Comerica Bank reduced its position in Skechers U.S.A., Inc. (NYSE:SKX – Get Rating) by 28.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 61,257 shares of the textile maker’s stock after selling 23,900 shares during the quarter. Comerica Bank’s holdings in Skechers U.S.A. were worth $2,125,000 at the end of the most recent reporting period.
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Several other hedge funds have also recently added to or reduced their stakes in SKX. American Century Companies Inc. raised its stake in Skechers U.S.A. by 10.8% in the 1st quarter. American Century Companies Inc. now owns 16,901 shares of the textile maker’s stock valued at $689,000 after purchasing an additional 1,654 shares during the last quarter. US Bancorp DE grew its holdings in Skechers U.S.A. by 71.1% in the 1st quarter. US Bancorp DE now owns 2,416 shares of the textile maker’s stock valued at $98,000 after buying an additional 1,004 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Skechers U.S.A. by 11.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the textile maker’s stock valued at $260,000 after buying an additional 663 shares in the last quarter. Bank of Montreal Can grew its holdings in Skechers U.S.A. by 8.6% in the 1st quarter. Bank of Montreal Can now owns 12,534 shares of the textile maker’s stock valued at $519,000 after buying an additional 990 shares in the last quarter. Finally, MetLife Investment Management LLC grew its holdings in Skechers U.S.A. by 34.4% in the 1st quarter. MetLife Investment Management LLC now owns 87,839 shares of the textile maker’s stock valued at $3,580,000 after buying an additional 22,464 shares in the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.
Skechers U.S.A. Stock Performance
Shares of Skechers U.S.A. stock opened at $45.88 on Friday. The business has a 50-day moving average of $42.36 and a 200 day moving average of $38.60. Skechers U.S.A., Inc. has a 12 month low of $31.28 and a 12 month high of $49.89. The stock has a market capitalization of $7.12 billion, a price-to-earnings ratio of 10.29 and a beta of 1.28. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.27 and a quick ratio of 1.14.
Skechers U.S.A. (NYSE:SKX – Get Rating) last announced its earnings results on Tuesday, October 25th. The textile maker reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.19). Skechers U.S.A. had a net margin of 9.70% and a return on equity of 10.03%. The firm had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.84 billion. As a group, sell-side analysts forecast that Skechers U.S.A., Inc. will post 2.26 earnings per share for the current year.
Insider Buying and Selling at Skechers U.S.A.
In other Skechers U.S.A. news, President Michael Greenberg sold 10,503 shares of the stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $42.29, for a total value of $444,171.87. Following the sale, the president now owns 427,080 shares of the company’s stock, valued at approximately $18,061,213.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Skechers U.S.A. news, President Michael Greenberg sold 10,503 shares of the stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $42.29, for a total value of $444,171.87. Following the sale, the president now owns 427,080 shares of the company’s stock, valued at approximately $18,061,213.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO David Weinberg sold 8,403 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $42.29, for a total value of $355,362.87. Following the completion of the sale, the chief operating officer now directly owns 124,419 shares in the company, valued at approximately $5,261,679.51. The disclosure for this sale can be found here. Insiders have sold 20,967 shares of company stock valued at $876,358 in the last quarter. Corporate insiders own 24.44% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the company. StockNews.com assumed coverage on Skechers U.S.A. in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Morgan Stanley cut Skechers U.S.A. from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $54.00 to $46.00 in a report on Wednesday. Cowen upped their target price on Skechers U.S.A. from $31.00 to $48.00 in a report on Tuesday, December 6th. Raymond James increased their price target on Skechers U.S.A. from $40.00 to $48.00 in a report on Thursday, December 1st. Finally, Wedbush lowered their price target on Skechers U.S.A. from $42.00 to $37.00 in a report on Wednesday, October 26th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.25.
Skechers U.S.A. Company Profile
Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women worldwide. The company operates through three segments: Domestic Wholesale, International Wholesale, and Direct-to-Consumer. It offers casual, casual athletic, sport athletic, trail, sandals, boots, and retro fashion footwear for men and women under the Skechers USA, Skechers Sport, Skechers Active, Modern Comfort, Skechers Street, Mark Nason, and BOBS brands; sneakers, casuals, boots, and sandals for boys and girls under the Skechers Mega-Craft, S-Lights, SKECH-AIR, Foamies, Twinkle Toes, Z-Strap, Skechers Stretch Fit, and Skechers Street brands; and technical footwear under the Skechers GOrun, Skechers GOwalk, Skechers GOtrain, Skechers GOtrail, and Skechers GO Golf brands.
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