Neumeier Poma Investment Counsel LLC Sells 75,248 Shares of Steven Madden, Ltd. (NASDAQ:SHOO)

Key Points

• Neumeier Poma Investment Counsel LLC reduced its stake in Steven Madden, Ltd. by 16.7%, selling 75,248 shares to hold a total of 376,393 shares valued at approximately $10 million.
• Multiple institutional investors increased their stakes in Steven Madden, with First Trust Advisors LP raising its position by 36.9%, now owning 2,002,228 shares.
• Steven Madden's quarterly earnings missed expectations, reporting $0.20 EPS compared to a consensus of $0.24, along with revenue of $556.09 million versus an expected $575.83 million.

Neumeier Poma Investment Counsel LLC cut its holdings in Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) by 16.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 376,393 shares of the textile maker's stock after selling 75,248 shares during the quarter. Neumeier Poma Investment Counsel LLC owned 0.52% of Steven Madden worth $10,027,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SHOO. First Trust Advisors LP lifted its stake in Steven Madden by 36.9% in the fourth quarter. First Trust Advisors LP now owns 2,002,228 shares of the textile maker's stock valued at $85,135,000 after buying an additional 539,738 shares during the period. Federated Hermes Inc. lifted its stake in Steven Madden by 270,516.2% in the first quarter. Federated Hermes Inc. now owns 533,114 shares of the textile maker's stock valued at $14,202,000 after buying an additional 532,917 shares during the period. Victory Capital Management Inc. lifted its stake in Steven Madden by 46.5% in the first quarter. Victory Capital Management Inc. now owns 1,212,373 shares of the textile maker's stock valued at $32,298,000 after buying an additional 384,979 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in Steven Madden by 29.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,455,381 shares of the textile maker's stock valued at $39,907,000 after buying an additional 332,689 shares during the period. Finally, Norges Bank acquired a new position in Steven Madden in the fourth quarter valued at approximately $9,399,000. 99.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SHOO. Citigroup raised Steven Madden from a "neutral" rating to a "buy" rating and boosted their price target for the company from $26.00 to $32.00 in a research note on Thursday, July 17th. Telsey Advisory Group reaffirmed a "market perform" rating and set a $26.00 target price (up from $24.00) on shares of Steven Madden in a research report on Wednesday, July 30th. Piper Sandler lowered their target price on Steven Madden from $35.00 to $25.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Needham & Company LLC reaffirmed a "hold" rating on shares of Steven Madden in a research report on Wednesday, July 30th. Finally, UBS Group upped their target price on Steven Madden from $23.00 to $26.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Eight analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Steven Madden currently has a consensus rating of "Hold" and an average target price of $30.83.

Steven Madden Trading Up 2.9%

Shares of Steven Madden stock opened at $25.83 on Thursday. The stock has a fifty day simple moving average of $24.98 and a 200 day simple moving average of $27.54. Steven Madden, Ltd. has a 12-month low of $19.05 and a 12-month high of $50.01. The company has a market capitalization of $1.88 billion, a P/E ratio of 20.34 and a beta of 1.16. The company has a current ratio of 2.01, a quick ratio of 1.13 and a debt-to-equity ratio of 0.33.

Steven Madden (NASDAQ:SHOO - Get Free Report) last announced 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 return on equity of 18.32% and a net margin of 3.92%. The company had revenue of $556.09 million for the quarter, compared to the consensus estimate of $575.83 million. During the same quarter last year, the company posted $0.57 EPS. The company's quarterly revenue was up 6.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Steven Madden, Ltd. will post 2.66 earnings per share 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. Investors of record on Friday, September 12th will be issued a dividend of $0.21 per share. The ex-dividend date is Friday, September 12th. This represents a $0.84 annualized dividend and a yield of 3.3%. Steven Madden's dividend payout ratio is 66.14%.

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.

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