shares during the last quarter. Finally, Riverhead Capital Management LLC increased its holdings in shares of Steven Madden by 97.1% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,562 shares of the textile maker’s stock valued at $102,000 after acquiring an additional 1,262 shares during the last quarter. Institutional investors and hedge funds own 92.98% of the company’s stock.

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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.

The Fly

Analyst Recommendations for Steven Madden (NASDAQ:SHOO)

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