Crossmark Global Holdings Inc. bought a new position in shares of Skechers USA Inc (NYSE:SKX) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 19,256 shares of the textile maker’s stock, valued at approximately $483,000.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Skechers USA by 5.0% in the 2nd quarter. Vanguard Group Inc. now owns 10,543,894 shares of the textile maker’s stock valued at $311,045,000 after acquiring an additional 500,360 shares in the last quarter. Amerigo Asset Management raised its stake in shares of Skechers USA by 38.2% during the 2nd quarter. Amerigo Asset Management now owns 6,134,253 shares of the textile maker’s stock worth $180,960,000 after purchasing an additional 1,694,253 shares in the last quarter. State Street Corp raised its stake in shares of Skechers USA by 47.2% during the 2nd quarter. State Street Corp now owns 5,031,124 shares of the textile maker’s stock worth $148,423,000 after purchasing an additional 1,613,977 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Skechers USA by 125.7% during the 2nd quarter. Prudential Financial Inc. now owns 2,302,352 shares of the textile maker’s stock worth $67,919,000 after purchasing an additional 1,282,260 shares in the last quarter. Finally, Mik Capital LLC bought a new stake in Skechers USA in the 2nd quarter valued at $56,285,000. Institutional investors and hedge funds own 70.13% of the company’s stock.
A number of research firms recently weighed in on SKX. Zacks Investment Research upgraded Skechers USA from a “sell” rating to a “hold” rating and set a $38.00 price target on the stock in a research note on Monday, October 23rd. Susquehanna Bancshares reaffirmed a “buy” rating and issued a $46.00 price objective on shares of Skechers USA in a report on Monday. Vetr raised Skechers USA from a “hold” rating to a “buy” rating and set a $33.73 price objective on the stock in a report on Tuesday, October 31st. Wedbush raised Skechers USA from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $24.03 to $35.00 in a report on Friday, October 20th. Finally, BidaskClub lowered Skechers USA from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $36.46.
Skechers USA (NYSE:SKX) last announced its quarterly earnings data on Thursday, October 19th. The textile maker reported $0.59 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.16. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.07 billion. Skechers USA had a return on equity of 13.70% and a net margin of 6.38%. The company’s revenue for the quarter was up 16.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.42 earnings per share. sell-side analysts predict that Skechers USA Inc will post 1.71 earnings per share for the current year.
In related news, President Michael Greenberg sold 150,000 shares of Skechers USA stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $31.86, for a total transaction of $4,779,000.00. Following the sale, the president now directly owns 251,679 shares in the company, valued at $8,018,492.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey Greenberg sold 180,000 shares of the business’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $31.72, for a total value of $5,709,600.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 461,250 shares of company stock worth $14,955,008. 38.20% of the stock is owned by insiders.
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Skechers USA Company Profile
Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.
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