Millennium Management LLC trimmed its stake in Skechers USA Inc (NYSE:SKX) by 53.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,451,375 shares of the textile maker’s stock after selling 1,663,312 shares during the period. Millennium Management LLC owned 0.92% of Skechers USA worth $54,920,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of SKX. Crossmark Global Holdings Inc. bought a new position in shares of Skechers USA in the 3rd quarter valued at approximately $483,000. American Century Companies Inc. raised its stake in shares of Skechers USA by 444.4% in the 3rd quarter. American Century Companies Inc. now owns 57,669 shares of the textile maker’s stock valued at $1,447,000 after acquiring an additional 47,075 shares in the last quarter. Swiss National Bank raised its stake in shares of Skechers USA by 1.4% in the 3rd quarter. Swiss National Bank now owns 223,700 shares of the textile maker’s stock valued at $5,613,000 after acquiring an additional 3,100 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Skechers USA by 51.1% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 89,069 shares of the textile maker’s stock valued at $2,235,000 after acquiring an additional 30,106 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in shares of Skechers USA by 8.4% in the 3rd quarter. New York State Common Retirement Fund now owns 302,700 shares of the textile maker’s stock valued at $7,595,000 after acquiring an additional 23,400 shares in the last quarter. 73.09% of the stock is currently owned by institutional investors and hedge funds.
SKX has been the topic of a number of recent analyst reports. Zacks Investment Research raised Skechers USA from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research note on Tuesday, December 26th. ValuEngine raised Skechers USA from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Vetr raised Skechers USA from a “sell” rating to a “hold” rating and set a $39.03 price objective on the stock in a research note on Tuesday, January 30th. B. Riley set a $50.00 price objective on Skechers USA and gave the company a “buy” rating in a research note on Tuesday, February 6th. Finally, Citigroup raised their price objective on Skechers USA from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $41.29.
Skechers USA (NYSE:SKX) last issued its quarterly earnings results on Thursday, February 8th. The textile maker reported $0.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.08. The company had revenue of $970.59 million for the quarter, compared to the consensus estimate of $881.39 million. Skechers USA had a return on equity of 14.63% and a net margin of 4.30%. The company’s revenue for the quarter was up 27.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.04 EPS. equities analysts anticipate that Skechers USA Inc will post 2.3 earnings per share for the current year.
Skechers USA announced that its board has initiated a share repurchase plan on Thursday, February 8th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the textile maker to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, CEO Robert Greenberg sold 500,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 20th. The stock was sold at an average price of $37.66, for a total transaction of $18,830,000.00. Following the sale, the chief executive officer now directly owns 267,713 shares in the company, valued at $10,082,071.58. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard Rappaport sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $38.24, for a total value of $38,240.00. Following the sale, the director now owns 19,000 shares in the company, valued at $726,560. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 501,156 shares of company stock worth $18,874,792. Company insiders own 38.20% of the company’s stock.
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.
Receive News & Ratings for Skechers USA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Skechers USA and related companies with MarketBeat.com's FREE daily email newsletter.