First Trust Advisors LP raised its position in Skechers USA Inc (NYSE:SKX) by 109.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 265,879 shares of the textile maker’s stock after acquiring an additional 138,679 shares during the quarter. First Trust Advisors LP’s holdings in Skechers USA were worth $8,343,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Cerebellum GP LLC purchased a new position in Skechers USA in the 2nd quarter worth approximately $63,000. Fifth Third Bancorp raised its position in shares of Skechers USA by 16.1% during the 1st quarter. Fifth Third Bancorp now owns 2,901 shares of the textile maker’s stock valued at $69,000 after buying an additional 403 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in shares of Skechers USA during the 1st quarter valued at approximately $139,000. Engineers Gate Manager LP purchased a new stake in shares of Skechers USA during the 1st quarter valued at approximately $241,000. Finally, Trust Investment Advisors raised its position in shares of Skechers USA by 6.2% during the 1st quarter. Trust Investment Advisors now owns 10,225 shares of the textile maker’s stock valued at $243,000 after buying an additional 600 shares during the period. Institutional investors own 76.18% of the company’s stock.
Shares of NYSE SKX opened at $29.28 on Friday. The business’s 50 day moving average is $30.16 and its two-hundred day moving average is $30.84. The firm has a market cap of $4.62 billion, a price-to-earnings ratio of 31.15 and a beta of 1.22. The company has a quick ratio of 1.96, a current ratio of 2.91 and a debt-to-equity ratio of 0.73. Skechers USA Inc has a 52-week low of $17.06 and a 52-week high of $44.50.
Skechers USA (NYSE:SKX) last posted its quarterly earnings results on Thursday, July 23rd. The textile maker reported ($0.44) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.67) by $0.23. The business had revenue of $729.47 million during the quarter, compared to the consensus estimate of $676.69 million. Skechers USA had a net margin of 3.08% and a return on equity of 6.24%. Analysts anticipate that Skechers USA Inc will post 0.47 EPS for the current fiscal year.
Several analysts have recently commented on SKX shares. Morgan Stanley lifted their price target on shares of Skechers USA from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Friday, April 24th. B. Riley lifted their price target on shares of Skechers USA from $37.00 to $39.00 in a research report on Friday, July 24th. UBS Group cut their target price on Skechers USA from $50.00 to $32.00 and set a “buy” rating on the stock in a research report on Wednesday, April 15th. Monness Crespi & Hardt reissued a “buy” rating and issued a $40.00 target price on shares of Skechers USA in a research report on Monday, July 20th. Finally, Wedbush boosted their target price on Skechers USA from $28.00 to $34.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Skechers USA presently has an average rating of “Buy” and a consensus price target of $38.68.
In related news, CEO Robert Greenberg sold 50,000 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $26.19, for a total transaction of $1,309,500.00. Following the completion of the transaction, the chief executive officer now owns 600,000 shares in the company, valued at $15,714,000. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Mark A. Nason sold 11,922 shares of the business’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $31.79, for a total transaction of $379,000.38. Following the transaction, the executive vice president now owns 73,752 shares of the company’s stock, valued at approximately $2,344,576.08. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,052 shares of company stock valued at $3,086,092. Insiders own 28.08% of the company’s stock.
Skechers USA 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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