Sterling Capital Management LLC cut its stake in Steven Madden, Ltd. (NASDAQ:SHOO – Free Report) by 88.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 2,420 shares of the textile maker’s stock after selling 18,298 shares during the period. Sterling Capital Management LLC’s holdings in Steven Madden were worth $108,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the stock. Dimensional Fund Advisors LP increased its stake in shares of Steven Madden by 4.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,353,331 shares of the textile maker’s stock valued at $79,819,000 after acquiring an additional 99,066 shares during the period. Neumeier Poma Investment Counsel LLC acquired a new stake in Steven Madden in the second quarter worth approximately $49,890,563. Fort Washington Investment Advisors Inc. OH lifted its position in Steven Madden by 13.6% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 645,578 shares of the textile maker’s stock worth $28,903,000 after purchasing an additional 77,108 shares during the period. Bank of New York Mellon Corp acquired a new stake in Steven Madden in the second quarter worth approximately $25,618,000. Finally, Bank of America Corp DE lifted its position in Steven Madden by 4.9% in the first quarter. Bank of America Corp DE now owns 751,627 shares of the textile maker’s stock worth $25,495,000 after purchasing an additional 35,259 shares during the period. Institutional investors and hedge funds own 99.88% of the company’s stock.
Insider Activity
In other Steven Madden news, Director Mitchell S. Klipper sold 3,918 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $48.54, for a total value of $190,179.72. Following the completion of the transaction, the director directly owned 32,555 shares in the company, valued at $1,580,219.70. This trade represents a 10.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Arian Reed sold 1,250 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $48.76, for a total transaction of $60,950.00. Following the completion of the transaction, the director owned 8,196 shares of the company’s stock, valued at approximately $399,636.96. The trade was a 13.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.21% of the stock is currently owned by insiders.
Steven Madden Trading Up 0.1%
Shares of NASDAQ SHOO opened at $43.53 on Tuesday. The company has a quick ratio of 1.13, a current ratio of 1.91 and a debt-to-equity ratio of 0.13. Steven Madden, Ltd. has a 12 month low of $31.33 and a 12 month high of $49.70. The company has a market cap of $3.19 billion, a price-to-earnings ratio of 21.87 and a beta of 1.17. The business has a fifty day simple moving average of $43.93 and a 200-day simple moving average of $41.44.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on the company. Williams Trading set a $56.00 price target on Steven Madden in a research note on Monday, August 3rd. Piper Sandler set a $55.00 price objective on Steven Madden and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Weiss Ratings downgraded Steven Madden from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday. Citigroup restated a “buy” rating and issued a $55.00 price objective (up from $45.00) on shares of Steven Madden in a report on Friday, July 31st. Finally, UBS Group reaffirmed a “neutral” rating and set a $45.00 target price (up from $40.00) on shares of Steven Madden in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Steven Madden currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.30.
View Our Latest Stock Analysis on SHOO
Steven Madden Company Profile
Steven Madden, Ltd. is a fashion company that designs, sources, markets and sells footwear, handbags, accessories and apparel. Its products are offered under the Steve Madden brand and a portfolio of owned, licensed and distributed brands, including Dolce Vita, Betsey Johnson, Blondo, Mad Love and Greats.
The company sells its products through wholesale channels, including department stores, specialty retailers and online retailers, as well as through its own retail stores and e-commerce websites.
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