Clinton Group Inc. Invests $410,000 in Skechers U.S.A., Inc. (SKX)
Clinton Group Inc. bought a new stake in Skechers U.S.A., Inc. (NYSE:SKX) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 13,911 shares of the textile maker’s stock, valued at approximately $410,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Skechers U.S.A. by 3,136.5% in the first quarter. BlackRock Inc. now owns 11,190,173 shares of the textile maker’s stock worth $307,170,000 after purchasing an additional 10,844,421 shares in the last quarter. Mik Capital LLC acquired a new position in Skechers U.S.A. in the second quarter worth about $56,285,000. Amerigo Asset Management raised its position in Skechers U.S.A. by 38.2% in the second quarter. Amerigo Asset Management now owns 6,134,253 shares of the textile maker’s stock worth $180,960,000 after purchasing an additional 1,694,253 shares in the last quarter. Prudential Financial Inc. raised its position in Skechers U.S.A. by 125.7% in the second quarter. Prudential Financial Inc. now owns 2,302,352 shares of the textile maker’s stock worth $67,919,000 after purchasing an additional 1,282,260 shares in the last quarter. Finally, Columbus Circle Investors acquired a new position in Skechers U.S.A. in the second quarter worth about $31,638,000. Institutional investors and hedge funds own 70.52% of the company’s stock.
Shares of Skechers U.S.A., Inc. (NYSE SKX) opened at 25.51 on Monday. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of 17.69 and a beta of 0.19. The stock’s 50 day moving average is $25.89 and its 200 day moving average is $26.62. Skechers U.S.A., Inc. has a 12-month low of $18.81 and a 12-month 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 earnings per share 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 firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $966.46 million. During the same period last year, the company posted $0.48 EPS. The business’s revenue was up 16.9% on a year-over-year basis. Equities analysts expect that Skechers U.S.A., Inc. will post $1.57 earnings per share for the current year.
Several research firms recently issued reports on SKX. BidaskClub lowered shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. OTR Global raised shares of Skechers U.S.A. from a “mixed” rating to a “positive” rating in a research report on Tuesday, July 18th. Vetr raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating and set a $28.50 price target for the company in a research report on Tuesday, June 20th. Buckingham Research set a $34.00 price target on shares of Skechers U.S.A. and gave the stock a “buy” rating in a research report on Saturday, July 22nd. Finally, 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 report on Monday, August 14th. Three analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $31.02.
In other news, General Counsel Phillip Paccione sold 1,004 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $27.24, for a total transaction of $27,348.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 38.20% of the company’s stock.
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Skechers U.S.A. 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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