Shelton Capital Management Decreases Stock Position in Skechers U.S.A., Inc. (NYSE:SKX)

Shelton Capital Management cut its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 2.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,616 shares of the textile maker’s stock after selling 195 shares during the quarter. Shelton Capital Management’s holdings in Skechers U.S.A. were worth $348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. American Century Companies Inc. boosted its stake in shares of Skechers U.S.A. by 10.8% during the first quarter. American Century Companies Inc. now owns 16,901 shares of the textile maker’s stock valued at $689,000 after purchasing an additional 1,654 shares during the period. US Bancorp DE boosted its position in Skechers U.S.A. by 71.1% during the 1st quarter. US Bancorp DE now owns 2,416 shares of the textile maker’s stock valued at $98,000 after buying an additional 1,004 shares during the period. PNC Financial Services Group Inc. boosted its position in Skechers U.S.A. by 11.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the textile maker’s stock valued at $260,000 after buying an additional 663 shares during the period. Bank of Montreal Can grew its holdings in Skechers U.S.A. by 8.6% in the 1st quarter. Bank of Montreal Can now owns 12,534 shares of the textile maker’s stock worth $519,000 after acquiring an additional 990 shares during the last quarter. Finally, MetLife Investment Management LLC increased its position in shares of Skechers U.S.A. by 34.4% in the first quarter. MetLife Investment Management LLC now owns 87,839 shares of the textile maker’s stock valued at $3,580,000 after acquiring an additional 22,464 shares during the period. 80.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SKX shares. Piper Sandler raised Skechers U.S.A. from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $54.00 to $59.00 in a research note on Monday, September 18th. Morgan Stanley boosted their target price on Skechers U.S.A. from $48.00 to $49.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 29th. Deutsche Bank Aktiengesellschaft raised their price target on Skechers U.S.A. from $57.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, July 28th. TD Cowen boosted their price objective on shares of Skechers U.S.A. from $65.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, July 28th. Finally, StockNews.com started coverage on shares of Skechers U.S.A. in a report on Thursday, October 5th. They issued a “buy” rating for the company. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $59.33.

Skechers U.S.A. Stock Up 3.7 %

NYSE:SKX opened at $54.48 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.52 and a quick ratio of 1.60. The firm’s 50-day moving average price is $48.69 and its 200-day moving average price is $50.89. The company has a market capitalization of $8.39 billion, a PE ratio of 15.98, a P/E/G ratio of 0.55 and a beta of 1.37. Skechers U.S.A., Inc. has a 1-year low of $38.62 and a 1-year high of $56.53.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, October 26th. The textile maker reported $0.93 EPS for the quarter, topping the consensus estimate of $0.78 by $0.15. Skechers U.S.A. had a net margin of 6.75% and a return on equity of 13.02%. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the previous year, the firm posted $0.55 earnings per share. Skechers U.S.A.’s quarterly revenue was up 7.8% on a year-over-year basis. On average, equities analysts predict that Skechers U.S.A., Inc. will post 3.43 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Katherine J. Blair acquired 4,900 shares of the stock in a transaction on Friday, November 10th. The stock was acquired at an average price of $49.93 per share, for a total transaction of $244,657.00. Following the completion of the purchase, the director now owns 15,400 shares of the company’s stock, valued at $768,922. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 24.79% of the stock is currently owned by company insiders.

About Skechers U.S.A.

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through two segments, Wholesale and Direct-to-Consumer. It offers casual, casual athletic, sport athletic, trail, sandals, boots, and retro fashion footwear for men and women under the Skechers USA, Skechers Sport, Skechers Active, Modern Comfort, Skechers Street, Foamies, Mark Nason, and BOBS brands; sneakers, casuals, boots, and sandals for boys and girls under the S-Lights, Skech-Air, Foamies, Twinkle Toes, Skechers Stretch Fit, and Skechers Street brands; and technical footwear under the Skechers GOrun, Skechers GOwalk, Skechers GOtrain, Skechers GOtrail, and Skechers GO Golf brands, as well as Skechers Viper Court for pickleball.