California Public Employees Retirement System Sells 11,330 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

California Public Employees Retirement System cut its position in Skechers U.S.A., Inc. (NYSE:SKX) by 4.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 233,404 shares of the textile maker’s stock after selling 11,330 shares during the period. California Public Employees Retirement System owned approximately 0.15% of Skechers U.S.A. worth $15,694,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. TD Private Client Wealth LLC lifted its stake in shares of Skechers U.S.A. by 534.3% in the 4th quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock worth $29,000 after purchasing an additional 358 shares during the period. UMB Bank n.a. raised its position in Skechers U.S.A. by 53.1% during the fourth quarter. UMB Bank n.a. now owns 689 shares of the textile maker’s stock valued at $46,000 after purchasing an additional 239 shares during the period. IFP Advisors Inc raised its stake in shares of Skechers U.S.A. by 62.4% in the fourth quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock valued at $55,000 after acquiring an additional 317 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Skechers U.S.A. during the fourth quarter valued at approximately $65,000. Finally, Blue Trust Inc. lifted its stake in shares of Skechers U.S.A. by 20.7% during the 4th quarter. Blue Trust Inc. now owns 1,208 shares of the textile maker’s stock worth $81,000 after acquiring an additional 207 shares during the last quarter. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Price Performance

NYSE SKX opened at $50.29 on Friday. The firm’s fifty day simple moving average is $62.35 and its two-hundred day simple moving average is $64.80. The firm has a market capitalization of $7.51 billion, a P/E ratio of 12.12, a P/E/G ratio of 1.11 and a beta of 1.08. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01. Skechers U.S.A., Inc. has a 12-month low of $45.69 and a 12-month high of $78.85.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share (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 13.73%. Analysts forecast that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Phillip Paccione sold 10,994 shares of Skechers U.S.A. stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $56.63, for a total transaction of $622,590.22. Following the completion of the sale, the general counsel now directly owns 15,000 shares in the company, valued at approximately $849,450. The trade was a 42.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Mark A. Nason sold 12,046 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $66.08, for a total value of $795,999.68. Following the completion of the transaction, the executive vice president now directly owns 25,675 shares in the company, valued at approximately $1,696,604. The trade was a 31.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 218,245 shares of company stock worth $13,452,902 in the last three months. Corporate insiders own 24.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Barclays reduced their price target on shares of Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating on the stock in a research note on Monday, February 10th. StockNews.com lowered shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. Bank of America lowered their price target on Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating for the company in a report on Monday, March 24th. UBS Group decreased their target price on Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Finally, Stifel Nicolaus dropped their price target on Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $80.42.

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.