Boston Advisors LLC increased its stake in shares of Skechers USA Inc. (NYSE:SKX) by 0.5% during the second quarter, Holdings Channel reports. The fund owned 44,585 shares of the company’s stock after buying an additional 205 shares during the period. Boston Advisors LLC’s holdings in Skechers USA were worth $1,325,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Skechers USA during the fourth quarter valued at $31,971,000. Bank of Montreal Can bought a new stake in shares of Skechers USA during the second quarter valued at $14,762,000. Penn Davis Mcfarland Inc. bought a new stake in shares of Skechers USA during the second quarter valued at $10,164,000. Friess Associates LLC bought a new stake in shares of Skechers USA during the first quarter valued at $10,035,000. Finally, Prudential Financial Inc. increased its stake in shares of Skechers USA by 109.2% in the first quarter. Prudential Financial Inc. now owns 261,462 shares of the company’s stock valued at $7,961,000 after buying an additional 136,470 shares during the last quarter. Hedge funds and other institutional investors own 65.70% of the company’s stock.
Shares of Skechers USA Inc. (NYSE:SKX) traded up 4.52% on Friday, hitting $22.90. The stock had a trading volume of 3,755,624 shares. The company has a market cap of $3.62 billion, a P/E ratio of 13.23 and a beta of 0.32. The company’s 50 day moving average price is $23.78 and its 200-day moving average price is $28.14. Skechers USA Inc. has a 12 month low of $20.90 and a 12 month high of $49.28.
Skechers USA (NYSE:SKX) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.50 earnings per share (EPS) for the quarter, missing the Zacks’ 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 business had revenue of $877.80 million for the quarter, compared to the consensus estimate of $892.06 million. During the same period in the prior year, the business posted $0.52 earnings per share. On average, analysts expect that Skechers USA Inc. will post $1.80 earnings per share for the current year.
A number of equities analysts recently commented on the company. Susquehanna assumed coverage on Skechers USA in a report on Friday, August 12th. They set a “neutral” rating and a $27.00 target price for the company. Citigroup Inc. restated a “buy” rating and set a $38.00 target price on shares of Skechers USA in a report on Tuesday, August 23rd. Monness Crespi & Hardt downgraded Skechers USA from a “buy” rating to a “neutral” rating in a report on Friday, July 22nd. They noted that the move was a valuation call. Morgan Stanley downgraded Skechers USA from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $41.00 to $25.00 in a report on Wednesday, September 21st. Finally, Argus downgraded Skechers USA from a “buy” rating to a “hold” rating in a report on Monday, August 1st. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $30.37.
In related news, General Counsel Phillip Paccione sold 1,389 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $24.12, for a total transaction of $33,502.68. Following the completion of the sale, the general counsel now directly owns 90,445 shares of the company’s stock, valued at approximately $2,181,533.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 21.73% of the company’s stock.
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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