Steven Madden (NASDAQ:SHOO) Rating Lowered to Sell at Zacks Investment Research

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Zacks Investment Research cut shares of Steven Madden (NASDAQ:SHOO) from a hold rating to a sell rating in a report released on Thursday morning, Zacks.com reports. They currently have $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 equities analysts have also recently issued reports on the stock. B. Riley restated a buy rating on shares of Skechers USA in a research note on Friday, April 26th. BidaskClub raised shares of Westport Fuel Systems from a hold rating to a buy rating in a report on Friday, July 12th. ValuEngine raised shares of Vermillion from a hold rating to a buy rating in a report on Wednesday, May 15th. Piper Jaffray Companies set a $9.00 price objective on shares of FTS International and gave the company a buy rating in a report on Tuesday, May 14th. Finally, Canaccord Genuity set a $107.00 target price on shares of Columbia Sportswear and gave the company a hold rating in a report on Friday, April 26th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. The company presently has an average rating of Hold and an average target price of $34.93.

NASDAQ:SHOO opened at $33.51 on Thursday. The firm’s fifty day moving average price is $32.54. Steven Madden has a 52 week low of $27.88 and a 52 week high of $39.30. The company has a market cap of $2.88 billion, a price-to-earnings ratio of 18.31, a P/E/G ratio of 2.03 and a beta of 0.82.

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

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

In other Steven Madden news, Director Robert Garrett Smith sold 9,267 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $31.00, for a total value of $287,277.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Paradise sold 2,000 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $35.99, for a total value of $71,980.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,417 shares of company stock valued at $567,204. Corporate insiders own 1.96% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. First Trust Advisors LP raised its position in Steven Madden by 127.1% in the 4th quarter. First Trust Advisors LP now owns 47,763 shares of the textile maker’s stock valued at $1,445,000 after purchasing an additional 26,731 shares in the last quarter. LPL Financial LLC lifted its holdings in shares of Steven Madden by 47.9% in the 4th quarter. LPL Financial LLC now owns 18,065 shares of the textile maker’s stock valued at $547,000 after buying an additional 5,848 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Steven Madden by 79.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,271,726 shares of the textile maker’s stock valued at $38,482,000 after buying an additional 561,344 shares during the period. Raymond James & Associates lifted its holdings in shares of Steven Madden by 40.0% in the 4th quarter. Raymond James & Associates now owns 48,227 shares of the textile maker’s stock valued at $1,459,000 after buying an additional 13,777 shares during the period. Finally, Northern Trust Corp raised its holdings in Steven Madden by 40.1% during the fourth quarter. Northern Trust Corp now owns 1,151,855 shares of the textile maker’s stock worth $34,855,000 after purchasing an additional 329,965 shares during the last quarter. 95.87% of the stock is currently owned by hedge funds and other institutional investors.

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, 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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