Royce & Associates LP lowered its position in shares of Skechers USA Inc (NYSE:SKX) by 58.9% during the third quarter, HoldingsChannel.com reports. The firm owned 282,105 shares of the textile maker’s stock after selling 404,900 shares during the quarter. Royce & Associates LP’s holdings in Skechers USA were worth $7,879,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. US Bancorp DE increased its stake in shares of Skechers USA by 169.5% during the second quarter. US Bancorp DE now owns 4,069 shares of the textile maker’s stock worth $122,000 after purchasing an additional 2,559 shares during the period. First Mercantile Trust Co. bought a new position in shares of Skechers USA during the third quarter worth approximately $139,000. NuWave Investment Management LLC increased its stake in shares of Skechers USA by 92.2% during the third quarter. NuWave Investment Management LLC now owns 5,011 shares of the textile maker’s stock worth $140,000 after purchasing an additional 2,404 shares during the period. NumerixS Investment Technologies Inc bought a new position in shares of Skechers USA during the second quarter worth approximately $141,000. Finally, Strs Ohio bought a new position in shares of Skechers USA during the second quarter worth approximately $184,000. Institutional investors own 74.28% of the company’s stock.
In other Skechers USA news, President Michael Greenberg sold 75,630 shares of the firm’s stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $29.28, for a total transaction of $2,214,446.40. Following the transaction, the president now owns 593,309 shares in the company, valued at approximately $17,372,087.52. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 27.88% of the stock is owned by company insiders.
Skechers USA (NYSE:SKX) last posted its quarterly earnings data on Thursday, October 18th. The textile maker reported $0.58 EPS for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.07. Skechers USA had a return on equity of 13.81% and a net margin of 4.13%. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter last year, the company earned $0.59 EPS. The company’s revenue was up 7.5% on a year-over-year basis. Equities research analysts expect that Skechers USA Inc will post 1.85 earnings per share for the current fiscal year.
A number of brokerages have recently weighed in on SKX. Zacks Investment Research upgraded Skechers USA from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research note on Thursday, November 22nd. TheStreet lowered Skechers USA from a “b-” rating to a “c+” rating in a research note on Wednesday, August 15th. ValuEngine lowered Skechers USA from a “hold” rating to a “sell” rating in a research note on Tuesday, November 20th. Wells Fargo & Co set a $30.00 target price on Skechers USA and gave the stock a “hold” rating in a research note on Friday, October 19th. Finally, Citigroup lowered their target price on Skechers USA from $30.00 to $29.00 and set a “neutral” rating on the stock in a research note on Monday, October 22nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $32.49.
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About Skechers USA
Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.
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