Envestnet Asset Management Inc. lifted its holdings in Skechers USA Inc (NYSE:SKX) by 191.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,052 shares of the textile maker’s stock after purchasing an additional 14,485 shares during the period. Envestnet Asset Management Inc.’s holdings in Skechers USA were worth $824,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in SKX. Empirical Finance LLC grew its stake in shares of Skechers USA by 1.1% in the 2nd quarter. Empirical Finance LLC now owns 53,757 shares of the textile maker’s stock worth $1,693,000 after purchasing an additional 601 shares during the last quarter. Palmer Knight Co grew its stake in shares of Skechers USA by 1.3% in the 2nd quarter. Palmer Knight Co now owns 167,154 shares of the textile maker’s stock worth $5,264,000 after purchasing an additional 2,177 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of Skechers USA by 1.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 53,963 shares of the textile maker’s stock worth $1,699,000 after purchasing an additional 763 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Skechers USA in the 2nd quarter worth approximately $460,000. Finally, Oakbrook Investments LLC acquired a new position in shares of Skechers USA in the 2nd quarter worth approximately $453,000. 76.27% of the stock is currently owned by institutional investors.
Shares of SKX opened at $39.53 on Friday. Skechers USA Inc has a one year low of $21.45 and a one year high of $40.50. The company has a 50-day moving average of $37.06 and a two-hundred day moving average of $33.38. The stock has a market cap of $6.17 billion, a price-to-earnings ratio of 20.59, a PEG ratio of 1.17 and a beta of 0.79. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.37 and a quick ratio of 1.57.
SKX has been the topic of several recent research reports. Zacks Investment Research lifted their price objective on shares of Skechers USA to $42.50 in a research note on Tuesday, October 15th. Susquehanna Bancshares raised their target price on shares of Skechers USA from $37.00 to $42.00 and gave the stock a “positive” rating in a report on Friday, July 19th. Morgan Stanley raised their target price on shares of Skechers USA from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. ValuEngine cut shares of Skechers USA from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Co set a $40.00 target price on shares of Skechers USA and gave the stock a “hold” rating in a report on Friday, July 19th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. Skechers USA has a consensus rating of “Hold” and an average target price of $41.72.
In related news, Director Richard Siskind sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $36.25, for a total transaction of $543,750.00. Following the completion of the sale, the director now directly owns 172,499 shares in the company, valued at $6,253,088.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jeffrey Greenberg sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $35.00, for a total transaction of $2,100,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 415,000 shares of company stock valued at $15,080,850. 28.08% of the stock is currently owned by corporate insiders.
Skechers USA Company Profile
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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