Hennessy Advisors Inc. Invests $13.28 Million in Skechers USA Inc (NYSE:SKX)
Hennessy Advisors Inc. bought a new position in shares of Skechers USA Inc (NYSE:SKX) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 307,400 shares of the textile maker’s stock, valued at approximately $13,277,000. Hennessy Advisors Inc. owned approximately 0.20% of Skechers USA as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the company. First Hawaiian Bank purchased a new stake in shares of Skechers USA during the fourth quarter worth $298,000. Millennium Management LLC grew its holdings in shares of Skechers USA by 2,957.1% in the third quarter. Millennium Management LLC now owns 809,336 shares of the textile maker’s stock valued at $30,228,000 after purchasing an additional 782,862 shares during the period. Public Employees Retirement System of Ohio grew its holdings in shares of Skechers USA by 39.0% in the third quarter. Public Employees Retirement System of Ohio now owns 109,118 shares of the textile maker’s stock valued at $4,076,000 after purchasing an additional 30,606 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Skechers USA in the third quarter valued at about $2,234,000. Finally, Penserra Capital Management LLC purchased a new stake in shares of Skechers USA in the third quarter valued at about $406,000. 75.69% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on SKX shares. ValuEngine lowered shares of Skechers USA from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Monness Crespi & Hardt upped their target price on shares of Skechers USA from $42.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, December 23rd. Argus raised shares of Skechers USA from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Friday, December 13th. Wedbush set a $46.00 target price on shares of Skechers USA and gave the company a “buy” rating in a research report on Monday, September 23rd. Finally, Deutsche Bank assumed coverage on shares of Skechers USA in a research report on Tuesday, December 17th. They issued a “buy” rating and a $49.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. Skechers USA presently has an average rating of “Hold” and an average target price of $43.86.
NYSE SKX traded up $0.28 during trading hours on Tuesday, reaching $42.55. The company had a trading volume of 517,673 shares, compared to its average volume of 1,168,386. The stock has a market capitalization of $6.63 billion, a P/E ratio of 22.16, a price-to-earnings-growth ratio of 1.14 and a beta of 0.78. Skechers USA Inc has a 1-year low of $24.76 and a 1-year high of $44.49. The company has a current ratio of 2.37, a quick ratio of 1.57 and a debt-to-equity ratio of 0.43. The stock has a 50-day moving average of $42.02 and a 200 day moving average of $37.18.
Skechers USA (NYSE:SKX) last issued its quarterly earnings results on Tuesday, October 22nd. The textile maker reported $0.67 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by ($0.02). The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Skechers USA had a return on equity of 14.85% and a net margin of 6.73%. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.58 EPS. As a group, sell-side analysts predict that Skechers USA Inc will post 2.25 EPS for the current year.
Skechers USA Profile
Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.
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