Zacks Investment Research upgraded shares of Steven Madden (NASDAQ:SHOO) from a hold rating to a strong-buy rating in a research note released on Tuesday, Zacks.com reports. The brokerage currently has $36.00 price objective on the textile maker’s stock.
According to Zacks, “Shares of Steven Madden have risen in the past three months. The stock got a boost following the company’s better-than-expected third-quarter 2020 results. Although the pandemic continues to hurt the company’s business, the results significantly surpassed management’s expectations. E-commerce has been a bright spot for Steven Madden. Robust gains from increased investment in digital marketing and solid consumer reception capabilities are contributing to performance. The company has also been accelerating investments in talent and omni-channel strategies. Apparently, revenues on stevemadden.com surged 82% in fiscal third quarter. Markedly, the company’s actions including adjusting merchandise mix, enhancing digital initiatives and managing expense structure have been aiding it to navigate through pandemic-induced challenges.”
Several other brokerages have also issued reports on SHOO. KeyCorp raised their target price on Steven Madden from $36.00 to $39.00 and gave the company an overweight rating in a research report on Monday, December 7th. Loop Capital raised their target price on Steven Madden from $25.00 to $35.00 in a research report on Wednesday, December 9th. B. Riley raised their target price on Steven Madden from $34.00 to $40.00 and gave the company a buy rating in a research report on Thursday, December 10th. BidaskClub raised Steven Madden from a buy rating to a strong-buy rating in a research report on Friday, December 18th. Finally, 140166 upgraded Steven Madden from a neutral rating to a positive rating and increased their price target for the stock from $24.00 to $25.00 in a research note on Monday, October 12th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, three have given a buy rating and two have issued a strong buy rating to the stock. Steven Madden currently has a consensus rating of Hold and an average target price of $29.09.
Steven Madden (NASDAQ:SHOO) last announced its earnings results on Tuesday, October 27th. The textile maker reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.17. Steven Madden had a return on equity of 10.70% and a net margin of 2.56%. The firm had revenue of $342.83 million during the quarter, compared to analyst estimates of $328.74 million. During the same period last year, the firm posted $0.67 EPS. The business’s revenue was down 31.1% compared to the same quarter last year. As a group, research analysts anticipate that Steven Madden will post 0.39 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Steven Madden by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 8,185,994 shares of the textile maker’s stock worth $202,112,000 after purchasing an additional 108,293 shares during the period. Victory Capital Management Inc. boosted its stake in Steven Madden by 49.7% in the 3rd quarter. Victory Capital Management Inc. now owns 4,546,007 shares of the textile maker’s stock worth $88,647,000 after purchasing an additional 1,509,263 shares during the period. Wells Fargo & Company MN boosted its stake in Steven Madden by 21.1% in the 3rd quarter. Wells Fargo & Company MN now owns 1,446,877 shares of the textile maker’s stock worth $28,215,000 after purchasing an additional 251,799 shares during the period. Federated Hermes Inc. boosted its stake in Steven Madden by 41.8% in the 3rd quarter. Federated Hermes Inc. now owns 966,468 shares of the textile maker’s stock worth $18,846,000 after purchasing an additional 285,069 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Steven Madden by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 823,767 shares of the textile maker’s stock worth $16,064,000 after purchasing an additional 13,121 shares during the period. Institutional investors and hedge funds own 93.09% of the company’s stock.
Steven Madden Company Profile
Steven Madden, Ltd. designs, sources, markets, and sells fashion-forward name brand and private label footwear for women, men, and children in the United States and internationally. 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, GREATS, Blondo, and Anne Klein brands, as well as private label footwear.
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