Zacks Investment Research upgraded shares of Steven Madden (NASDAQ:SHOO) from a hold rating to a buy rating in a report published on Friday. Zacks Investment Research currently has $38.00 price objective on the textile maker’s stock.
According to Zacks, “Steven Madden delivered better-than-expected third-quarter 2018 bottom-line results. Although both the top and bottom lines grew year over year, revenues fell short of the consensus mark. Nevertheless, management highlighted that Steve Madden Women’s wholesale business witnessed solid growth. Moreover, the company registered solid gains in international markets and strong performance at its footwear brand Blondo. The company’s e-commerce business also improved significantly. The company’s directly-owned subsidiaries in Canada and Mexico, SM Europe JV and the distributor business posted strong results. It also continues to witness growth in the wholesale accessories business. Notably, the company provided an encouraging full year view. However, rising operating expenses, stiff competition and concerns related to trade war cannot be ignored.”
A number of other analysts also recently weighed in on SHOO. Citigroup cut their price target on shares of Steven Madden from $40.67 to $38.00 and set a buy rating on the stock in a research report on Friday, October 19th. Wells Fargo & Co cut their price target on shares of Steven Madden from $50.00 to $30.00 and set a market perform rating on the stock in a research report on Monday, October 22nd. Wedbush cut their price target on shares of Steven Madden from $55.00 to $31.00 and set a neutral rating on the stock in a research report on Thursday, October 25th. Loop Capital upgraded shares of Steven Madden from a hold rating to a buy rating and set a $49.00 price target on the stock in a research report on Tuesday, October 30th. Finally, BidaskClub upgraded shares of Steven Madden from a strong sell rating to a sell rating in a research report on Tuesday, December 18th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of Buy and an average target price of $37.03.
In other Steven Madden news, Director Richard P. Randall sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 28th. The shares were sold at an average price of $31.28, for a total transaction of $46,920.00. Following the sale, the director now directly owns 22,070 shares in the company, valued at approximately $690,349.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.77% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. raised its holdings in Steven Madden by 61.6% during the 4th quarter. Advisors Asset Management Inc. now owns 832 shares of the textile maker’s stock worth $25,000 after buying an additional 317 shares during the period. Resources Investment Advisors Inc. raised its holdings in Steven Madden by 50.0% during the 4th quarter. Resources Investment Advisors Inc. now owns 885 shares of the textile maker’s stock worth $27,000 after buying an additional 295 shares during the period. Parkside Financial Bank & Trust raised its holdings in Steven Madden by 41.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,292 shares of the textile maker’s stock worth $39,000 after buying an additional 378 shares during the period. Bessemer Group Inc. acquired a new stake in Steven Madden during the 4th quarter worth approximately $42,000. Finally, Edge Wealth Management LLC raised its holdings in Steven Madden by 143.8% during the 4th quarter. Edge Wealth Management LLC now owns 1,950 shares of the textile maker’s stock worth $59,000 after buying an additional 1,150 shares during the period. Hedge funds and other institutional investors own 68.47% 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 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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