Allspring Global Investments Holdings LLC Sells 265,406 Shares of Steven Madden, Ltd. $SHOO

Key Points

• Allspring Global Investments Holdings LLC cut its stake in Steven Madden (NASDAQ:SHOO) by 18.5%, selling 265,406 shares and retaining 1,166,966 shares valued at about $49.25 million (1.61% ownership).
• Analyst opinions are mixed: the consensus rating is "Hold" with an average price target of $44, while individual brokerages range from underperform to buy/outperform.
• Recent results showed revenue up 29.6% year-over-year to $753.7M and EPS of $0.48 that beat estimates, and the company pays an annualized dividend of $0.84 (yield ~2.5%) with a payout ratio around 135%.

Allspring Global Investments Holdings LLC cut its position in Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) by 18.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,166,966 shares of the textile maker's stock after selling 265,406 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.61% of Steven Madden worth $49,246,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its holdings in Steven Madden by 86.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the textile maker's stock valued at $25,000 after buying an additional 485 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Steven Madden in the 3rd quarter valued at approximately $31,000. Parkside Financial Bank & Trust increased its position in Steven Madden by 616.8% in the 3rd quarter. Parkside Financial Bank & Trust now owns 2,136 shares of the textile maker's stock valued at $72,000 after acquiring an additional 1,838 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Steven Madden by 13.9% during the third quarter. Public Employees Retirement System of Ohio now owns 2,324 shares of the textile maker's stock valued at $78,000 after acquiring an additional 283 shares during the last quarter. Finally, Quadrant Capital Group LLC bought a new position in shares of Steven Madden during the third quarter valued at $121,000. 99.88% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on SHOO. Jefferies Financial Group cut shares of Steven Madden from a "hold" rating to an "underperform" rating and set a $30.00 price objective on the stock. in a research note on Thursday, February 5th. Williams Trading set a $48.00 target price on Steven Madden in a research report on Tuesday, March 10th. BTIG Research reaffirmed a "buy" rating and set a $50.00 target price on shares of Steven Madden in a report on Thursday, February 26th. Telsey Advisory Group reiterated an "outperform" rating and issued a $50.00 price target on shares of Steven Madden in a research report on Thursday, February 26th. Finally, UBS Group reissued a "neutral" rating on shares of Steven Madden in a research note on Monday, February 23rd. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $44.00.

Steven Madden Trading Up 0.4%

NASDAQ:SHOO opened at $34.06 on Thursday. Steven Madden, Ltd. has a 52 week low of $19.05 and a 52 week high of $46.88. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.11 and a current ratio of 1.90. The firm's fifty day moving average is $37.05 and its 200-day moving average is $38.24. The firm has a market cap of $2.48 billion, a P/E ratio of 54.94 and a beta of 1.13.

Steven Madden (NASDAQ:SHOO - Get Free Report) last announced its earnings results on Wednesday, February 25th. The textile maker reported $0.48 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.02. The business had revenue of $753.70 million during the quarter, compared to the consensus estimate of $758.53 million. Steven Madden had a net margin of 1.76% and a return on equity of 13.60%. Steven Madden's quarterly revenue was up 29.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.55 earnings per share. Equities analysts expect that Steven Madden, Ltd. will post 2.66 earnings per share for the current year.

Steven Madden Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Wednesday, March 11th were given a $0.21 dividend. The ex-dividend date of this dividend was Wednesday, March 11th. This represents a $0.84 annualized dividend and a dividend yield of 2.5%. Steven Madden's dividend payout ratio (DPR) is 135.48%.

Insider Activity

In other news, Director Arian Simone Reed sold 3,600 shares of the business's stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $33.44, for a total value of $120,384.00. Following the transaction, the director directly owned 8,705 shares of the company's stock, valued at $291,095.20. The trade was a 29.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.22% of the stock is owned by corporate insiders.

Steven Madden Profile

Steven Madden, Inc NASDAQ: SHOO is a New York–based designer and marketer of fashion footwear, handbags and accessories. The company's product portfolio spans a range of contemporary and lifestyle brands for women, men and children, including its core Steve Madden label as well as the Madden Girl and Dolce Vita brands. In addition to footwear, the company licenses its trademarks for use on apparel, eyewear and other fashion accessories.

Steven Madden distributes its products through multiple channels, including wholesale partners, e-commerce platforms and its own brick-and-mortar retail stores.

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