Vanguard Group Inc. decreased its stake in Skechers USA Inc. (NYSE:SKX) by 2.7% during the second quarter, Holdings Channel reports. The institutional investor owned 9,457,338 shares of the company’s stock after selling 265,537 shares during the period. Vanguard Group Inc. owned about 6.14% of Skechers USA worth $281,072,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in SKX. Bank of Montreal Can acquired a new stake in Skechers USA during the second quarter worth approximately $14,762,000. State Street Corp boosted its stake in Skechers USA by 1.7% in the first quarter. State Street Corp now owns 3,551,897 shares of the company’s stock worth $108,158,000 after buying an additional 59,148 shares during the period. BlackRock Group LTD boosted its stake in Skechers USA by 24.7% in the first quarter. BlackRock Group LTD now owns 128,575 shares of the company’s stock worth $3,916,000 after buying an additional 25,449 shares during the period. Public Employees Retirement Association of Colorado boosted its stake in Skechers USA by 0.8% in the second quarter. Public Employees Retirement Association of Colorado now owns 31,113 shares of the company’s stock worth $925,000 after buying an additional 244 shares during the period. Finally, Retirement Systems of Alabama boosted its stake in Skechers USA by 0.6% in the second quarter. Retirement Systems of Alabama now owns 507,341 shares of the company’s stock worth $15,078,000 after buying an additional 2,942 shares during the period. 65.70% of the stock is currently owned by institutional investors.
Skechers USA Inc. (NYSE:SKX) opened at 23.04 on Tuesday. Skechers USA Inc. has a 1-year low of $20.90 and a 1-year high of $49.28. The firm has a 50-day moving average of $23.44 and a 200-day moving average of $27.71. The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of 13.31 and a beta of 0.15.
Skechers USA (NYSE:SKX) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by $0.02. The firm had revenue of $877.80 million for the quarter, compared to analysts’ expectations of $892.06 million. Skechers USA had a return on equity of 20.20% and a net margin of 7.79%. During the same period in the prior year, the company earned $0.52 earnings per share. Equities research analysts anticipate that Skechers USA Inc. will post $1.80 EPS for the current year.
A number of equities research analysts have recently commented on the company. B. Riley restated a “buy” rating and set a $42.00 target price on shares of Skechers USA in a research report on Tuesday, July 19th. Monness Crespi & Hardt cut Skechers USA from a “buy” rating to a “neutral” rating in a research report on Friday, July 22nd. They noted that the move was a valuation call. Zacks Investment Research upgraded Skechers USA from a “sell” rating to a “hold” rating in a research report on Monday, July 18th. Susquehanna assumed coverage on Skechers USA in a research report on Friday, August 12th. They set a “neutral” rating and a $27.00 target price on the stock. Finally, Standpoint Research assumed coverage on Skechers USA in a research report on Monday, October 3rd. They set a “buy” rating and a $30.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Skechers USA presently has a consensus rating of “Buy” and a consensus target price of $30.34.
In related news, General Counsel Phillip Paccione sold 1,389 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $24.12, for a total transaction of $33,502.68. Following the completion of the transaction, the general counsel now directly owns 90,445 shares of the company’s stock, valued at $2,181,533.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 21.73% of the company’s stock.
About Skechers USA
Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.
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