Shell Asset Management Co. acquired a new stake in Skechers USA Inc. (NYSE:SKX) during the second quarter, Holdings Channel reports. The fund acquired 21,629 shares of the company’s stock, valued at approximately $643,000.
Several other institutional investors have also made changes to their positions in SKX. Creative Planning boosted its position in shares of 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 shares of 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 shares of 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 acquired a new position in shares of Skechers USA during the first quarter valued at about $253,000. Finally, Regent Investment Management LLC boosted its position in shares of 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 currently owned by institutional investors.
Shares of Skechers USA Inc. (NYSE:SKX) traded up 0.13% during mid-day trading on Friday, hitting $22.90. 1,721,688 shares of the stock were exchanged. The company has a market capitalization of $3.62 billion, a PE ratio of 13.23 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 has a 50-day moving average price of $23.50 and a 200 day moving average price of $27.80.
Skechers USA (NYSE:SKX) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by $0.02. The company earned $877.80 million during the quarter, compared to the consensus estimate of $892.06 million. Skechers USA had a net margin of 7.79% and a return on equity of 20.20%. During the same period last year, the company earned $0.52 earnings per share. On average, equities research analysts expect that Skechers USA Inc. will post $1.80 earnings per share for the current year.
Several equities analysts have recently issued reports on the stock. Monness Crespi & Hardt cut shares of Skechers USA from a “buy” rating to a “neutral” rating in a research note on Friday, July 22nd. They noted that the move was a valuation call. B. Riley reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Skechers USA in a research note on Monday, July 25th. Argus cut shares of Skechers USA from a “buy” rating to a “hold” rating in a research note on Monday, August 1st. Susquehanna raised shares of Skechers USA from a “neutral” rating to a “positive” rating and set a $27.00 target price on the stock in a research report on Friday, September 30th. Finally, Morgan Stanley downgraded shares of Skechers USA from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $41.00 to $25.00 in a research report on Wednesday, September 21st. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Skechers USA currently has a consensus rating of “Buy” and a consensus target price of $30.34.
In other news, General Counsel Phillip Paccione sold 1,389 shares of the company’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 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 document filed with the SEC, which is accessible through this hyperlink. 21.73% of the stock is owned by 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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