Alps Advisors Inc. cut its stake in shares of Skechers USA Inc. (NYSE:SKX) by 6.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,279 shares of the company’s stock after selling 904 shares during the period. Alps Advisors Inc.’s holdings in Skechers USA were worth $365,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in SKX. Creative Planning boosted its position in Skechers USA by 40.7% in the second quarter. Creative Planning now owns 8,074 shares of the company’s stock valued at $240,000 after buying an additional 2,335 shares in the last quarter. LS Investment Advisors LLC boosted its position in Skechers USA by 68.8% in the second quarter. LS Investment Advisors LLC now owns 8,193 shares of the company’s stock valued at $243,000 after buying an additional 3,340 shares in the last quarter. Independent Portfolio Consultants Inc. boosted its position in Skechers USA by 20.7% in the second quarter. Independent Portfolio Consultants Inc. now owns 8,390 shares of the company’s stock valued at $249,000 after buying an additional 1,440 shares in the last quarter. Bayesian Capital Management LP purchased a new position in Skechers USA during the first quarter valued at $253,000. Finally, Regent Investment Management LLC boosted its position in Skechers USA by 29.4% in the second quarter. Regent Investment Management LLC now owns 8,800 shares of the company’s stock valued at $262,000 after buying an additional 2,000 shares in the last quarter. 65.70% of the stock is owned by institutional investors and hedge funds.
Shares of Skechers USA Inc. (NYSE:SKX) traded up 2.17% on Wednesday, reaching $23.08. The company’s stock had a trading volume of 1,725,316 shares. The stock has a market cap of $3.64 billion, a P/E ratio of 13.33 and a beta of 0.15. Skechers USA Inc. has a 12 month low of $20.90 and a 12 month high of $49.28. The firm’s 50-day moving average price is $23.38 and its 200-day moving average price is $27.67.
Skechers USA (NYSE:SKX) last issued its earnings results on Thursday, July 21st. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.52 by $0.02. Skechers USA had a return on equity of 20.20% and a net margin of 7.79%. The company earned $877.80 million during the quarter, compared to the consensus estimate of $892.06 million. During the same quarter in the prior year, the business earned $0.52 EPS. On average, analysts forecast that Skechers USA Inc. will post $1.80 earnings per share for the current fiscal year.
Several equities analysts recently weighed in on SKX shares. B. Riley reissued a “buy” rating and issued a $32.00 target price on shares of Skechers USA in a research note on Monday, July 25th. Citigroup Inc. reaffirmed a “buy” rating and set a $38.00 price objective on shares of Skechers USA in a research report on Tuesday, August 23rd. Vetr raised shares of Skechers USA from a “hold” rating to a “buy” rating and set a $34.68 price objective for the company in a research report on Tuesday, July 19th. Standpoint Research assumed coverage on shares of Skechers USA in a research report on Monday, October 3rd. They set a “buy” rating and a $30.00 price objective for the company. Finally, Morgan Stanley cut shares of Skechers USA from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $41.00 to $25.00 in a research report on Wednesday, September 21st. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Skechers USA currently has an average rating of “Buy” and an average target price of $30.34.
In other Skechers USA news, General Counsel Phillip Paccione sold 1,389 shares of the firm’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $24.12, for a total value of $33,502.68. Following the completion of the transaction, the general counsel now owns 90,445 shares in the company, valued at approximately $2,181,533.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 21.73% of the stock is owned by company insiders.
About Skechers USA
Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.
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