Pictet Asset Management Holding SA Has $7.12 Million Position in Skechers U.S.A., Inc. (NYSE:SKX)

Pictet Asset Management Holding SA increased its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 11.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,929 shares of the textile maker’s stock after purchasing an additional 10,668 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Skechers U.S.A. were worth $7,123,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sanctuary Advisors LLC increased its holdings in shares of Skechers U.S.A. by 88.1% during the third quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock worth $1,822,000 after buying an additional 13,836 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Skechers U.S.A. in the 4th quarter worth about $12,852,000. 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 last quarter. Assenagon Asset Management S.A. raised its position in Skechers U.S.A. by 15.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 120,007 shares of the textile maker’s stock valued at $8,069,000 after purchasing an additional 15,874 shares during the last quarter. Finally, Nordea Investment Management AB acquired a new stake in shares of Skechers U.S.A. during the fourth quarter valued at about $2,752,000. Institutional investors own 79.96% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Robert Greenberg sold 52,600 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $3,848,938.24. This represents a 46.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark A. Nason sold 12,046 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $66.08, for a total transaction of $795,999.68. Following the completion of the transaction, the executive vice president now directly owns 25,675 shares in the company, valued at $1,696,604. This trade represents a 31.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 218,245 shares of company stock worth $13,452,902. 24.75% of the stock is currently owned by company insiders.

Skechers U.S.A. Stock Down 17.1 %

Shares of Skechers U.S.A. stock opened at $48.96 on Friday. The stock’s 50-day moving average is $62.86 and its 200 day moving average is $64.92. Skechers U.S.A., Inc. has a one year low of $45.88 and a one year high of $78.85. The firm has a market cap of $7.31 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 1.11 and a beta of 1.21. 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. (NYSE:SKX) last posted its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SKX. Piper Sandler started coverage on shares of Skechers U.S.A. in a report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price objective for the company. Raymond James dropped 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 research note on Friday, February 7th. UBS Group reduced 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 lowered their target price on Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Finally, TD Cowen upped their price target on Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target 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.