William Blair Investment Management LLC Sells 81,308 Shares of Steven Madden, Ltd. $SHOO

William Blair Investment Management LLC lowered its holdings in Steven Madden, Ltd. (NASDAQ:SHOO) by 13.0% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 544,434 shares of the textile maker’s stock after selling 81,308 shares during the period. William Blair Investment Management LLC owned approximately 0.74% of Steven Madden worth $24,374,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in SHOO. Dimensional Fund Advisors LP grew its stake in Steven Madden by 4.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,353,331 shares of the textile maker’s stock worth $79,819,000 after purchasing an additional 99,066 shares in the last quarter. Neumeier Poma Investment Counsel LLC acquired a new stake in Steven Madden in the 2nd quarter valued at about $49,890,563. Bank of America Corp DE raised its position in Steven Madden by 4.9% in the 1st quarter. Bank of America Corp DE now owns 751,627 shares of the textile maker’s stock valued at $25,495,000 after purchasing an additional 35,259 shares in the last quarter. Vise Technologies Inc. acquired a new stake in Steven Madden in the 3rd quarter valued at about $29,302,000. Finally, Fort Washington Investment Advisors Inc. OH boosted its stake in shares of Steven Madden by 13.6% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 645,578 shares of the textile maker’s stock valued at $28,903,000 after buying an additional 77,108 shares during the period. 99.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SHOO. Williams Trading set a $56.00 price objective on Steven Madden in a research report on Monday, August 3rd. Piper Sandler set a $55.00 target price on shares of Steven Madden and gave the company an “overweight” rating in a report on Wednesday, August 5th. Citigroup reiterated a “buy” rating and issued a $55.00 price target (up from $45.00) on shares of Steven Madden in a research note on Friday, July 31st. Jefferies Financial Group upgraded shares of Steven Madden from an “underperform” rating to a “hold” rating and set a $36.00 price target for the company in a report on Friday, November 6th. Finally, Weiss Ratings cut shares of Steven Madden from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.70.

Steven Madden Stock Up 2.0%

NASDAQ SHOO traded up $0.82 during trading on Friday, reaching $42.00. 997,771 shares of the company’s stock were exchanged, compared to its average volume of 1,549,027. The stock has a market cap of $3.07 billion, a P/E ratio of 17.36 and a beta of 1.14. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.12 and a current ratio of 1.86. The company has a 50 day moving average price of $43.66 and a two-hundred day moving average price of $41.31. Steven Madden, Ltd. has a 1 year low of $31.33 and a 1 year high of $49.70.

Steven Madden (NASDAQ:SHOO) last released its quarterly earnings data on Thursday, November 5th. The textile maker reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.06. Steven Madden had a return on equity of 16.19% and a net margin of 6.16%. The business had revenue of $772.61 million for the quarter, compared to the consensus estimate of $774.35 million. During the same quarter in the prior year, the business posted $0.43 EPS. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities research analysts anticipate that Steven Madden, Ltd. will post 2.20 EPS for the current fiscal year.

Steven Madden Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 24th. Shareholders of record on Friday, December 11th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, December 11th. This represents a $0.84 annualized dividend and a yield of 2.0%. Steven Madden’s payout ratio is 34.71%.

About Steven Madden

Steven Madden, Ltd. designs, sources and markets footwear, handbags, apparel and other fashion accessories. Its portfolio includes the Steve Madden brand as well as brands such as Dolce Vita and Betsey Johnson. The company sells through wholesale customers and its own retail and e-commerce channels, and also licenses its brands to third parties. Its business serves customers in the United States and international markets. Founded by Steve Madden in 1990, the company is headquartered in Long Island City, New York.