California Public Employees Retirement System reduced its position in shares of Skechers USA Inc (NYSE:SKX) by 8.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 222,216 shares of the textile maker’s stock after selling 20,934 shares during the period. California Public Employees Retirement System owned about 0.14% of Skechers USA worth $6,669,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE boosted its position in shares of Skechers USA by 169.5% during the second quarter. US Bancorp DE now owns 4,069 shares of the textile maker’s stock worth $122,000 after buying an additional 2,559 shares during the period. NumerixS Investment Technologies Inc purchased a new position in shares of Skechers USA during the second quarter worth $141,000. Strs Ohio purchased a new position in shares of Skechers USA during the second quarter worth $184,000. Creative Planning purchased a new position in shares of Skechers USA during the second quarter worth $211,000. Finally, Intact Investment Management Inc. boosted its position in shares of Skechers USA by 34.5% during the second quarter. Intact Investment Management Inc. now owns 7,400 shares of the textile maker’s stock worth $222,000 after buying an additional 1,900 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.
SKX has been the subject of several research analyst reports. Monness Crespi & Hardt lowered their price target on Skechers USA from $45.00 to $32.00 and set a “buy” rating for the company in a research report on Friday, July 20th. ValuEngine upgraded Skechers USA from a “hold” rating to a “buy” rating in a report on Thursday, July 19th. Morgan Stanley assumed coverage on Skechers USA in a report on Wednesday, August 1st. They issued an “equal weight” rating and a $28.00 target price for the company. UBS Group lowered Skechers USA from a “positive” rating to a “neutral” rating and decreased their target price for the company from $41.00 to $37.00 in a report on Friday, July 20th. Finally, Wedbush decreased their target price on Skechers USA from $33.00 to $28.00 and set a “neutral” rating for the company in a report on Friday, July 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $36.62.
NYSE:SKX opened at $25.64 on Friday. The firm has a market capitalization of $4.45 billion, a P/E ratio of 14.40, a P/E/G ratio of 1.62 and a beta of 0.36. Skechers USA Inc has a 12-month low of $23.80 and a 12-month high of $43.08. The company has a quick ratio of 2.14, a current ratio of 3.28 and a debt-to-equity ratio of 0.03.
Skechers USA (NYSE:SKX) last released its earnings results on Thursday, July 19th. The textile maker reported $0.29 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.12). The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Skechers USA had a net margin of 4.24% and a return on equity of 14.17%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $0.38 earnings per share. Equities research analysts predict that Skechers USA Inc will post 1.72 earnings per share for the current year.
About Skechers USA
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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