Royce & Associates LP reduced its holdings in Skechers USA Inc (NYSE:SKX) by 58.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 282,105 shares of the textile maker’s stock after selling 404,900 shares during the quarter. Royce & Associates LP owned 0.18% of Skechers USA worth $7,879,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in SKX. Bank of New York Mellon Corp increased its holdings in shares of Skechers USA by 335.3% in the third quarter. Bank of New York Mellon Corp now owns 6,604,345 shares of the textile maker’s stock worth $184,459,000 after acquiring an additional 5,087,296 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Skechers USA by 3,516.2% during the third quarter. Alliancebernstein L.P. now owns 2,903,543 shares of the textile maker’s stock worth $81,096,000 after buying an additional 2,823,250 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Skechers USA during the second quarter worth about $35,425,000. Voya Investment Management LLC boosted its position in shares of Skechers USA by 2,317.4% during the second quarter. Voya Investment Management LLC now owns 970,828 shares of the textile maker’s stock worth $29,135,000 after buying an additional 930,668 shares during the period. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Skechers USA during the third quarter worth about $21,356,000. Institutional investors own 74.28% of the company’s stock.
In related news, President Michael Greenberg sold 75,630 shares of the stock in a transaction that occurred on Friday, November 2nd. The stock was sold at an average price of $29.28, for a total transaction of $2,214,446.40. Following the completion of the transaction, the president now directly owns 593,309 shares of the company’s stock, valued at $17,372,087.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 27.88% of the company’s stock.
Skechers USA (NYSE:SKX) last issued its quarterly earnings results on Thursday, October 18th. The textile maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.51 by $0.07. Skechers USA had a return on equity of 13.81% and a net margin of 4.13%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the prior year, the firm posted $0.59 earnings per share. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Skechers USA Inc will post 1.85 EPS for the current year.
SKX has been the subject of several recent research reports. Cowen cut Skechers USA from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $32.00 to $28.00 in a research report on Thursday, September 20th. Citigroup reduced their price objective on Skechers USA from $30.00 to $29.00 and set a “neutral” rating for the company in a research report on Monday, October 22nd. Buckingham Research upped their price objective on Skechers USA from $31.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. Wells Fargo & Co set a $30.00 price objective on Skechers USA and gave the stock a “hold” rating in a research report on Friday, October 19th. Finally, OTR Global cut Skechers USA to a “positive” rating in a research report on Tuesday, October 9th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $32.49.
About Skechers USA
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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