Pinnacle Associates Ltd. trimmed its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 0.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,250 shares of the textile maker’s stock after selling 100 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Skechers U.S.A. were worth $745,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently made changes to their positions in SKX. BlackRock Inc. lifted its holdings in shares of Skechers U.S.A. by 3,136.5% during the 1st quarter. BlackRock Inc. now owns 11,190,173 shares of the textile maker’s stock valued at $307,170,000 after buying an additional 10,844,421 shares during the last quarter. Mik Capital LLC acquired a new stake in shares of Skechers U.S.A. during the 2nd quarter valued at about $56,285,000. Amerigo Asset Management lifted its holdings in shares of Skechers U.S.A. by 38.2% during the 2nd quarter. Amerigo Asset Management now owns 6,134,253 shares of the textile maker’s stock valued at $180,960,000 after buying an additional 1,694,253 shares during the last quarter. Prudential Financial Inc. lifted its holdings in shares of Skechers U.S.A. by 125.7% during the 2nd quarter. Prudential Financial Inc. now owns 2,302,352 shares of the textile maker’s stock valued at $67,919,000 after buying an additional 1,282,260 shares during the last quarter. Finally, Columbus Circle Investors acquired a new stake in shares of Skechers U.S.A. during the 2nd quarter valued at about $31,638,000. Institutional investors and hedge funds own 70.52% of the company’s stock.
Several equities research analysts recently weighed in on SKX shares. BidaskClub upgraded Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Susquehanna Bancshares Inc restated a “positive” rating and issued a $34.00 target price (up from $32.00) on shares of Skechers U.S.A. in a report on Sunday, July 23rd. B. Riley restated a “buy” rating and issued a $37.00 target price on shares of Skechers U.S.A. in a report on Friday, July 21st. Vetr downgraded Skechers U.S.A. from a “strong-buy” rating to a “buy” rating and set a $32.17 price target on the stock. in a research report on Tuesday, July 25th. Finally, Cowen and Company set a $35.00 price target on Skechers U.S.A. and gave the stock a “buy” rating in a research report on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. Skechers U.S.A. has an average rating of “Hold” and a consensus target price of $31.10.
Shares of Skechers U.S.A., Inc. (NYSE SKX) opened at 24.82 on Friday. Skechers U.S.A., Inc. has a 52 week low of $18.81 and a 52 week high of $30.00. The company has a 50-day moving average price of $27.08 and a 200 day moving average price of $26.77. The firm has a market cap of $3.93 billion, a price-to-earnings ratio of 17.21 and a beta of 0.18.
Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, July 20th. The textile maker reported $0.38 EPS for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.06). Skechers U.S.A. had a return on equity of 12.79% and a net margin of 5.92%. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $966.46 million. During the same quarter last year, the business earned $0.48 EPS. Skechers U.S.A.’s revenue was up 16.9% on a year-over-year basis. Analysts expect that Skechers U.S.A., Inc. will post $1.57 EPS for the current fiscal year.
In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 1,004 shares of the firm’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $27.24, for a total transaction of $27,348.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 21.73% of the stock is owned by company insiders.
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About Skechers U.S.A.
Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.
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