Harvey Capital Management Inc. Sells 75,850 Shares of Skechers USA Inc (SKX)
Harvey Capital Management Inc. reduced its stake in shares of Skechers USA Inc (NYSE:SKX) by 25.7% during the first quarter, Holdings Channel reports. The institutional investor owned 219,200 shares of the textile maker’s stock after selling 75,850 shares during the period. Skechers USA comprises about 2.7% of Harvey Capital Management Inc.’s holdings, making the stock its 15th largest position. Harvey Capital Management Inc.’s holdings in Skechers USA were worth $6,017,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Tyers Asset Management LLC bought a new stake in shares of Skechers USA during the fourth quarter valued at approximately $145,000. Flinton Capital Management LLC bought a new stake in shares of Skechers USA during the fourth quarter valued at approximately $176,000. PNC Financial Services Group Inc. raised its stake in shares of Skechers USA by 16.9% in the third quarter. PNC Financial Services Group Inc. now owns 7,529 shares of the textile maker’s stock valued at $172,000 after buying an additional 1,087 shares in the last quarter. Parametrica Management Ltd bought a new stake in shares of Skechers USA during the first quarter valued at approximately $236,000. Finally, LS Investment Advisors LLC raised its stake in shares of Skechers USA by 5.8% in the third quarter. LS Investment Advisors LLC now owns 8,671 shares of the textile maker’s stock valued at $199,000 after buying an additional 478 shares in the last quarter. 61.40% of the stock is currently owned by institutional investors and hedge funds.
Skechers USA Inc (NYSE:SKX) traded down 2.58% during trading on Tuesday, reaching $24.89. The company’s stock had a trading volume of 3,688,698 shares. Skechers USA Inc has a 1-year low of $18.81 and a 1-year high of $34.19. The stock has a market cap of $3.94 billion, a P/E ratio of 15.85 and a beta of 0.30. The company’s 50 day moving average price is $26.57 and its 200-day moving average price is $24.55.
Skechers USA (NYSE:SKX) last announced its earnings results on Thursday, February 9th. The textile maker reported $0.04 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.09 by $0.05. The firm had revenue of $764.30 million for the quarter, compared to the consensus estimate of $725.08 million. Skechers USA had a return on equity of 15.10% and a net margin of 6.83%. Skechers USA’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter last year, the business posted $0.20 EPS. Equities analysts forecast that Skechers USA Inc will post $1.76 earnings per share for the current fiscal year.
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Several analysts recently commented on the company. B. Riley reaffirmed a “neutral” rating and issued a $28.00 price target on shares of Skechers USA in a research note on Friday, February 10th. Zacks Investment Research lowered Skechers USA from a “hold” rating to a “sell” rating in a research note on Wednesday, April 12th. Wedbush reaffirmed a “neutral” rating and issued a $25.00 price target on shares of Skechers USA in a research note on Tuesday, February 14th. Susquehanna Bancshares Inc raised Skechers USA from a “negative” rating to a “neutral” rating and set a $25.00 price target on the stock in a research note on Monday, April 10th. Finally, Vetr raised Skechers USA from a “hold” rating to a “buy” rating and set a $26.28 price target on the stock in a research note on Wednesday, April 12th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $28.71.
In other news, COO David Weinberg sold 24,188 shares of the stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $25.92, for a total transaction of $626,952.96. Following the transaction, the chief operating officer now owns 244,188 shares in the company, valued at $6,329,352.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Phillip Paccione sold 18,794 shares of the stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $25.92, for a total value of $487,140.48. Following the transaction, the general counsel now owns 78,794 shares in the company, valued at approximately $2,042,340.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 63,608 shares of company stock worth $1,678,372. 21.73% of the stock is owned by corporate insiders.
Skechers USA Company Profile
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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