Skechers U.S.A., Inc. (NYSE:SKX) Shares Sold by Arizona State Retirement System

Arizona State Retirement System reduced its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 1.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,563 shares of the textile maker’s stock after selling 668 shares during the period. Arizona State Retirement System’s holdings in Skechers U.S.A. were worth $2,342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. acquired a new position in Skechers U.S.A. during the 1st quarter valued at about $25,000. Fred Alger Management LLC acquired a new position in shares of Skechers U.S.A. in the first quarter valued at about $26,000. Huntington National Bank increased its holdings in shares of Skechers U.S.A. by 861.7% in the third quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock valued at $28,000 after purchasing an additional 517 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in shares of Skechers U.S.A. in the third quarter valued at about $31,000. Finally, Lazard Asset Management LLC increased its holdings in shares of Skechers U.S.A. by 117.7% in the third quarter. Lazard Asset Management LLC now owns 651 shares of the textile maker’s stock valued at $31,000 after purchasing an additional 352 shares during the period. 79.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SKX. Raymond James cut their price objective on Skechers U.S.A. from $68.00 to $66.00 and set an “outperform” rating on the stock in a report on Monday, February 5th. Barclays began coverage on Skechers U.S.A. in a report on Monday, April 1st. They issued an “overweight” rating and a $71.00 price objective on the stock. Evercore ISI started coverage on Skechers U.S.A. in a report on Thursday, February 15th. They issued an “outperform” rating and a $73.00 price objective on the stock. TD Cowen upped their target price on Skechers U.S.A. from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Finally, Stifel Nicolaus lowered their target price on Skechers U.S.A. from $72.00 to $70.00 and set a “buy” rating on the stock in a research note on Friday, February 2nd. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Skechers U.S.A. has an average rating of “Moderate Buy” and an average price target of $66.58.

Insiders Place Their Bets

In other Skechers U.S.A. news, COO David Weinberg sold 67,390 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the transaction, the chief operating officer now owns 141,405 shares in the company, valued at $8,183,107.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Mark A. Nason sold 6,067 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $61.11, for a total value of $370,754.37. Following the transaction, the executive vice president now owns 14,023 shares in the company, valued at $856,945.53. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO David Weinberg sold 67,390 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $3,899,859.30. Following the completion of the transaction, the chief operating officer now owns 141,405 shares in the company, valued at approximately $8,183,107.35. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 254,875 shares of company stock worth $15,021,192. 24.79% of the stock is owned by corporate insiders.

Skechers U.S.A. Stock Performance

Shares of SKX stock opened at $57.18 on Thursday. The company has a market capitalization of $8.76 billion, a P/E ratio of 16.38, a P/E/G ratio of 1.05 and a beta of 1.32. The business’s 50 day moving average is $59.94 and its two-hundred day moving average is $57.27. The company has a current ratio of 2.38, a quick ratio of 1.46 and a debt-to-equity ratio of 0.06. Skechers U.S.A., Inc. has a 12-month low of $45.58 and a 12-month high of $65.17.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.04. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.03 billion. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. Skechers U.S.A.’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.48 earnings per share. Analysts expect that Skechers U.S.A., Inc. will post 3.82 EPS for the current fiscal year.

Skechers U.S.A. Company Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.