CX Institutional Boosts Stake in Steven Madden, Holding $10.86 Million

CX Institutional has significantly increased its investment in Steven Madden, Ltd. (NASDAQ:SHOO) by a remarkable 912.7% during the third quarter of 2023. According to Holdings Channel, the fund acquired an additional 292,204 shares, raising its total holdings to 324,218 shares, valued at approximately $10.86 million at the end of the quarter.

This substantial increase in holdings reflects a growing interest in Steven Madden among institutional investors. Other firms have also made notable adjustments. For instance, EverSource Wealth Advisors LLC raised its stake in Steven Madden by 86.6% during the second quarter, bringing its total to 1,045 shares valued at around $25,000. Similarly, Signaturefd LLC expanded its position by an impressive 475.5%, now owning 2,492 shares valued at $60,000.

A notable trend is the influx of new investments. Cetera Investment Advisers and Americana Partners LLC both acquired new stakes in Steven Madden, valued at approximately $204,000 and $205,000, respectively. PNC Financial Services Group Inc. also increased its position by 7.5%, now holding 8,722 shares valued at $209,000. Currently, hedge funds and institutional investors control 99.88% of the company’s stock.

Market Performance and Analyst Outlook

Shares of Steven Madden opened at $43.87 on Wednesday, reflecting a market capitalization of $3.19 billion. The company has a price-to-earnings ratio of 55.53 and a beta of 1.11, indicating its stock’s volatility compared to the overall market. The fifty-day moving average stands at $40.68, while the 200-day moving average is $33.22. The company’s stock has experienced a twelve-month low of $19.05 and a high of $44.99.

In addition to its stock performance, Steven Madden has announced a quarterly dividend of $0.21 per share, which was paid on December 26, 2023. Shareholders on record as of December 15 received this dividend, which represents an annualized payout of $0.84 and a yield of 1.9%. The company’s current dividend payout ratio is 106.33%.

Several analysts have recently provided insights into the stock’s potential. On November 6, Piper Sandler raised its price target from $40.00 to $50.00 and assigned an “overweight” rating. Telsey Advisory Group also reiterated an “outperform” rating with the same target price. Conversely, Wall Street Zen upgraded the stock from a “sell” rating to a “hold” rating, while Weiss Ratings maintained a “hold (c)” rating. Overall, the consensus rating for Steven Madden is categorized as a “Moderate Buy,” with an average price target of $44.83.

About Steven Madden, Ltd.

Steven Madden, Inc. is a New York-based designer and marketer of fashion footwear, handbags, and accessories. The company offers a diverse range of products through its well-known brands, including the core Steve Madden label, Madden Girl, and Dolce Vita. Beyond footwear, Steven Madden licenses its trademarks for use in apparel, eyewear, and other fashion accessories. Its distribution channels include wholesale partners, e-commerce platforms, and physical retail stores.

For those interested in tracking Steven Madden’s performance, further information can be found at HoldingsChannel.com, which provides the latest 13F filings and insider trades related to the company.