Steve Madden Ltd
(SHOO - Free Report
) is trading like a rock star, recently surging higher with the market for a fresh multi-year high. With another solid earnings surprise from early May and bullish growth projection, this Zacks #2 rank stock is a top momentum pick.
Although Steve Madden has been ripping higher for most of the last year, shares got an extra boost on May 5 when the company reported strong Q1 results that came in ahead of expectations.
Revenue for the period was up 25% from last year to $169 million. Earnings also came in strong at 42 cents, 8% ahead of the Zacks Consensus Estimate, where the company has an average earnings surprise of 12% over the last four quarters.
The good quarter was driven by a strong showing in retail-comparable sales, up an impressive 12% from last year.
We saw some pretty solid movement in estimates off the good quarter, with the current year adding 14 cents to $2.18. The next-year estimate is pegged at $2.60, a bullish 19% growth projection.
But in spite of the gains, SHOO still has an attractive valuation, trading with a PEG ratio just below the traditional benchmark of 1 for value.
On the chart, shares recently surged into a new all-time high on the good quarter, take a look below.
This Week's Momentum Zacks Rank Buy Stocks
Robbins & Myers, Inc. (RBN) recently jumped out of an extended period of consolidation and into a new all-time high after reporting solid Q1 results that met expectations. Estimates have since risen, providing more momentum for this Zacks #1 rank stock. Read Full Article.
Wright Express Corp (RBN) recently rebounded from a key trend line to move back within striking distance of its recent 52-week high at $53.39. With estimates on the rise off another strong quarter, this Zacks #1 rank stock is on the fast track to momentum. Read Full Article.
Discover Financial Services (DFS) just charged into a new multi-year high, gaining traction on an impressive 51% Q1 earnings surprise. Estimates have since jumped higher, providing more upward momentum for this Zacks #1 rank stock. Read Full Article.
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Michael Vodicka is the Momentum Stock Strategist for Zacks.com. He is also the Editor in charge of the Zacks Momentum Trader Service.