HBK Investments L P Acquires 162,023 Shares of Skechers USA Inc (SKX)
HBK Investments L P increased its position in shares of Skechers USA Inc (NYSE:SKX) by 139.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 277,923 shares of the textile maker’s stock after purchasing an additional 162,023 shares during the period. HBK Investments L P’s holdings in Skechers USA were worth $10,517,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of SKX. Capital Growth Management LP purchased a new position in Skechers USA during the fourth quarter worth about $66,598,000. BlackRock Inc. raised its holdings in Skechers USA by 6.5% during the fourth quarter. BlackRock Inc. now owns 12,404,460 shares of the textile maker’s stock worth $469,385,000 after purchasing an additional 756,078 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Skechers USA by 126.6% during the third quarter. JPMorgan Chase & Co. now owns 1,314,408 shares of the textile maker’s stock worth $32,544,000 after purchasing an additional 734,414 shares in the last quarter. Davidson Kempner Capital Management LP raised its holdings in Skechers USA by 140.6% during the third quarter. Davidson Kempner Capital Management LP now owns 962,500 shares of the textile maker’s stock worth $24,149,000 after purchasing an additional 562,500 shares in the last quarter. Finally, Maverick Capital Ltd. purchased a new position in Skechers USA during the fourth quarter worth about $20,781,000. 73.94% of the stock is owned by hedge funds and other institutional investors.
Skechers USA Inc (NYSE:SKX) opened at $40.93 on Wednesday. Skechers USA Inc has a 1-year low of $22.64 and a 1-year high of $42.73. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.52 and a quick ratio of 2.06. The stock has a market cap of $6,490.00, a PE ratio of 22.87, a price-to-earnings-growth ratio of 1.17 and a beta of 0.24.
Skechers USA declared that its Board of Directors has authorized a share buyback program on Thursday, February 8th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the textile maker to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
In other Skechers USA news, CEO Robert Greenberg sold 500,000 shares of the stock in a transaction dated Wednesday, December 20th. The shares were sold at an average price of $37.66, for a total value of $18,830,000.00. Following the completion of the transaction, the chief executive officer now directly owns 267,713 shares of the company’s stock, valued at $10,082,071.58. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard Rappaport sold 1,000 shares of the stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $38.24, for a total transaction of $38,240.00. Following the completion of the transaction, the director now directly owns 19,000 shares of the company’s stock, valued at $726,560. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 501,156 shares of company stock valued at $18,874,792. 38.20% of the stock is currently owned by corporate insiders.
Several research firms recently issued reports on SKX. Vetr cut shares of Skechers USA from a “hold” rating to a “sell” rating and set a $38.42 price target for the company. in a report on Tuesday, February 27th. Zacks Investment Research raised shares of Skechers USA from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a report on Monday, February 12th. Citigroup increased their price target on shares of Skechers USA from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Monness Crespi & Hardt increased their price target on shares of Skechers USA from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Finally, B. Riley set a $50.00 price target on shares of Skechers USA and gave the stock a “buy” rating in a report on Tuesday, February 6th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $41.29.
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About Skechers USA
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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