Fmr LLC Grows Stake in Steven Madden, Ltd. (NASDAQ:SHOO)

FMR LLC lifted its stake in shares of Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) by 8,180.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 535,081 shares of the textile maker's stock after purchasing an additional 528,619 shares during the quarter. FMR LLC owned 0.74% of Steven Madden worth $26,214,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHOO. Charles Schwab Investment Management Inc. increased its stake in Steven Madden by 3.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,096,777 shares of the textile maker's stock worth $53,731,000 after acquiring an additional 32,696 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Steven Madden by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 873,682 shares of the textile maker's stock worth $36,957,000 after acquiring an additional 5,451 shares during the last quarter. Fisher Asset Management LLC increased its stake in Steven Madden by 0.6% in the 3rd quarter. Fisher Asset Management LLC now owns 728,674 shares of the textile maker's stock worth $35,698,000 after acquiring an additional 4,108 shares during the last quarter. abrdn plc increased its stake in Steven Madden by 2.7% in the 3rd quarter. abrdn plc now owns 558,015 shares of the textile maker's stock worth $27,242,000 after acquiring an additional 14,841 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH increased its stake in Steven Madden by 10.1% in the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 501,457 shares of the textile maker's stock worth $21,212,000 after acquiring an additional 45,910 shares during the last quarter. 99.88% of the stock is currently owned by institutional investors.

Steven Madden Stock Performance

SHOO stock traded down $0.32 during trading on Tuesday, hitting $43.52. 783,373 shares of the company traded hands, compared to its average volume of 708,498. The firm has a market capitalization of $3.14 billion, a PE ratio of 18.52 and a beta of 1.07. Steven Madden, Ltd. has a 1 year low of $37.99 and a 1 year high of $50.01. The company has a 50-day moving average of $45.67 and a 200-day moving average of $44.69.

Steven Madden (NASDAQ:SHOO - Get Free Report) last issued its earnings results on Thursday, November 7th. The textile maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.02. The company had revenue of $624.68 million during the quarter, compared to analysts' expectations of $607.89 million. Steven Madden had a return on equity of 23.41% and a net margin of 7.68%. Steven Madden's quarterly revenue was up 13.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.88 EPS. Sell-side analysts expect that Steven Madden, Ltd. will post 2.66 EPS for the current year.

Steven Madden Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.93%. The ex-dividend date is Friday, December 13th. Steven Madden's dividend payout ratio is presently 35.74%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SHOO. Citigroup upped their target price on Steven Madden from $43.00 to $45.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Needham & Company LLC restated a "hold" rating on shares of Steven Madden in a research note on Thursday, December 5th. Telsey Advisory Group reiterated a "market perform" rating and issued a $50.00 price objective on shares of Steven Madden in a report on Wednesday, November 13th. Piper Sandler reiterated a "neutral" rating and issued a $45.00 price objective on shares of Steven Madden in a report on Friday, August 23rd. Finally, StockNews.com cut Steven Madden from a "buy" rating to a "hold" rating in a report on Sunday, November 24th. Eight investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Steven Madden presently has a consensus rating of "Hold" and an average price target of $45.43.

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.