Steven Madden (NASDAQ:SHOO) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Steven Madden (NASDAQ:SHOO) from a hold rating to a sell rating in a research report released on Thursday morning, Zacks.com reports. The firm currently has $35.00 target price on the textile maker’s stock.

According to Zacks, “Shares of Steve Madden have lagged the industry so far in the year. Escalating trade tension between the United States and China may undermine growth prospects. Moreover, rise in cost of goods sold and elevated operating costs may weigh on margins. Despite the bankruptcy of Payless ShoeSource, management is optimistic of driving top and bottom-line growth further in 2019 on the back of strong non-Payless private label business, women's boot business, contributions from the addition of Anne Klein and positive momentum at its flagship brand. Moreover, the company projects sturdy growth in wholesale accessories for 2019, driven by an anticipated impressive performance in Steve Madden handbags and private label. Steven Madden now expects net sales growth of 5-7% for 2019 and also foresees double-digit sales growth in the international market.”

Several other brokerages also recently weighed in on SHOO. Canaccord Genuity set a $107.00 target price on shares of Columbia Sportswear and gave the stock a hold rating in a research note on Friday, April 26th. ValuEngine raised shares of Vermillion from a hold rating to a buy rating in a research note on Wednesday, May 15th. Telsey Advisory Group reaffirmed a market perform rating and set a $36.00 target price (down from $38.00) on shares of Steven Madden in a research note on Thursday, June 6th. BidaskClub raised shares of Westport Fuel Systems from a hold rating to a buy rating in a research note on Friday, July 12th. Finally, Piper Jaffray Companies set a $9.00 target price on shares of FTS International and gave the stock a buy rating in a research note on Tuesday, May 14th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $34.93.



Shares of SHOO stock opened at $33.51 on Thursday. The business has a 50 day moving average of $32.54. Steven Madden has a one year low of $27.88 and a one year high of $39.30. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of 17.67, a P/E/G ratio of 2.03 and a beta of 0.82.

Steven Madden (NASDAQ:SHOO) last issued its quarterly earnings data on Thursday, April 25th. The textile maker reported $0.42 EPS for the quarter, topping the consensus estimate of $0.37 by $0.05. Steven Madden had a net margin of 8.06% and a return on equity of 19.36%. The firm had revenue of $410.90 million for the quarter, compared to analyst estimates of $404.31 million. During the same period in the prior year, the business posted $0.54 EPS. The business’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, analysts forecast that Steven Madden will post 1.84 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Tuesday, June 18th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend was Monday, June 17th. Steven Madden’s payout ratio is currently 30.60%.

In other Steven Madden news, Director Rose Peabody Lynch sold 2,760 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $35.83, for a total value of $98,890.80. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Robert Garrett Smith sold 9,267 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $31.00, for a total transaction of $287,277.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,417 shares of company stock worth $567,204. 1.96% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in the business. US Bancorp DE increased its position in shares of Steven Madden by 2.4% in the 1st quarter. US Bancorp DE now owns 16,027 shares of the textile maker’s stock valued at $542,000 after purchasing an additional 377 shares during the last quarter. Mason Street Advisors LLC increased its position in shares of Steven Madden by 1.6% in the 1st quarter. Mason Street Advisors LLC now owns 25,107 shares of the textile maker’s stock valued at $850,000 after purchasing an additional 392 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Steven Madden by 1.8% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 30,822 shares of the textile maker’s stock valued at $1,043,000 after purchasing an additional 557 shares during the last quarter. Alps Advisors Inc. increased its position in shares of Steven Madden by 6.1% in the 1st quarter. Alps Advisors Inc. now owns 12,433 shares of the textile maker’s stock valued at $421,000 after purchasing an additional 714 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its position in shares of Steven Madden by 1,100.0% in the 1st quarter. Quadrant Capital Group LLC now owns 804 shares of the textile maker’s stock valued at $26,000 after purchasing an additional 737 shares during the last quarter. 95.87% of the stock is currently owned by institutional investors.

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, Report, Dolce Vita, DV by Dolce Vita, Mad Love, Steven by Steve Madden, Superga, Betsey Johnson, Betseyville, Steve Madden Kids, Stevies, Brian Atwood, Blondo, Kate Spade, and Anne Klein brands, as well as private label footwear.

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