State of Tennessee Treasury Department Continues to Hold Stake in Skechers U.S.A., Inc. (SKX)
State of Tennessee Treasury Department continued to hold its position in Skechers U.S.A., Inc. (NYSE:SKX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 200,000 shares of the textile maker’s stock at the end of the second quarter. State of Tennessee Treasury Department owned 0.13% of Skechers U.S.A. worth $5,900,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in SKX. Tower Research Capital LLC TRC raised its position in shares of Skechers U.S.A. by 430.9% in the first quarter. Tower Research Capital LLC TRC now owns 3,844 shares of the textile maker’s stock valued at $106,000 after purchasing an additional 3,120 shares during the period. US Bancorp DE raised its position in shares of Skechers U.S.A. by 94.9% in the first quarter. US Bancorp DE now owns 3,895 shares of the textile maker’s stock valued at $107,000 after purchasing an additional 1,897 shares during the period. Exane Derivatives bought a new position in shares of Skechers U.S.A. in the second quarter valued at approximately $118,000. Neuburgh Advisers LLC raised its position in shares of Skechers U.S.A. by 3.8% in the first quarter. Neuburgh Advisers LLC now owns 4,796 shares of the textile maker’s stock valued at $132,000 after purchasing an additional 176 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Skechers U.S.A. by 12.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,594 shares of the textile maker’s stock valued at $136,000 after purchasing an additional 503 shares during the period. 70.57% of the stock is currently owned by institutional investors.
SKX has been the topic of a number of research reports. UBS AG raised shares of Skechers U.S.A. from a “neutral” rating to a “positive” rating in a research report on Monday, June 5th. B. Riley reaffirmed a “buy” rating and set a $37.00 target price on shares of Skechers U.S.A. in a research report on Friday, July 21st. Cowen and Company set a $35.00 target price on shares of Skechers U.S.A. and gave the stock a “buy” rating in a research report on Monday, August 14th. BidaskClub raised shares of Skechers U.S.A. from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Finally, Morgan Stanley boosted their target price on shares of Skechers U.S.A. from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $31.10.
In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 1,004 shares of Skechers U.S.A. stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $27.24, for a total value of $27,348.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard Rappaport sold 1,500 shares of Skechers U.S.A. stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $28.38, for a total value of $42,570.00. Following the completion of the transaction, the director now owns 20,000 shares in the company, valued at approximately $567,600. The disclosure for this sale can be found here. 38.20% of the stock is currently owned by company insiders.
Shares of Skechers U.S.A., Inc. (NYSE SKX) opened at 25.95 on Monday. The firm has a market cap of $4.11 billion, a P/E ratio of 18.00 and a beta of 0.18. The stock has a 50 day moving average of $27.58 and a 200 day moving average of $26.76. Skechers U.S.A., Inc. has a 52 week low of $18.81 and a 52 week high of $30.00.
Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, July 20th. The textile maker reported $0.38 EPS for the quarter, missing the Zacks’ consensus estimate of $0.44 by $0.06. Skechers U.S.A. had a return on equity of 12.79% and a net margin of 5.92%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $966.46 million. During the same quarter in the previous year, the business posted $0.48 EPS. The firm’s revenue for the quarter was up 16.9% on a year-over-year basis. Analysts anticipate that Skechers U.S.A., Inc. will post $1.57 earnings per share for the current fiscal year.
Skechers U.S.A. 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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