Fmr LLC Cuts Position in Skechers U.S.A., Inc. (NYSE:SKX)

Fmr LLC lowered its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 0.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 19,744,469 shares of the textile maker’s stock after selling 136,903 shares during the quarter. Fmr LLC owned about 0.13% of Skechers U.S.A. worth $1,327,618,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SKX. Stifel Financial Corp raised its stake in shares of Skechers U.S.A. by 120.7% in the 3rd quarter. Stifel Financial Corp now owns 72,808 shares of the textile maker’s stock valued at $4,872,000 after acquiring an additional 39,819 shares during the period. Wellington Management Group LLP increased its holdings in Skechers U.S.A. by 39.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock valued at $68,630,000 after purchasing an additional 287,939 shares in the last quarter. iA Global Asset Management Inc. acquired a new stake in Skechers U.S.A. in the 3rd quarter valued at $4,588,000. National Bank of Canada FI raised its position in Skechers U.S.A. by 2,340.0% in the third quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock valued at $4,732,000 after purchasing an additional 67,812 shares during the period. Finally, Vestcor Inc acquired a new position in shares of Skechers U.S.A. during the third quarter worth about $730,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Stock Up 2.7 %

Shares of Skechers U.S.A. stock opened at $50.29 on Monday. The business has a 50-day moving average price of $62.35 and a 200 day moving average price of $64.75. Skechers U.S.A., Inc. has a fifty-two week low of $45.69 and a fifty-two week high of $78.85. The firm has a market cap of $7.51 billion, a P/E ratio of 12.12, a P/E/G ratio of 1.11 and a beta of 1.08. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share 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 13.73%. On average, sell-side analysts forecast that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

Insider Activity

In other Skechers U.S.A. news, CFO John M. Vandemore sold 5,112 shares of Skechers U.S.A. stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total value of $310,605.12. Following the completion of the transaction, the chief financial officer now directly owns 83,328 shares in the company, valued at $5,063,009.28. The trade was a 5.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO David Weinberg sold 36,000 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total value of $2,257,920.00. Following the sale, the chief operating officer now owns 54,499 shares in the company, valued at $3,418,177.28. The trade was a 39.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 218,245 shares of company stock valued at $13,452,902. Company insiders own 24.75% of the company’s stock.

Wall Street Analyst Weigh In

SKX has been the subject of a number of recent research reports. StockNews.com lowered Skechers U.S.A. from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. UBS Group dropped their price objective on shares of Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Bank of America reduced their target price on shares of Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Raymond James lowered their price target on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Finally, Barclays cut their price objective on shares of Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating on the stock in a report on Monday, February 10th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $80.42.

About Skechers U.S.A.

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.