Montag & Caldwell LLC Acquires New Shares in Skechers U.S.A., Inc. (NYSE:SKX)

Montag & Caldwell LLC purchased a new position in Skechers U.S.A., Inc. (NYSE:SKX) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,683 shares of the textile maker’s stock, valued at approximately $382,000.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Skechers U.S.A. by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 12,544,233 shares of the textile maker’s stock valued at $843,474,000 after buying an additional 82,143 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Skechers U.S.A. by 70.4% in the fourth quarter. Bank of New York Mellon Corp now owns 2,308,283 shares of the textile maker’s stock valued at $155,209,000 after purchasing an additional 953,528 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Skechers U.S.A. by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 2,294,976 shares of the textile maker’s stock valued at $154,361,000 after acquiring an additional 78,071 shares in the last quarter. Norges Bank acquired a new position in shares of Skechers U.S.A. in the 4th quarter worth approximately $105,741,000. Finally, Wellington Management Group LLP lifted its holdings in shares of Skechers U.S.A. by 6.3% during the fourth quarter. Wellington Management Group LLP now owns 1,090,413 shares of the textile maker’s stock valued at $73,319,000 after acquiring an additional 64,857 shares during the period. 79.96% of the stock is owned by institutional investors and hedge funds.

Skechers U.S.A. Stock Down 0.7 %

NYSE:SKX opened at $49.10 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12. The firm’s 50-day moving average price is $58.05 and its 200-day moving average price is $63.82. Skechers U.S.A., Inc. has a 1-year low of $44.50 and a 1-year high of $78.85. The company has a market capitalization of $7.33 billion, a PE ratio of 11.83, a P/E/G ratio of 1.11 and a beta of 1.08.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. On average, equities analysts predict that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SKX has been the subject of a number of research analyst reports. Stifel Nicolaus dropped their target price on shares of Skechers U.S.A. from $80.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Barclays cut 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. Needham & Company LLC reissued a “hold” rating on shares of Skechers U.S.A. in a research report on Friday, February 7th. 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. Finally, Bank of America cut their target price on Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.75.

Insider Buying and Selling

In other news, General Counsel Phillip Paccione sold 10,994 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $56.63, for a total value of $622,590.22. Following the completion of the sale, the general counsel now directly owns 15,000 shares of the company’s stock, valued at $849,450. This trade represents a 42.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert Greenberg sold 52,600 shares of Skechers U.S.A. stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total transaction of $3,299,072.00. Following the transaction, the chief executive officer now directly owns 61,367 shares of the company’s stock, valued at approximately $3,848,938.24. This represents a 46.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 218,245 shares of company stock worth $13,452,902. 24.75% of the stock is owned by insiders.

Skechers U.S.A. 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.