Coronation Fund Managers Ltd. Sells 243,280 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Coronation Fund Managers Ltd. cut its position in Skechers U.S.A., Inc. (NYSE:SKX) by 48.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 255,557 shares of the textile maker’s stock after selling 243,280 shares during the quarter. Skechers U.S.A. accounts for about 1.0% of Coronation Fund Managers Ltd.’s holdings, making the stock its 27th biggest holding. Coronation Fund Managers Ltd. owned about 0.17% of Skechers U.S.A. worth $17,184,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Sanctuary Advisors LLC raised its holdings in Skechers U.S.A. by 88.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock valued at $1,822,000 after buying an additional 13,836 shares during the last quarter. Victory Capital Management Inc. increased its position in Skechers U.S.A. by 22.3% in the 3rd quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock valued at $9,295,000 after acquiring an additional 25,289 shares during the period. Transform Wealth LLC bought a new position in shares of Skechers U.S.A. during the third quarter valued at $7,186,000. National Bank of Canada FI lifted its holdings in shares of Skechers U.S.A. by 2,340.0% during the third quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock worth $4,732,000 after purchasing an additional 67,812 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Skechers U.S.A. by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock worth $88,126,000 after purchasing an additional 17,429 shares during the last quarter. 79.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SKX shares. StockNews.com raised Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Thursday, January 23rd. Bank of America cut their price objective on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, October 25th. UBS Group decreased their target price on shares of Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating for the company in a research report on Friday. TD Cowen boosted their price target on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $81.50.

Skechers U.S.A. Stock Performance

Shares of Skechers U.S.A. stock opened at $66.06 on Monday. The business has a 50-day simple moving average of $70.55 and a 200 day simple moving average of $66.48. Skechers U.S.A., Inc. has a one year low of $55.67 and a one year high of $78.85. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The firm has a market capitalization of $9.97 billion, a price-to-earnings ratio of 15.92, a PEG ratio of 0.95 and a beta of 1.19.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, February 6th. The textile maker reported $0.65 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.81%. On average, research analysts anticipate that Skechers U.S.A., Inc. will post 4.79 earnings per share for the current fiscal year.

Insider Buying and Selling at Skechers U.S.A.

In other Skechers U.S.A. news, COO David Weinberg sold 8,219 shares of the company’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $554,618.12. Following the completion of the sale, the chief operating officer now directly owns 122,211 shares of the company’s stock, valued at approximately $8,246,798.28. This represents a 6.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Michael Greenberg sold 10,274 shares of the stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $693,289.52. Following the completion of the sale, the president now owns 149,327 shares of the company’s stock, valued at approximately $10,076,585.96. This trade represents a 6.44 % decrease in their position. The disclosure for this sale can be found here. Insiders own 24.75% of the company’s stock.

About Skechers U.S.A.

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.