State of Michigan Retirement System Has $2.09 Million Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

State of Michigan Retirement System lessened its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 1.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,144 shares of the textile maker’s stock after selling 300 shares during the quarter. State of Michigan Retirement System’s holdings in Skechers U.S.A. were worth $2,094,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Pacer Advisors Inc. increased its position in Skechers U.S.A. by 5,780.6% during the third quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock worth $176,628,000 after buying an additional 2,594,507 shares during the last quarter. Bank of New York Mellon Corp increased its position in Skechers U.S.A. by 70.4% during the fourth quarter. Bank of New York Mellon Corp now owns 2,308,283 shares of the textile maker’s stock worth $155,209,000 after buying an additional 953,528 shares during the last quarter. Geode Capital Management LLC increased its position in Skechers U.S.A. by 0.5% during the third quarter. Geode Capital Management LLC now owns 2,216,905 shares of the textile maker’s stock worth $148,395,000 after buying an additional 11,026 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position 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 valued at $88,126,000 after purchasing an additional 17,429 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Skechers U.S.A. by 39.0% in the third quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock valued at $68,630,000 after purchasing an additional 287,939 shares during the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Robert Greenberg sold 52,600 shares of the stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total value of $3,299,072.00. Following the completion of the transaction, the chief executive officer now directly owns 61,367 shares in the company, valued at approximately $3,848,938.24. This represents a 46.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Phillip Paccione sold 10,994 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $56.63, for a total value of $622,590.22. Following the completion of the transaction, the general counsel now owns 15,000 shares of the company’s stock, valued at $849,450. The trade was a 42.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 236,738 shares of company stock worth $14,700,809 over the last three months. Insiders own 24.75% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Barclays decreased their target price on Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating on the stock in a research report on Monday, February 10th. StockNews.com downgraded Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of Skechers U.S.A. in a research report on Friday, February 7th. Evercore ISI upped their target price on Skechers U.S.A. from $72.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, January 28th. Finally, TD Cowen upped their target price on Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Skechers U.S.A. has an average rating of “Moderate Buy” and a consensus price target of $81.25.

Skechers U.S.A. Stock Up 0.1 %

NYSE SKX opened at $59.06 on Friday. The business has a fifty day moving average price of $68.01 and a two-hundred day moving average price of $66.37. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12. Skechers U.S.A., Inc. has a fifty-two week low of $55.67 and a fifty-two week high of $78.85. The stock has a market capitalization of $8.92 billion, a PE ratio of 14.23, a PEG ratio of 1.11 and a beta of 1.21.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. Equities analysts expect that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

Skechers U.S.A. Company Profile

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.