Cinctive Capital Management LP Has $2.37 Million Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Cinctive Capital Management LP raised its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 621.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,168 shares of the textile maker’s stock after acquiring an additional 30,295 shares during the period. Cinctive Capital Management LP’s holdings in Skechers U.S.A. were worth $2,365,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Geode Capital Management LLC grew its holdings in Skechers U.S.A. by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 2,294,976 shares of the textile maker’s stock valued at $154,361,000 after buying an additional 78,071 shares during the last quarter. Nemes Rush Group LLC bought a new stake in shares of Skechers U.S.A. in the fourth quarter valued at approximately $190,000. Franklin Resources Inc. grew its stake in shares of Skechers U.S.A. by 7.5% in the fourth quarter. Franklin Resources Inc. now owns 177,663 shares of the textile maker’s stock worth $11,946,000 after acquiring an additional 12,449 shares during the last quarter. Wellington Management Group LLP increased its position in Skechers U.S.A. by 6.3% during the fourth quarter. Wellington Management Group LLP now owns 1,090,413 shares of the textile maker’s stock worth $73,319,000 after acquiring an additional 64,857 shares during the period. Finally, Schroder Investment Management Group increased its position in Skechers U.S.A. by 11.3% during the fourth quarter. Schroder Investment Management Group now owns 177,343 shares of the textile maker’s stock worth $12,010,000 after acquiring an additional 18,024 shares during the period. 79.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Skechers U.S.A.

In other 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 value of $3,299,072.00. Following the completion of the sale, the chief executive officer now directly owns 61,367 shares in the company, valued at approximately $3,848,938.24. This trade represents a 46.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, President Michael Greenberg sold 33,656 shares of Skechers U.S.A. stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $60.76, for a total value of $2,044,938.56. Following the completion of the transaction, the president now directly owns 137,530 shares of the company’s stock, valued at $8,356,322.80. This represents a 19.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 218,245 shares of company stock valued at $13,452,902 in the last three months. Corporate insiders own 24.75% of the company’s stock.

Skechers U.S.A. Stock Up 2.9 %

SKX opened at $59.15 on Thursday. The firm has a market cap of $8.83 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 1.11 and a beta of 1.21. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.12 and a current ratio of 1.97. The firm’s 50-day simple moving average is $63.40 and its 200-day simple moving average is $65.03. Skechers U.S.A., Inc. has a twelve month low of $52.51 and a twelve month high of $78.85.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, February 6th. The textile maker reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. Equities research analysts anticipate that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SKX has been the topic of several research analyst reports. TD Cowen raised their price target on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Evercore ISI lifted their target price on Skechers U.S.A. from $72.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 28th. StockNews.com cut Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Piper Sandler initiated coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price objective on the stock. Finally, Needham & Company LLC restated a “hold” rating on shares of Skechers U.S.A. in a research note on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.42.

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.