Columbus Circle Investors lifted its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 64.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,060,945 shares of the textile maker’s stock after acquiring an additional 415,598 shares during the quarter. Columbus Circle Investors owned 0.66% of Skechers U.S.A. worth $41,260,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. NuWave Investment Management LLC lifted its holdings in Skechers U.S.A. by 1,253.8% during the 1st quarter. NuWave Investment Management LLC now owns 2,667 shares of the textile maker’s stock worth $103,000 after buying an additional 2,470 shares in the last quarter. Tower Research Capital LLC TRC purchased a new position in shares of Skechers U.S.A. in the 4th quarter valued at $139,000. CIBC Asset Management Inc purchased a new position in shares of Skechers U.S.A. in the 4th quarter valued at $202,000. Advisor Partners LLC purchased a new position in shares of Skechers U.S.A. in the 4th quarter valued at $203,000. Finally, Dearborn Partners LLC purchased a new position in shares of Skechers U.S.A. in the 4th quarter valued at $214,000. Hedge funds and other institutional investors own 73.98% of the company’s stock.
SKX has been the subject of several recent analyst reports. Vetr upgraded shares of Skechers U.S.A. from a “sell” rating to a “hold” rating and set a $39.03 target price for the company in a research note on Tuesday, January 30th. Monness Crespi & Hardt raised their price objective on shares of Skechers U.S.A. from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Zacks Investment Research upgraded shares of Skechers U.S.A. from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research report on Monday, February 12th. Wedbush cut shares of Skechers U.S.A. from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $46.00 to $34.00 in a research report on Friday, April 20th. Finally, ValuEngine upgraded shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Two analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. Skechers U.S.A. has an average rating of “Hold” and a consensus price target of $42.40.
In other news, General Counsel Phillip Paccione sold 17,432 shares of the stock in a transaction that occurred on Friday, March 23rd. The stock was sold at an average price of $38.04, for a total value of $663,113.28. Following the completion of the sale, the general counsel now directly owns 47,432 shares of the company’s stock, valued at $1,804,313.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark A. Nason sold 16,701 shares of the stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $40.34, for a total value of $673,718.34. Following the completion of the sale, the executive vice president now directly owns 65,453 shares of the company’s stock, valued at $2,640,374.02. The disclosure for this sale can be found here. Insiders sold 120,496 shares of company stock worth $4,512,908 in the last 90 days. 27.88% of the stock is currently owned by corporate insiders.
Shares of Skechers U.S.A. opened at $30.12 on Thursday, according to MarketBeat.com. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.40 and a quick ratio of 2.21. Skechers U.S.A., Inc. has a twelve month low of $29.42 and a twelve month high of $30.10. The stock has a market capitalization of $4.63 billion, a price-to-earnings ratio of 16.92, a price-to-earnings-growth ratio of 0.78 and a beta of 0.36.
Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, April 19th. The textile maker reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.01. The company had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.20 billion. Skechers U.S.A. had a return on equity of 15.30% and a net margin of 4.67%. The firm’s quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 EPS. equities research analysts forecast that Skechers U.S.A., Inc. will post 2.07 EPS for the current year.
Skechers U.S.A. declared that its Board of Directors has initiated a share buyback plan on Thursday, February 8th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the textile maker to repurchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
Skechers U.S.A. 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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