Steven Madden (SHOO) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Steven Madden (NASDAQ:SHOO) from a buy rating to a hold rating in a research report report published on Wednesday morning.

According to Zacks, “Steve Madden designs, sources and markets fashion-forward footwear and accessories for women, men and children. In addition to marketing products under its own brands including Steve Madden, Dolce Vita, Betsey Johnson, Report, Big Buddha, Brian Atwood, Cejon, Blondo and Mad Love, Steve Madden is a licensee of various brands, including Kate Spade, Superga and Avec Les Filles. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden’s wholesale distribution includes department stores, specialty stores, luxury retailers, national chains and mass merchants. Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products, including for ready-to-wear, outerwear, intimate apparel, eyewear, hosiery, jewelry, fragrance, luggage and bedding and bath products. “

Several other equities research analysts also recently issued reports on SHOO. Macquarie began coverage on shares of Steven Madden in a research report on Wednesday. They set an outperform rating for the company. B. Riley set a $55.00 price objective on shares of Steven Madden and gave the stock a buy rating in a research report on Monday, April 23rd. Buckingham Research set a $54.00 price objective on shares of Steven Madden and gave the stock a buy rating in a research report on Tuesday, April 24th. Canaccord Genuity set a $54.00 price objective on shares of Steven Madden and gave the stock a buy rating in a research report on Monday, April 23rd. Finally, Citigroup reissued a buy rating and set a $56.00 price objective on shares of Steven Madden in a research report on Wednesday, April 18th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $51.81.

Shares of SHOO stock opened at $52.95 on Wednesday. Steven Madden has a 12-month low of $37.25 and a 12-month high of $55.50. The firm has a market cap of $3.13 billion, a PE ratio of 23.28, a P/E/G ratio of 1.86 and a beta of 0.46.

Steven Madden (NASDAQ:SHOO) last issued its quarterly earnings data on Friday, April 20th. The textile maker reported $0.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.04. Steven Madden had a net margin of 8.06% and a return on equity of 16.75%. The company had revenue of $389.00 million during the quarter, compared to the consensus estimate of $379.67 million. During the same quarter in the prior year, the firm earned $0.47 earnings per share. The firm’s revenue was up 6.2% compared to the same quarter last year. research analysts expect that Steven Madden will post 2.7 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Tuesday, June 12th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.51%. The ex-dividend date is Monday, June 11th. Steven Madden’s payout ratio is 35.71%.

In related news, insider Karla Frieders sold 4,000 shares of the stock in a transaction on Thursday, April 26th. The shares were sold at an average price of $48.08, for a total transaction of $192,320.00. Following the completion of the transaction, the insider now owns 88,280 shares in the company, valued at $4,244,502.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Amelia Varela sold 100,000 shares of the stock in a transaction on Thursday, May 17th. The stock was sold at an average price of $50.69, for a total transaction of $5,069,000.00. Following the transaction, the president now owns 208,084 shares of the company’s stock, valued at approximately $10,547,777.96. The disclosure for this sale can be found here. Insiders have sold 116,000 shares of company stock valued at $5,890,240 in the last 90 days. 1.77% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Macquarie Group Ltd. lifted its stake in Steven Madden by 11.0% in the fourth quarter. Macquarie Group Ltd. now owns 2,713,069 shares of the textile maker’s stock valued at $126,700,000 after acquiring an additional 269,647 shares during the last quarter. Eagle Asset Management Inc. lifted its stake in Steven Madden by 5.8% in the first quarter. Eagle Asset Management Inc. now owns 1,783,712 shares of the textile maker’s stock valued at $78,304,000 after acquiring an additional 98,063 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Steven Madden by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,723,829 shares of the textile maker’s stock valued at $75,676,000 after acquiring an additional 6,574 shares during the last quarter. Carillon Tower Advisers Inc. lifted its stake in Steven Madden by 6.6% in the first quarter. Carillon Tower Advisers Inc. now owns 1,234,520 shares of the textile maker’s stock valued at $53,207,000 after acquiring an additional 76,122 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its stake in Steven Madden by 25.3% in the fourth quarter. Lazard Asset Management LLC now owns 901,798 shares of the textile maker’s stock valued at $42,113,000 after acquiring an additional 181,992 shares during the last quarter. Institutional investors and hedge funds own 94.91% of the company’s stock.

About Steven Madden

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.

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