Is Steven Madden, Ltd. (SHOO) a Good Buy?

As aggregate interest increased, key hedge funds have been driving this bullishness. Scopus Asset Management, managed by Alexander Mitchell, initiated the biggest position in Steven Madden, Ltd. (NASDAQ:SHOO). Scopus Asset Management had $20.7 million invested in the company at the end of the quarter. David Keidan’s Buckingham Capital Management also made a $18.9 million investment in the stock during the quarter. The other funds with brand new SHOO positions are Mark Coe’s Coe Capital Management, Neil Chriss’s Hutchin Hill Capital, and Michael Platt and William Reeves’s BlueCrest Capital Mgmt..

Let’s go over hedge fund activity in other stocks similar to Steven Madden, Ltd. (NASDAQ:SHOO). We will take a look at Eldorado Gold Corp (USA) (NYSE:EGO), RLI Corp. (NYSE:RLI), Medical Properties Trust, Inc. (NYSE:MPW), and Gerdau SA (ADR) (NYSE:GGB). All of these stocks’ market caps are similar to SHOO’s market cap.

As you can see these stocks had an average of 11.75 hedge funds with bullish positions and the average amount invested in these stocks was $72 million. That figure was $134 million in SHOO’s case. Eldorado Gold Corp (USA) (NYSE:EGO) is the most popular stock in this table. On the other hand Medical Properties Trust, Inc. (NYSE:MPW) is the least popular one with only 10 bullish hedge fund positions. Compared to these stocks Steven Madden, Ltd. (NASDAQ:SHOO) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.