Canaccord Genuity Reaffirms “Buy” Rating for Steven Madden (SHOO)

Canaccord Genuity restated their buy rating on shares of Steven Madden (NASDAQ:SHOO) in a research report released on Tuesday morning. The firm currently has a $50.00 target price on the textile maker’s stock.

A number of other equities research analysts have also issued reports on the stock. Zacks Investment Research upgraded shares of Steven Madden from a sell rating to a hold rating in a report on Friday, December 22nd. Wedbush reiterated a buy rating and set a $53.00 target price on shares of Steven Madden in a report on Tuesday, December 19th. Jefferies Group set a $39.00 target price on shares of Steven Madden and gave the stock a hold rating in a report on Tuesday, October 31st. BidaskClub upgraded shares of Steven Madden from a hold rating to a buy rating in a report on Wednesday, December 27th. Finally, Telsey Advisory Group reduced their target price on shares of Steven Madden from $45.00 to $44.00 and set an outperform rating on the stock in a report on Wednesday, November 1st. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $49.13.

Steven Madden (SHOO) opened at $44.00 on Tuesday. The company has a market cap of $2,547.35, a P/E ratio of 19.24, a PEG ratio of 1.53 and a beta of 0.41. Steven Madden has a fifty-two week low of $35.55 and a fifty-two week high of $49.28.

In other Steven Madden news, COO Awadhesh K. Sinha sold 6,500 shares of the stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $45.03, for a total value of $292,695.00. Following the sale, the chief operating officer now directly 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 SEC, which is available at the SEC website. Also, President Amelia Varela sold 25,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $42.78, for a total transaction of $1,069,500.00. Following the completion of the sale, the president now directly owns 113,007 shares in the company, valued at $4,834,439.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,000 shares of company stock worth $1,384,000. Insiders own 2.06% of the company’s stock.

Several large investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio increased its position in shares of Steven Madden by 9.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,990 shares of the textile maker’s stock valued at $199,000 after purchasing an additional 415 shares during the last quarter. Louisiana State Employees Retirement System increased its position in shares of Steven Madden by 6.0% in the 4th quarter. Louisiana State Employees Retirement System now owns 22,900 shares of the textile maker’s stock valued at $1,069,000 after purchasing an additional 1,300 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its position in shares of Steven Madden by 2.6% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 60,973 shares of the textile maker’s stock valued at $2,641,000 after purchasing an additional 1,548 shares during the last quarter. Aperio Group LLC increased its position in shares of Steven Madden by 8.2% in the 3rd quarter. Aperio Group LLC now owns 23,227 shares of the textile maker’s stock valued at $1,006,000 after purchasing an additional 1,760 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS increased its position in shares of Steven Madden by 1.0% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 187,990 shares of the textile maker’s stock valued at $8,140,000 after purchasing an additional 1,795 shares during the last quarter. 93.12% 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.

Analyst Recommendations for Steven Madden (NASDAQ:SHOO)

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