Torch Wealth Management LLC raised its holdings in Skechers USA Inc (NYSE:SKX) by 5.4% during the second quarter, HoldingsChannel reports. The firm owned 13,675 shares of the textile maker’s stock after acquiring an additional 700 shares during the quarter. Torch Wealth Management LLC’s holdings in Skechers USA were worth $431,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of SKX. FNY Investment Advisers LLC acquired a new stake in shares of Skechers USA in the 1st quarter valued at $33,000. Hanseatic Management Services Inc. acquired a new stake in shares of Skechers USA during the 2nd quarter valued at $43,000. Quantamental Technologies LLC acquired a new stake in shares of Skechers USA during the 1st quarter valued at $49,000. Meeder Asset Management Inc. boosted its holdings in shares of Skechers USA by 1,569.0% during the 1st quarter. Meeder Asset Management Inc. now owns 3,338 shares of the textile maker’s stock valued at $112,000 after acquiring an additional 3,138 shares in the last quarter. Finally, Machina Capital S.A.S. acquired a new stake in shares of Skechers USA during the 2nd quarter valued at $120,000. 76.13% of the stock is currently owned by hedge funds and other institutional investors.
SKX has been the topic of several recent research reports. B. Riley reissued a “buy” rating on shares of Skechers USA in a report on Friday, April 26th. Monness Crespi & Hardt reissued a “buy” rating and set a $42.00 price objective (up previously from $35.00) on shares of Skechers USA in a report on Friday, July 19th. They noted that the move was a valuation call. Wedbush raised Skechers USA from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $31.00 to $46.00 in a report on Friday, July 19th. Morgan Stanley raised their price objective on Skechers USA from $29.00 to $34.00 and gave the company an “equal weight” rating in a report on Friday, July 19th. Finally, Susquehanna Bancshares raised their price objective on Skechers USA from $37.00 to $42.00 and gave the company a “positive” rating in a report on Friday, July 19th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $38.50.
NYSE:SKX traded down $0.47 during trading hours on Thursday, hitting $30.71. 65,858 shares of the company were exchanged, compared to its average volume of 3,377,864. The company has a market cap of $4.86 billion, a PE ratio of 15.93, a price-to-earnings-growth ratio of 0.97 and a beta of 0.78. The company has a quick ratio of 1.65, a current ratio of 2.51 and a debt-to-equity ratio of 0.43. Skechers USA Inc has a one year low of $21.45 and a one year high of $40.50. The business’s fifty day moving average is $34.79.
Skechers USA (NYSE:SKX) last announced its earnings results on Thursday, July 18th. The textile maker reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.23 billion. Skechers USA had a return on equity of 14.59% and a net margin of 6.72%. Skechers USA’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period last year, the company earned $0.29 EPS. On average, research analysts anticipate that Skechers USA Inc will post 2.21 EPS for the current year.
In related news, Director Richard Rappaport sold 3,000 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $31.29, for a total transaction of $93,870.00. Following the completion of the transaction, the director now directly owns 23,000 shares of the company’s stock, valued at approximately $719,670. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jeffrey Greenberg sold 90,000 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $39.24, for a total value of $3,531,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 184,500 shares of company stock valued at $7,079,925. 28.08% of the stock is owned by corporate insiders.
Skechers USA Profile
Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.
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