Quantitative Investment Management LLC acquired a new stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 123,200 shares of the textile maker’s stock, valued at approximately $4,661,000. Quantitative Investment Management LLC owned 0.08% of Skechers U.S.A. at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Amalgamated Bank grew its holdings in Skechers U.S.A. by 5.8% during the fourth quarter. Amalgamated Bank now owns 26,981 shares of the textile maker’s stock valued at $1,021,000 after purchasing an additional 1,473 shares during the period. Oakbrook Investments LLC grew its holdings in Skechers U.S.A. by 17.2% during the fourth quarter. Oakbrook Investments LLC now owns 11,730 shares of the textile maker’s stock valued at $444,000 after purchasing an additional 1,720 shares during the period. Crossmark Global Holdings Inc. grew its holdings in Skechers U.S.A. by 9.8% during the fourth quarter. Crossmark Global Holdings Inc. now owns 21,143 shares of the textile maker’s stock valued at $800,000 after purchasing an additional 1,887 shares during the period. California Public Employees Retirement System grew its holdings in Skechers U.S.A. by 0.7% during the fourth quarter. California Public Employees Retirement System now owns 258,807 shares of the textile maker’s stock valued at $9,793,000 after purchasing an additional 1,919 shares during the period. Finally, Investment Centers of America Inc. grew its holdings in Skechers U.S.A. by 20.7% during the third quarter. Investment Centers of America Inc. now owns 11,212 shares of the textile maker’s stock valued at $287,000 after purchasing an additional 1,926 shares during the period. 73.09% of the stock is owned by institutional investors and hedge funds.
Skechers U.S.A. stock opened at $40.26 on Friday. Skechers U.S.A., Inc. has a one year low of $22.64 and a one year high of $42.73. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.52 and a quick ratio of 2.06. The firm has a market capitalization of $6,410.20, a PE ratio of 22.62, a P/E/G ratio of 1.16 and a beta of 0.31.
Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, February 8th. The textile maker reported $0.21 EPS for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.08. Skechers U.S.A. had a return on equity of 14.63% and a net margin of 4.30%. The firm had revenue of $970.59 million during the quarter, compared to analyst estimates of $881.39 million. During the same period last year, the company earned $0.04 earnings per share. The business’s revenue for the quarter was up 27.0% on a year-over-year basis. analysts anticipate that Skechers U.S.A., Inc. will post 2.3 EPS for the current fiscal year.
Skechers U.S.A. announced that its Board of Directors has initiated a share buyback program on Thursday, February 8th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the textile maker to buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
In related news, EVP Mark A. Nason sold 16,701 shares of the stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $40.34, for a total value of $673,718.34. Following the sale, the executive vice president now owns 65,453 shares in the company, valued at $2,640,374.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert Greenberg sold 37,814 shares of the stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $40.34, for a total value of $1,525,416.76. Following the completion of the sale, the chief executive officer now owns 704,397 shares in the company, valued at approximately $28,415,374.98. The disclosure for this sale can be found here. Insiders sold 95,286 shares of company stock worth $3,804,003 in the last quarter. 21.73% of the stock is currently owned by company insiders.
Several equities analysts have weighed in on SKX shares. ValuEngine raised Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Citigroup increased their price objective on Skechers U.S.A. from $34.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, January 17th. Wedbush reissued a “buy” rating and set a $45.00 price objective (up from $39.00) on shares of Skechers U.S.A. in a report on Wednesday, January 3rd. Zacks Investment Research raised Skechers U.S.A. from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a report on Tuesday, January 2nd. Finally, Cowen set a $42.00 price objective on Skechers U.S.A. and gave the company a “buy” rating in a report on Monday, December 18th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $42.77.
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Skechers U.S.A. Profile
Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.
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