SCHEDULE: FMR LLC Boosts Stake in Steven Madden to 13.2%

Sentiment:

Ownership Disclosure 5 November 2025 11:44 AM

FMR LLC and Abigail P. Johnson have reported a beneficial ownership of 13.2% of Steven Madden Ltd.'s common stock as of September 30, 2025.

Summary

FMR LLC and Abigail P. Johnson collectively beneficially own 9,562,976.65 shares of Steven Madden Ltd. common stock.
This ownership represents 13.2% of the total outstanding common stock of Steven Madden Ltd.
The filing is an Amendment No. 2 to a Schedule 13G, indicating an update to a previously reported beneficial ownership.
FMR LLC holds sole voting power over 9,545,640.00 shares and sole dispositive power over 9,562,976.65 shares.
Abigail P. Johnson, as a Director, Chairman, and CEO of FMR LLC and a predominant owner of its voting shares, is also deemed to beneficially own the same aggregate amount of shares with sole dispositive power.
The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Steven Madden Ltd.

Sentiment

Score: 7

Explanation: The continued significant ownership by a major institutional investor like FMR LLC (Fidelity) is generally a positive signal, indicating confidence in the company's long-term prospects, especially given the stated passive investment intent.

Positives

A significant institutional investor, FMR LLC (Fidelity), maintains a substantial stake (13.2%) in Steven Madden Ltd., indicating continued confidence in the company.
The filing explicitly states the shares are held in the ordinary course of business and not for influencing control, suggesting a passive and long-term investment stance.

Negatives

No specific negative information is contained within this ownership disclosure filing.

Risks

This filing type (Schedule 13G) does not typically disclose specific risks related to the issuer's operations or financial health; it focuses solely on beneficial ownership.

Future Outlook

This Schedule 13G filing does not contain forward-looking statements or guidance regarding Steven Madden Ltd.'s future performance or FMR LLC's investment strategy beyond the current ownership disclosure.

Management Comments

The filing includes certifications that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Industry Context

Schedule 13G filings are standard disclosures by institutional investors who acquire more than 5% of a company's voting shares, indicating a passive investment intent. FMR LLC (Fidelity) is a major asset manager, and its significant stake in Steven Madden Ltd. reflects its ongoing investment in the consumer discretionary sector, specifically in footwear and accessories.

Comparison to Industry Standards

Stakeholder Impact

Shareholders: The continued significant stake by a major institutional investor like FMR LLC may provide a level of stability and confidence, potentially signaling a positive long-term view of Steven Madden Ltd.
Management: The passive nature of the investment, as certified in the filing, suggests FMR LLC is not seeking to influence management or control, allowing current management to continue executing its strategy.

Next Steps

The filing does not specify any future actions or milestones for Steven Madden Ltd. or FMR LLC related to this ownership.

Key Dates

Date	Description
2023-01-03	Effective date of Power of Attorney for FMR LLC.
2023-01-10	Date of Schedule 13G filing by FMR LLC where Power of Attorney (accession number: -23-000003) was incorporated by reference.
2023-01-26	Effective date of Power of Attorney for Abigail P. Johnson.
2023-01-31	Date of Schedule 13G filing by FMR LLC where Power of Attorney (accession number: -23-000038) for Abigail P. Johnson was incorporated by reference.
2025-09-30	Date of event which requires filing of this statement (reporting period end date for beneficial ownership).
2025-11-04	Date of filing and signature date for FMR LLC and Abigail P. Johnson.

Recommendation

hold

The filing indicates a substantial, passive stake by a reputable institutional investor, FMR LLC, in Steven Madden Ltd. This suggests a long-term, confident view of the company's value. While not an active endorsement of immediate growth, it signals stability and institutional backing. For investors, maintaining a 'hold' position is prudent, acknowledging the institutional confidence without implying immediate catalysts for significant price appreciation or depreciation based solely on this ownership disclosure.

Keywords

Steven Madden Ltd, SMDD, FMR LLC, Fidelity, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, Footwear, Apparel

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