Maryland State Retirement & Pension System Makes New $449,000 Investment in Skechers U.S.A., Inc. (NYSE:SKX)
Maryland State Retirement & Pension System bought a new position in Skechers U.S.A., Inc. (NYSE:SKX – Get Rating) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,714 shares of the textile maker’s stock, valued at approximately $449,000.
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Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP increased its stake in shares of Skechers U.S.A. by 162.5% during the 3rd quarter. Allworth Financial LP now owns 790 shares of the textile maker’s stock worth $25,000 after purchasing an additional 489 shares during the last quarter. Byrne Asset Management LLC acquired a new position in shares of Skechers U.S.A. during the 3rd quarter worth $40,000. Covestor Ltd increased its stake in shares of Skechers U.S.A. by 88.9% during the 1st quarter. Covestor Ltd now owns 1,360 shares of the textile maker’s stock worth $55,000 after purchasing an additional 640 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of Skechers U.S.A. during the 3rd quarter worth $47,000. Finally, Wipfli Financial Advisors LLC acquired a new position in shares of Skechers U.S.A. during the 3rd quarter worth $69,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.
Insider Transactions at Skechers U.S.A.
In other news, President Michael Greenberg sold 15,756 shares of the firm’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $45.16, for a total transaction of $711,540.96. Following the completion of the transaction, the president now directly owns 387,030 shares of the company’s stock, valued at approximately $17,478,274.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Mark A. Nason sold 1,093 shares of Skechers U.S.A. stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $45.12, for a total transaction of $49,316.16. Following the completion of the transaction, the executive vice president now directly owns 18,903 shares of the company’s stock, valued at approximately $852,903.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Michael Greenberg sold 15,756 shares of Skechers U.S.A. stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $45.16, for a total transaction of $711,540.96. Following the transaction, the president now directly owns 387,030 shares of the company’s stock, valued at $17,478,274.80. The disclosure for this sale can be found here. In the last three months, insiders sold 78,305 shares of company stock valued at $3,548,625. Company insiders own 24.44% of the company’s stock.
Wall Street Analyst Weigh In
Several brokerages have recently commented on SKX. Piper Sandler started coverage on shares of Skechers U.S.A. in a research note on Wednesday, December 28th. They set a “neutral” rating and a $42.00 price target on the stock. Morgan Stanley lowered shares of Skechers U.S.A. from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $54.00 to $46.00 in a research note on Wednesday, January 18th. UBS Group lowered their target price on shares of Skechers U.S.A. from $69.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, March 29th. Raymond James raised their target price on shares of Skechers U.S.A. from $48.00 to $55.00 and gave the company an “outperform” rating in a research note on Wednesday, February 1st. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Skechers U.S.A. from $43.00 to $54.00 and gave the company a “buy” rating in a research note on Monday, January 23rd. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.08.
Skechers U.S.A. Price Performance
NYSE:SKX opened at $47.50 on Tuesday. The company has a 50-day moving average of $45.23 and a 200-day moving average of $41.29. The company has a market capitalization of $7.37 billion, a price-to-earnings ratio of 19.96 and a beta of 1.32. Skechers U.S.A., Inc. has a 52 week low of $31.28 and a 52 week high of $49.56. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.13 and a current ratio of 2.26.
Skechers U.S.A. (NYSE:SKX – Get Rating) last released its quarterly earnings data on Thursday, February 2nd. The textile maker reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.10. The company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.77 billion. Skechers U.S.A. had a net margin of 5.01% and a return on equity of 9.94%. The firm’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period last year, the firm earned $0.43 EPS. As a group, equities research analysts anticipate that Skechers U.S.A., Inc. will post 2.94 earnings per share for the current fiscal year.
About Skechers U.S.A.
Skechers U.SA, Inc engages in designing, development, and marketing of lifestyle footwear for men, women, and children of all ages. It operates through the Wholesale and Direct-to-Consumer segment. The Wholesale segment includes department stores, family shoe stores, specialty running, and sporting goods retailers.
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