Allspring Global Investments Holdings LLC decreased its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX – Get Rating) by 22.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 28,003 shares of the textile maker’s stock after selling 8,312 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Skechers U.S.A. were worth $887,000 at the end of the most recent reporting period.
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Several other hedge funds also recently bought and sold shares of SKX. American Century Companies Inc. increased its position in Skechers U.S.A. by 10.8% during the first quarter. American Century Companies Inc. now owns 16,901 shares of the textile maker’s stock worth $689,000 after buying an additional 1,654 shares in the last quarter. US Bancorp DE grew its position in shares of Skechers U.S.A. by 71.1% in the first quarter. US Bancorp DE now owns 2,416 shares of the textile maker’s stock valued at $98,000 after purchasing an additional 1,004 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Skechers U.S.A. by 11.5% in the first quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the textile maker’s stock valued at $260,000 after purchasing an additional 663 shares during the period. Bank of Montreal Can grew its position in shares of Skechers U.S.A. by 8.6% in the first quarter. Bank of Montreal Can now owns 12,534 shares of the textile maker’s stock valued at $519,000 after purchasing an additional 990 shares during the period. Finally, MetLife Investment Management LLC grew its position in shares of Skechers U.S.A. by 34.4% in the first quarter. MetLife Investment Management LLC now owns 87,839 shares of the textile maker’s stock valued at $3,580,000 after purchasing an additional 22,464 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on SKX shares. Morgan Stanley downgraded Skechers U.S.A. from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $54.00 to $46.00 in a research report on Wednesday, January 18th. Deutsche Bank Aktiengesellschaft lowered their price objective on Skechers U.S.A. from $51.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, October 24th. Argus raised Skechers U.S.A. from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Friday, January 6th. Raymond James lifted their target price on Skechers U.S.A. from $40.00 to $48.00 in a report on Thursday, December 1st. Finally, Cowen lifted their target price on Skechers U.S.A. from $31.00 to $48.00 in a report on Tuesday, December 6th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.83.
Insider Activity at Skechers U.S.A.
In other news, Director Katherine J. Blair sold 1,500 shares of the stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $35.16, for a total transaction of $52,740.00. Following the sale, the director now directly owns 10,500 shares in the company, valued at approximately $369,180. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO David Weinberg sold 8,403 shares of Skechers U.S.A. stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $42.29, for a total transaction of $355,362.87. Following the transaction, the chief operating officer now directly owns 124,419 shares of the company’s stock, valued at $5,261,679.51. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Katherine J. Blair sold 1,500 shares of Skechers U.S.A. stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $35.16, for a total value of $52,740.00. Following the transaction, the director now directly owns 10,500 shares in the company, valued at $369,180. The disclosure for this sale can be found here. Insiders sold a total of 20,967 shares of company stock valued at $876,358 over the last three months. 24.44% of the stock is owned by insiders.
Skechers U.S.A. Trading Up 1.6 %
Shares of SKX opened at $46.62 on Monday. The stock’s 50-day moving average is $42.50 and its two-hundred day moving average is $38.70. The stock has a market cap of $7.23 billion, a PE ratio of 10.45 and a beta of 1.29. Skechers U.S.A., Inc. has a 12 month low of $31.28 and a 12 month high of $49.89. 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 issued its quarterly earnings data on Tuesday, October 25th. The textile maker reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.19). The company had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.84 billion. Skechers U.S.A. had a return on equity of 10.03% and a net margin of 9.70%. Equities analysts forecast that Skechers U.S.A., Inc. will post 2.26 earnings per share for the current fiscal year.
Skechers U.S.A. Profile
Skechers U.SA, Inc engages in designing, development, and marketing of lifestyle footwear for men, women, and children of all ages. It operates through the following segments: Domestic Wholesale, International Wholesale, and Direct-to-Consumer. The Domestic Wholesale segment distributes footwear through the local wholesale distribution channels including department stores, specialty stores, athletic specialty shoe stores and independent retailers, as well as catalog and internet retailers.
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