William Blair Investment Management LLC Cuts Stock Holdings in Steven Madden, Ltd. $SHOO

Key Points

• William Blair Investment Management LLC reduced its holdings in Steven Madden, Ltd. by 7.7% in the second quarter, owning 677,215 shares after selling 56,375 shares.
• Despite the decrease in holdings, other institutional investors have recently increased their stakes in Steven Madden, with notable growth from Allspring Global Investments of 29.6% in the first quarter.
• Steven Madden reported earnings of $0.20 per share for the last quarter, missing estimates, along with a revenue of $556.09 million, compared to the consensus estimate of $575.83 million.

William Blair Investment Management LLC decreased its holdings in shares of Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) by 7.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 677,215 shares of the textile maker's stock after selling 56,375 shares during the quarter. William Blair Investment Management LLC owned 0.93% of Steven Madden worth $16,240,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. grew its holdings in shares of Steven Madden by 2.8% during the first quarter. Principal Financial Group Inc. now owns 391,937 shares of the textile maker's stock worth $10,441,000 after purchasing an additional 10,741 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Steven Madden by 29.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,455,381 shares of the textile maker's stock worth $39,907,000 after purchasing an additional 332,689 shares in the last quarter. Jefferies Financial Group Inc. purchased a new position in shares of Steven Madden during the first quarter worth about $303,000. Moran Wealth Management LLC lifted its position in Steven Madden by 485.2% in the 1st quarter. Moran Wealth Management LLC now owns 123,621 shares of the textile maker's stock worth $3,293,000 after buying an additional 102,495 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its position in Steven Madden by 795.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 11,593 shares of the textile maker's stock worth $309,000 after buying an additional 10,299 shares during the last quarter. Hedge funds and other institutional investors own 99.88% of the company's stock.

Steven Madden Stock Performance

Shares of SHOO stock opened at $35.00 on Monday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.13 and a current ratio of 2.01. Steven Madden, Ltd. has a fifty-two week low of $19.05 and a fifty-two week high of $48.88. The stock has a 50 day moving average price of $31.04 and a two-hundred day moving average price of $26.43. The company has a market capitalization of $2.54 billion, a P/E ratio of 27.56 and a beta of 1.22.

Steven Madden (NASDAQ:SHOO - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The textile maker reported $0.20 earnings per share 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 during the quarter, compared to the consensus estimate of $575.83 million. During the same quarter in the previous year, the firm posted $0.57 EPS. The business's revenue for the quarter was up 6.8% compared to the same quarter last year. Analysts expect that Steven Madden, Ltd. will post 2.66 earnings per share for the current year.

Steven Madden Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 12th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, September 12th. Steven Madden's dividend payout ratio is currently 66.14%.

Analyst Ratings Changes

A number of analysts recently weighed in on SHOO shares. Wall Street Zen downgraded Steven Madden from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Telsey Advisory Group restated a "market perform" rating and issued a $26.00 target price (up previously from $24.00) on shares of Steven Madden in a research report on Wednesday, July 30th. Citigroup restated a "buy" rating and issued a $41.00 target price (up previously from $32.00) on shares of Steven Madden in a research report on Friday. Needham & Company LLC restated a "hold" rating on shares of Steven Madden in a research report on Wednesday, July 30th. Finally, BTIG Research boosted their target price on Steven Madden from $34.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, October 9th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $34.67.

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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