Telsey Advisory Group Reiterates Market Perform Rating for Steven Madden (NASDAQ:SHOO)

Steven Madden (NASDAQ:SHOO)‘s stock had its “market perform” rating restated by equities research analysts at Telsey Advisory Group in a report released on Thursday, Benzinga reports. They currently have a $44.00 price target on the textile maker’s stock. Telsey Advisory Group’s target price would indicate a potential downside of 0.05% from the company’s previous close.

SHOO has been the subject of several other reports. Wedbush reiterated a “neutral” rating and issued a $41.00 target price on shares of Steven Madden in a research report on Friday, May 17th. BTIG Research increased their price objective on Steven Madden from $50.00 to $53.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $43.38.

Steven Madden Stock Performance

Steven Madden stock opened at $44.02 on Thursday. Steven Madden has a fifty-two week low of $30.35 and a fifty-two week high of $45.91. The stock has a market cap of $3.23 billion, a P/E ratio of 18.19 and a beta of 1.09. The firm’s fifty day moving average price is $43.39 and its 200-day moving average price is $42.23.

Steven Madden (NASDAQ:SHOO) last announced its earnings results on Wednesday, May 1st. The textile maker reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.09. The business had revenue of $552.38 million for the quarter, compared to analyst estimates of $525.04 million. Steven Madden had a return on equity of 22.68% and a net margin of 8.65%. The company’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.50 EPS. Sell-side analysts predict that Steven Madden will post 2.62 earnings per share for the current year.

Insider Activity

In related news, insider Karla Frieders sold 10,000 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $44.91, for a total value of $449,100.00. Following the completion of the transaction, the insider now directly owns 86,658 shares of the company’s stock, valued at $3,891,810.78. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Karla Frieders sold 10,000 shares of Steven Madden stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $44.91, for a total transaction of $449,100.00. Following the sale, the insider now directly owns 86,658 shares in the company, valued at $3,891,810.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter Migliorini sold 3,000 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $43.81, for a total value of $131,430.00. Following the completion of the transaction, the director now owns 16,006 shares of the company’s stock, valued at approximately $701,222.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,600 shares of company stock valued at $651,586. Corporate insiders own 2.08% of the company’s stock.

Hedge Funds Weigh In On Steven Madden

Institutional investors and hedge funds have recently made changes to their positions in the business. abrdn plc purchased a new stake in shares of Steven Madden in the 4th quarter worth approximately $20,351,000. Norges Bank purchased a new stake in Steven Madden during the 4th quarter valued at about $19,846,000. Ranger Investment Management L.P. increased its stake in Steven Madden by 36.8% during the 4th quarter. Ranger Investment Management L.P. now owns 560,941 shares of the textile maker’s stock valued at $23,560,000 after purchasing an additional 150,852 shares in the last quarter. Capital Research Global Investors raised its holdings in Steven Madden by 8.6% in the first quarter. Capital Research Global Investors now owns 1,856,001 shares of the textile maker’s stock worth $78,472,000 after buying an additional 146,324 shares during the last quarter. Finally, Edgestream Partners L.P. bought a new position in shares of Steven Madden in the first quarter worth approximately $5,834,000. Institutional investors own 99.88% of the company’s stock.

Steven Madden Company Profile

Steven Madden, Ltd. designs, sources, and markets fashion-forward branded and private label footwear, accessories, and apparel in the United States and internationally. It operates through Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to- Consumer, and Licensing segments. The Wholesale Footwear segment designs, sources, and markets various products, including dress shoes, boots, booties, fashion sneakers, sandals, and casual shoes under the Steve Madden, Dolce Vita, Betsey Johnson, Blondo, GREATS, and Anne Klein brands.