Fri Sep 20 12:39:00 UTC 2024: ## Edgestream Partners Cuts Stake in Steven Madden While Other Investors Buy In
**New York, NY** – Edgestream Partners L.P. significantly reduced its holdings in Steven Madden, Ltd. (NASDAQ: SHOO) by 73.6% during the second quarter, according to Holdings Channel. The firm sold 101,540 shares, leaving them with 36,442 shares valued at $1,541,000.
However, this move contrasts with other institutional investors who have been increasing their positions in the textile maker. Norges Bank, for example, purchased a new stake worth approximately $19,846,000 in the fourth quarter. Similarly, Ranger Investment Management L.P. boosted its position by 36.8%, now owning 560,941 shares valued at $23,560,000.
Other investors like Capital Research Global Investors and Nicholas Investment Partners LP also acquired new positions in the company. Goldman Sachs Group Inc. raised its stake by 19.3% in the fourth quarter, now owning 463,515 shares valued at $19,468,000.
Overall, hedge funds and institutional investors hold a significant 99.88% of Steven Madden’s stock.
Recent analyst reports have been mixed. While Wedbush and Piper Sandler maintain a “neutral” rating on the stock, BTIG Research upgraded their price objective and issued a “buy” rating. Telsey Advisory Group reaffirmed a “market perform” rating, and StockNews.com upgraded the stock from “hold” to “buy.” MarketBeat.com reports a consensus rating of “Hold” with a target price of $44.29.
Steven Madden’s recent quarterly earnings report showed strong results, beating analysts’ estimates with $0.57 EPS and $523.60 million in revenue. The company also announced a quarterly dividend of $0.21 per share, payable on September 23rd.
Despite Edgestream Partners’ move, the overall trend of institutional investment suggests confidence in Steven Madden’s future performance. The company’s strong financial results and recent dividend announcement further support this view.
First Piper 