Northern Trust Corp Buys 267,778 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Northern Trust Corp lifted its position in Skechers U.S.A., Inc. (NYSE:SKX) by 29.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,171,106 shares of the textile maker’s stock after buying an additional 267,778 shares during the quarter. Northern Trust Corp owned approximately 0.78% of Skechers U.S.A. worth $78,745,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Skechers U.S.A. by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 12,544,233 shares of the textile maker’s stock valued at $843,474,000 after acquiring an additional 82,143 shares in the last quarter. Anomaly Capital Management LP increased its position in shares of Skechers U.S.A. by 51.2% in the fourth quarter. Anomaly Capital Management LP now owns 2,989,015 shares of the textile maker’s stock worth $200,981,000 after purchasing an additional 1,011,815 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Skechers U.S.A. by 70.4% during the fourth quarter. Bank of New York Mellon Corp now owns 2,308,283 shares of the textile maker’s stock valued at $155,209,000 after purchasing an additional 953,528 shares during the last quarter. Geode Capital Management LLC grew its stake 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 worth $154,361,000 after buying an additional 78,071 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Skechers U.S.A. by 19.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,212,020 shares of the textile maker’s stock worth $148,743,000 after buying an additional 357,681 shares during the last quarter. 79.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SKX has been the subject of several research reports. Raymond James cut their target price on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Needham & Company LLC reiterated a “hold” rating on shares of Skechers U.S.A. in a research report on Tuesday, April 22nd. UBS Group dropped their target price on Skechers U.S.A. from $65.00 to $64.00 and set a “buy” rating for the company in a research report on Monday, April 14th. StockNews.com cut shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. Finally, Evercore ISI cut their price objective on shares of Skechers U.S.A. from $78.00 to $60.00 and set an “outperform” rating for the company in a research note on Thursday, April 17th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Skechers U.S.A. has an average rating of “Moderate Buy” and a consensus price target of $69.62.

Insider Activity

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 10,994 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $56.63, for a total transaction of $622,590.22. Following the completion of the transaction, the general counsel now owns 15,000 shares of the company’s stock, valued at approximately $849,450. This trade represents a 42.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO David Weinberg sold 36,000 shares of Skechers U.S.A. stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total transaction of $2,257,920.00. Following the transaction, the chief operating officer now owns 54,499 shares of the company’s stock, 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 90 days, insiders have sold 218,245 shares of company stock worth $13,452,902. Corporate insiders own 24.78% of the company’s stock.

Skechers U.S.A. Price Performance

SKX stock opened at $61.41 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12. Skechers U.S.A., Inc. has a 1 year low of $44.50 and a 1 year high of $78.85. The firm has a 50-day moving average of $53.24 and a 200 day moving average of $62.09. The company has a market cap of $9.17 billion, a P/E ratio of 14.80, a PEG ratio of 1.11 and a beta of 1.06.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, April 24th. The textile maker reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.17. The company had revenue of $2.41 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.33 EPS. On average, sell-side analysts forecast that Skechers U.S.A., Inc. will post 4.47 EPS for the current year.

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.