Maryland State Retirement & Pension System Makes Strategic Investment in Skechers U.S.A., Inc.

Maryland State Retirement & Pension System has made a strategic move by purchasing a new position in popular lifestyle footwear company, Skechers U.S.A., Inc. According to the most recent filing with the Securities and Exchange Commission, the institutional investor secured 10,714 shares of the textile maker’s stock in the fourth quarter, valued at approximately $449,000.

Skechers U.S.A., Inc is known for its innovative designs and development of footwear for men, women, and children of all ages. The company operates through two primary segments: Wholesale and Direct-to-Consumer. Its Wholesale segment includes department stores, family shoe stores, specialty running, and sporting goods retailers.

Despite recent market volatility due to the ongoing COVID-19 pandemic, several brokerages have expressed confidence in Skechers U.S.A.’s future prospects. Piper Sandler initiated coverage by providing a neutral rating and setting a $42.00 price target on the stock in December 2020.

Morgan Stanley followed suit by lowering shares of Skechers U.S.A. from an “overweight” rating to an “equal weight” rating and lowering their target price for the company from $54.00 to $46.00 in January 2021.

UBS Group also lowered their target price on shares of Skechers U.S.A from $69.00 to $60.00 but provided a buy rating on the stock in March 2021.

In contrast, Raymond James raised their target price on shares of Skechers U.S.A from $48.00 to $55.00 in February 2021 while Deutsche Bank Aktiengesellschaft opted for a significantly higher target price increase from $43.00 to $54.00 and gave the company an overall “buy” rating in January 2021.

A total of three research analysts have rated Skechers U.S.A’s stock as “hold”, while ten others have given a “buy” rating to the company. According to data from Bloomberg.com, the consensus among analysts is a “Moderate Buy” rating, with an average price target of $53.08.

Overall, Maryland State Retirement & Pension System’s investment in Skechers U.S.A.’s stock displays a significant level of confidence in the company’s future prospects and highlights its potential value as an institutional investment opportunity. It will be interesting to see how this investment develops over time and whether it proves to be as fruitful as anticipated.

Skechers U.S.A. Inc. sees changes in stake ownership by hedge funds and institutional investors amid strong financials and growth potential

Skechers U.S.A. Inc., a leading lifestyle footwear company, has recently seen changes in its stake ownership by hedge funds and institutional investors. Allworth Financial LP increased its stake in Skechers’ shares by 162.5% during the third quarter, while Byrne Asset Management LLC and Covestor Ltd acquired new positions worth $40,000 and $55,000 respectively. Lazard Asset Management LLC also acquired a new position in the company’s shares worth $47,000 while Wipfli Financial Advisors LLC invested $69,000 during the same period. Additionally, President Michael Greenberg sold 15,756 shares of the firm’s stock in early March for an average price of $45.16 per share in a transaction totaling $711,540.96.

Skechers operates through its Wholesale and Direct-to-Consumer segment with a diverse range of products that cater to all ages and genders. The Wholesale segment includes department stores, family shoe stores, specialty running, and sporting goods retailers across various geographies.

As per reports on Tuesday morning (April 9th), Skechers’ share price was recorded at $47.50 with market capitalization aggregating to approximately $7.37 billion on NYSE:SKX.

The textile maker recently released quarterly earnings data on February 2nd where it reported an EPS of $0.48 surpassing analysts’ projections by $0.10 accounting for revenue amassed at around $1a>%.88 billion; indicating a boost of 13.a>5% revenues from the corresponding quarter last year showing notable signs of progress from earlier past performances.

Despite insider selling amounting to approximately 78,a>305 shares valued at around $3,a>548,a>625 over the past three months disclosed through recent filings with the Securities & Exchange Commision (SEC), Skechers U.S.A is still considered an attractive investment opportunity given its strong financial profile and potential for growth.