Sumitomo Mitsui Trust Group Inc. Sells 667 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 2.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,684 shares of the textile maker’s stock after selling 667 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Skechers U.S.A. were worth $1,525,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Spire Wealth Management grew its stake in Skechers U.S.A. by 11.6% in the 4th quarter. Spire Wealth Management now owns 1,486 shares of the textile maker’s stock valued at $100,000 after purchasing an additional 155 shares during the period. Calamos Wealth Management LLC grew its stake in shares of Skechers U.S.A. by 0.9% during the 4th quarter. Calamos Wealth Management LLC now owns 18,257 shares of the textile maker’s stock worth $1,228,000 after acquiring an additional 157 shares during the period. Lindenwold Advisors INC grew its stake in shares of Skechers U.S.A. by 3.0% during the 3rd quarter. Lindenwold Advisors INC now owns 6,663 shares of the textile maker’s stock worth $446,000 after acquiring an additional 195 shares during the period. Edgestream Partners L.P. grew its stake in shares of Skechers U.S.A. by 2.8% during the 3rd quarter. Edgestream Partners L.P. now owns 8,762 shares of the textile maker’s stock worth $586,000 after acquiring an additional 236 shares during the period. Finally, UMB Bank n.a. lifted its holdings in Skechers U.S.A. by 53.1% during the 4th quarter. UMB Bank n.a. now owns 689 shares of the textile maker’s stock worth $46,000 after purchasing an additional 239 shares in the last quarter. Institutional investors own 79.96% of the company’s stock.

Insider Activity

In other Skechers U.S.A. news, CEO Robert Greenberg sold 52,600 shares of the firm’s stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total transaction of $3,299,072.00. Following the transaction, the chief executive officer now directly owns 61,367 shares in the company, valued at $3,848,938.24. This trade represents a 46.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO David Weinberg sold 8,219 shares of the firm’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $554,618.12. Following the transaction, the chief operating officer now owns 122,211 shares in the company, valued at $8,246,798.28. The trade was a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 107,093 shares of company stock valued at $6,804,900 in the last ninety days. Insiders own 24.75% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Bank of America dropped their price objective on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. StockNews.com cut Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Stifel Nicolaus reduced their price objective on Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Piper Sandler began coverage on Skechers U.S.A. in a research report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price objective on the stock. Finally, Morgan Stanley raised their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $81.25.

Skechers U.S.A. Stock Performance

Shares of SKX opened at $63.99 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01. Skechers U.S.A., Inc. has a 52 week low of $55.67 and a 52 week high of $78.85. The business has a 50-day simple moving average of $70.16 and a two-hundred day simple moving average of $66.46. The stock has a market cap of $9.66 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 0.95 and a beta of 1.19.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.81%. On average, analysts expect that Skechers U.S.A., Inc. will post 4.79 EPS for the current year.

Skechers U.S.A. 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.