State Board of Administration of Florida Retirement System Raises Stake in Skechers U.S.A., Inc. (SKX)
State Board of Administration of Florida Retirement System grew its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 21.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 217,570 shares of the textile maker’s stock after acquiring an additional 38,569 shares during the period. State Board of Administration of Florida Retirement System owned about 0.16% of Skechers U.S.A. worth $6,418,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of SKX. Tower Research Capital LLC TRC increased its stake in Skechers U.S.A. by 430.9% during the 1st quarter. Tower Research Capital LLC TRC now owns 3,844 shares of the textile maker’s stock worth $106,000 after buying an additional 3,120 shares during the period. US Bancorp DE increased its stake in Skechers U.S.A. by 94.9% during the 1st quarter. US Bancorp DE now owns 3,895 shares of the textile maker’s stock worth $107,000 after buying an additional 1,897 shares during the period. Exane Derivatives purchased a new stake in Skechers U.S.A. during the 2nd quarter worth $118,000. Neuburgh Advisers LLC increased its stake in Skechers U.S.A. by 3.8% during the 1st quarter. Neuburgh Advisers LLC now owns 4,796 shares of the textile maker’s stock worth $132,000 after buying an additional 176 shares during the period. Finally, NINE MASTS CAPITAL Ltd purchased a new stake in Skechers U.S.A. during the 1st quarter worth $137,000. 70.57% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently issued reports on SKX. BidaskClub downgraded shares of Skechers U.S.A. from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. Cowen and Company set a $35.00 price target on shares of Skechers U.S.A. and gave the stock a “buy” rating in a research note on Monday, August 14th. Zacks Investment Research raised shares of Skechers U.S.A. from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Vetr downgraded shares of Skechers U.S.A. from a “strong-buy” rating to a “buy” rating and set a $32.17 price target on the stock. in a research note on Tuesday, July 25th. Finally, Wedbush reaffirmed a “neutral” rating on shares of Skechers U.S.A. in a research note on Monday, July 24th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $31.10.
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In related news, General Counsel Phillip Paccione sold 1,004 shares of the company’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $27.24, for a total transaction of $27,348.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard Rappaport sold 1,500 shares of the company’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $28.38, for a total transaction of $42,570.00. Following the transaction, the director now owns 20,000 shares of the company’s stock, valued at $567,600. The disclosure for this sale can be found here. 38.20% of the stock is owned by corporate insiders.
Skechers U.S.A., Inc. (NYSE:SKX) opened at 26.75 on Monday. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of 18.55 and a beta of 0.18. The firm’s 50-day moving average is $27.89 and its 200 day moving average is $26.77. Skechers U.S.A., Inc. has a one year low of $18.81 and a one year high of $30.00.
Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, July 20th. The textile maker reported $0.38 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by $0.06. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $966.46 million. Skechers U.S.A. had a net margin of 5.92% and a return on equity of 12.79%. Skechers U.S.A.’s revenue for the quarter was up 16.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.48 earnings per share. Analysts forecast that Skechers U.S.A., Inc. will post $1.57 EPS for the current fiscal year.
About Skechers U.S.A.
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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