Coronation Fund Managers Ltd. raised its stake in shares of Skechers USA Inc (NYSE:SKX) by 3.4% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 200,274 shares of the textile maker’s stock after buying an additional 6,656 shares during the period. Coronation Fund Managers Ltd.’s holdings in Skechers USA were worth $6,307,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. FNY Investment Advisers LLC acquired a new position in shares of Skechers USA in the 1st quarter worth approximately $33,000. Hanseatic Management Services Inc. bought a new stake in Skechers USA in the 2nd quarter valued at $43,000. Quantamental Technologies LLC bought a new stake in Skechers USA in the 1st quarter valued at $49,000. Meeder Asset Management Inc. increased its holdings in Skechers USA by 1,569.0% in the 1st quarter. Meeder Asset Management Inc. now owns 3,338 shares of the textile maker’s stock valued at $112,000 after buying an additional 3,138 shares during the period. Finally, Machina Capital S.A.S. bought a new stake in Skechers USA in the 2nd quarter valued at $120,000. 76.30% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Jeffrey Greenberg sold 90,000 shares of the stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $39.24, for a total transaction of $3,531,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas Walsh sold 1,500 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $39.77, for a total value of $59,655.00. Following the sale, the director now directly owns 15,500 shares of the company’s stock, valued at $616,435. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 184,500 shares of company stock valued at $7,079,925. 28.08% of the stock is currently owned by company insiders.
Shares of SKX stock traded down $1.46 on Monday, reaching $33.49. The company had a trading volume of 33,108 shares, compared to its average volume of 3,177,791. The company has a current ratio of 2.51, a quick ratio of 1.65 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $5.30 billion, a PE ratio of 17.55, a PEG ratio of 1.06 and a beta of 0.78. The stock’s 50-day simple moving average is $34.18. Skechers USA Inc has a 12 month low of $21.45 and a 12 month high of $40.50.
Skechers USA (NYSE:SKX) last announced its quarterly earnings results on Thursday, July 18th. The textile maker reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.16. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Skechers USA had a return on equity of 14.59% and a net margin of 6.72%. Skechers USA’s revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.29 EPS. Analysts anticipate that Skechers USA Inc will post 2.21 EPS for the current year.
Several brokerages have recently commented on SKX. Wedbush upgraded shares of Skechers USA from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $31.00 to $46.00 in a research note on Friday, July 19th. ValuEngine downgraded shares of Skechers USA from a “buy” rating to a “hold” rating in a research report on Thursday. B. Riley restated a “buy” rating on shares of Skechers USA in a research report on Friday, April 26th. Monness Crespi & Hardt restated a “buy” rating and set a $42.00 target price (up from $35.00) on shares of Skechers USA in a research report on Friday, July 19th. They noted that the move was a valuation call. Finally, OTR Global upgraded shares of Skechers USA from a “mixed” rating to a “positive” rating in a research report on Thursday, July 11th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $38.50.
Skechers USA Company 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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