State of New Jersey Common Pension Fund D lifted its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 9.9% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 222,700 shares of the textile maker’s stock after buying an additional 20,000 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.14% of Skechers U.S.A. worth $8,661,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in shares of Skechers U.S.A. by 6.5% during the 4th quarter. BlackRock Inc. now owns 12,404,460 shares of the textile maker’s stock valued at $469,385,000 after buying an additional 756,078 shares in the last quarter. Amerigo Asset Management lifted its stake in shares of Skechers U.S.A. by 33.8% during the 1st quarter. Amerigo Asset Management now owns 4,180,411 shares of the textile maker’s stock valued at $162,576,000 after buying an additional 1,056,177 shares in the last quarter. Teachers Advisors LLC lifted its stake in shares of Skechers U.S.A. by 45.3% during the 4th quarter. Teachers Advisors LLC now owns 1,826,444 shares of the textile maker’s stock valued at $69,113,000 after buying an additional 569,715 shares in the last quarter. Capital Growth Management LP purchased a new position in shares of Skechers U.S.A. during the 4th quarter valued at $66,598,000. Finally, Boston Partners lifted its stake in shares of Skechers U.S.A. by 9.1% during the 4th quarter. Boston Partners now owns 1,750,404 shares of the textile maker’s stock valued at $66,235,000 after buying an additional 145,698 shares in the last quarter. Institutional investors own 72.78% of the company’s stock.
In other news, General Counsel Phillip Paccione sold 17,432 shares of the business’s stock in a transaction dated Friday, March 23rd. The shares were sold at an average price of $38.04, for a total value of $663,113.28. Following the sale, the general counsel now directly owns 47,432 shares in the company, valued at approximately $1,804,313.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO David Weinberg sold 23,183 shares of the business’s stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $40.34, for a total transaction of $935,202.22. Following the completion of the sale, the chief operating officer now owns 476,187 shares in the company, valued at $19,209,383.58. The disclosure for this sale can be found here. Over the last quarter, insiders sold 120,496 shares of company stock worth $4,512,908. 27.88% of the stock is currently owned by insiders.
Shares of Skechers U.S.A. opened at $30.40 on Monday, according to MarketBeat Ratings. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.21 and a current ratio of 3.40. The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of 15.75, a P/E/G ratio of 0.82 and a beta of 0.36. Skechers U.S.A., Inc. has a 52-week low of $22.85 and a 52-week high of $43.08.
Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, April 19th. The textile maker reported $0.75 earnings per share (EPS) 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 net margin of 4.67% and a return on equity of 15.30%. Skechers U.S.A.’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 EPS. equities analysts forecast that Skechers U.S.A., Inc. will post 2.07 earnings per share for the current year.
Skechers U.S.A. announced that its board has authorized a share repurchase program on Thursday, February 8th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the textile maker to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
SKX has been the topic of a number of analyst reports. ValuEngine upgraded shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. 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 on the stock in a research note on Monday, February 12th. Citigroup lifted their target price on shares of Skechers U.S.A. from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Monness Crespi & Hardt lifted their target price 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. Finally, B. Riley set a $50.00 target price on shares of Skechers U.S.A. and gave the company a “buy” rating in a research note on Tuesday, February 6th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $42.40.
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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