Comerica Bank Lowers Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Comerica Bank reduced its stake in Skechers U.S.A., Inc. (NYSE:SKX – Get Rating) by 28.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 61,257 shares of the textile maker’s stock after selling 23,900 shares during the period. Comerica Bank’s holdings in Skechers U.S.A. were worth $2,125,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Pzena Investment Management LLC grew its stake in shares of Skechers U.S.A. by 16.4% in the 2nd quarter. Pzena Investment Management LLC now owns 8,033,986 shares of the textile maker’s stock valued at $285,849,000 after purchasing an additional 1,129,142 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Skechers U.S.A. by 6.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 2,784,301 shares of the textile maker’s stock valued at $99,065,000 after buying an additional 165,147 shares in the last quarter. Capital Research Global Investors boosted its stake in shares of Skechers U.S.A. by 4.8% in the first quarter. Capital Research Global Investors now owns 2,200,000 shares of the textile maker’s stock valued at $89,672,000 after buying an additional 100,000 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Skechers U.S.A. by 9.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,145,473 shares of the textile maker’s stock valued at $87,454,000 after buying an additional 181,445 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Skechers U.S.A. by 2.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,149,734 shares of the textile maker’s stock valued at $46,864,000 after buying an additional 28,868 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SKX has been the topic of a number of analyst reports. Wedbush decreased their price target on Skechers U.S.A. from $42.00 to $37.00 in a research note on Wednesday, October 26th. StockNews.com initiated coverage on Skechers U.S.A. in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft decreased their price target on Skechers U.S.A. from $51.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, October 24th. Piper Sandler began coverage on Skechers U.S.A. in a research note on Wednesday, December 28th. They issued a “neutral” rating and a $42.00 price target on the stock. Finally, Raymond James lifted their price objective on Skechers U.S.A. from $40.00 to $48.00 in a report on Thursday, December 1st. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Skechers U.S.A. presently has a consensus rating of “Moderate Buy” and an average price target of $49.25.

Insider Transactions at Skechers U.S.A.

In other news, COO David Weinberg sold 8,403 shares of the business’s stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $42.29, for a total value of $355,362.87. Following the completion of the transaction, the chief operating officer now directly owns 124,419 shares of the company’s stock, valued at $5,261,679.51. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, President Michael Greenberg sold 10,503 shares of the company’s stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $42.29, for a total value of $444,171.87. Following the completion of the transaction, the president now directly owns 427,080 shares in the company, valued at $18,061,213.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO David Weinberg sold 8,403 shares of the company’s stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $42.29, for a total value of $355,362.87. Following the completion of the transaction, the chief operating officer now owns 124,419 shares of the company’s stock, valued at $5,261,679.51. The disclosure for this sale can be found here. Insiders sold a total of 20,967 shares of company stock valued at $876,358 over the last three months. 24.44% of the stock is currently owned by insiders.

Skechers U.S.A. Stock Performance

NYSE SKX opened at $45.88 on Friday. Skechers U.S.A., Inc. has a fifty-two week low of $31.28 and a fifty-two week high of $49.89. The stock has a market cap of $7.12 billion, a price-to-earnings ratio of 10.29 and a beta of 1.28. The business has a fifty day moving average of $42.36 and a 200-day moving average of $38.60. The company has a quick ratio of 1.14, a current ratio of 2.27 and a debt-to-equity ratio of 0.06.

Skechers U.S.A. (NYSE:SKX – Get Rating) last released its quarterly earnings results on Tuesday, October 25th. The textile maker reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.19). Skechers U.S.A. had a return on equity of 10.03% and a net margin of 9.70%. The company had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.84 billion. As a group, analysts predict that Skechers U.S.A., Inc. will post 2.26 earnings per share for the current fiscal year.

Skechers U.S.A. Company Profile

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Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women worldwide. The company operates through three segments: Domestic Wholesale, International Wholesale, and Direct-to-Consumer. It offers casual, casual athletic, sport athletic, trail, sandals, boots, and retro fashion footwear for men and women under the Skechers USA, Skechers Sport, Skechers Active, Modern Comfort, Skechers Street, Mark Nason, and BOBS brands; sneakers, casuals, boots, and sandals for boys and girls under the Skechers Mega-Craft, S-Lights, SKECH-AIR, Foamies, Twinkle Toes, Z-Strap, Skechers Stretch Fit, and Skechers Street brands; and technical footwear under the Skechers GOrun, Skechers GOwalk, Skechers GOtrain, Skechers GOtrail, and Skechers GO Golf brands.