Skechers USA Inc. (SKX) Position Decreased by Sit Investment Associates Inc.
Sit Investment Associates Inc. reduced its position in shares of Skechers USA Inc. (NYSE:SKX) by 28.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,000 shares of the company’s stock after selling 15,000 shares during the period. Sit Investment Associates Inc.’s holdings in Skechers USA were worth $1,100,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in the stock. Aperio Group LLC raised its position in Skechers USA by 39.1% in the first quarter. Aperio Group LLC now owns 29,162 shares of the company’s stock worth $888,000 after buying an additional 8,190 shares during the period. Prudential Financial Inc. raised its position in Skechers USA by 109.2% in the first quarter. Prudential Financial Inc. now owns 261,462 shares of the company’s stock worth $7,961,000 after buying an additional 136,470 shares during the period. BlackRock Inc. raised its position in Skechers USA by 29.9% in the first quarter. BlackRock Inc. now owns 60,051 shares of the company’s stock worth $1,829,000 after buying an additional 13,840 shares during the period. BlackRock Group LTD raised its position 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. Finally, BlackRock Institutional Trust Company N.A. raised its position in Skechers USA by 0.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,832,942 shares of the company’s stock worth $116,713,000 after buying an additional 25,636 shares during the period. Institutional investors and hedge funds own 65.70% of the company’s stock.
Shares of Skechers USA Inc. (NYSE:SKX) traded up 2.74% on Wednesday, hitting $23.21. The stock had a trading volume of 1,245,513 shares. The stock has a market capitalization of $3.66 billion, a PE ratio of 13.41 and a beta of 0.15. Skechers USA Inc. has a one year low of $20.90 and a one year high of $49.28. The firm’s 50 day moving average is $23.38 and its 200-day moving average is $27.67.
Skechers USA (NYSE:SKX) last posted its earnings results on Thursday, July 21st. The company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by $0.02. Skechers USA had a net margin of 7.79% and a return on equity of 20.20%. The business earned $877.80 million during the quarter, compared to analyst estimates of $892.06 million. During the same period in the previous year, the firm posted $0.52 earnings per share. Equities research analysts expect that Skechers USA Inc. will post $1.80 earnings per share for the current fiscal year.
SKX has been the subject of a number of recent analyst reports. Zacks Investment Research lowered Skechers USA from a “hold” rating to a “sell” rating in a research report on Monday, June 27th. B. Riley reiterated a “buy” rating and issued a $42.00 price target on shares of Skechers USA in a research report on Tuesday, July 19th. Vetr raised Skechers USA from a “hold” rating to a “buy” rating and set a $34.68 price objective for the company in a research note on Tuesday, July 19th. Monness Crespi & Hardt downgraded Skechers USA from a “buy” rating to a “neutral” rating in a research note on Friday, July 22nd. They noted that the move was a valuation call. Finally, Argus downgraded Skechers USA from a “buy” rating to a “hold” rating in a research note on Monday, August 1st. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $30.34.
In other Skechers USA news, General Counsel Phillip Paccione sold 1,389 shares of the business’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $24.12, for a total value 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 legal filing with the SEC, which can be accessed through this hyperlink. 21.73% of the stock is owned by company insiders.
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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