Cramer Rosenthal Mcglynn LLC Sells 473,237 Shares of Steven Madden, Ltd. $SHOO

Key Points

• Cramer Rosenthal Mcglynn LLC has reduced its holdings in Steven Madden, Ltd. by 75.8%, owning 151,084 shares worth approximately $4.03 million as of the latest SEC filing.
• Several institutional investors, including Nuveen LLC and Federated Hermes Inc., have significantly increased their holdings in Steven Madden during the first quarter, highlighting a strong interest in the company.
• Steven Madden reported a missed earnings estimate of $0.20 per share on $556.09 million in revenue for the last quarter, falling short of analyst expectations.

Cramer Rosenthal Mcglynn LLC trimmed its stake in Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) by 75.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 151,084 shares of the textile maker's stock after selling 473,237 shares during the quarter. Cramer Rosenthal Mcglynn LLC owned 0.21% of Steven Madden worth $4,025,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SHOO. Envestnet Asset Management Inc. boosted its holdings in Steven Madden by 3.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 22,198 shares of the textile maker's stock worth $944,000 after acquiring an additional 804 shares in the last quarter. Mariner LLC boosted its holdings in Steven Madden by 7.2% in the fourth quarter. Mariner LLC now owns 4,740 shares of the textile maker's stock worth $202,000 after acquiring an additional 319 shares in the last quarter. MetLife Investment Management LLC raised its stake in shares of Steven Madden by 4.4% in the fourth quarter. MetLife Investment Management LLC now owns 43,671 shares of the textile maker's stock worth $1,857,000 after purchasing an additional 1,833 shares during the last quarter. State of Tennessee Department of Treasury raised its stake in shares of Steven Madden by 21.2% in the fourth quarter. State of Tennessee Department of Treasury now owns 50,471 shares of the textile maker's stock worth $2,146,000 after purchasing an additional 8,824 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of Steven Madden by 105.3% in the fourth quarter. Hsbc Holdings PLC now owns 21,690 shares of the textile maker's stock worth $925,000 after purchasing an additional 11,126 shares during the last quarter. 99.88% of the stock is owned by institutional investors.

Steven Madden Stock Performance

Steven Madden stock traded down $0.20 during mid-day trading on Thursday, reaching $29.18. 1,272,593 shares of the stock traded hands, compared to its average volume of 1,669,142. The stock has a market capitalization of $2.12 billion, a PE ratio of 22.98 and a beta of 1.16. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.01 and a quick ratio of 1.13. Steven Madden, Ltd. has a 12-month low of $19.05 and a 12-month high of $50.01. The business's 50-day moving average is $25.83 and its 200-day moving average is $26.11.

Steven Madden (NASDAQ:SHOO - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The textile maker reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.04). Steven Madden had a net margin of 3.92% and a return on equity of 18.32%. The company had revenue of $556.09 million for the quarter, compared to the consensus estimate of $575.83 million. During the same period in the prior year, the firm posted $0.57 EPS. The business's revenue for the quarter was up 6.8% on a year-over-year basis. As a group, sell-side analysts predict that Steven Madden, Ltd. will post 2.66 EPS for the current fiscal year.

Steven Madden Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 12th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Friday, September 12th. Steven Madden's payout ratio is currently 66.14%.

Analyst Ratings Changes

Several research firms have recently weighed in on SHOO. Wall Street Zen cut Steven Madden from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Needham & Company LLC restated a "hold" rating on shares of Steven Madden in a research note on Wednesday, July 30th. UBS Group boosted their price target on Steven Madden from $23.00 to $26.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Citigroup upgraded Steven Madden from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $26.00 to $32.00 in a research note on Thursday, July 17th. Finally, Telsey Advisory Group restated a "market perform" rating and issued a $26.00 price target (up previously from $24.00) on shares of Steven Madden in a research note on Wednesday, July 30th. One analyst has rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, Steven Madden presently has an average rating of "Hold" and a consensus price target of $28.80.

About Steven Madden

Steven Madden, Ltd. designs, sources, and markets fashion-forward branded and private label footwear, accessories, and apparel in the United States and internationally. It operates through Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to- Consumer, and Licensing segments. The Wholesale Footwear segment designs, sources, and markets various products, including dress shoes, boots, booties, fashion sneakers, sandals, and casual shoes under the Steve Madden, Dolce Vita, Betsey Johnson, Blondo, GREATS, and Anne Klein brands.