Pzena Investment Management LLC Has $29.27 Million Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Pzena Investment Management LLC cut its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 83.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 469,476 shares of the textile maker’s stock after selling 2,295,729 shares during the quarter. Pzena Investment Management LLC owned approximately 0.30% of Skechers U.S.A. worth $29,267,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Aigen Investment Management LP acquired a new position in shares of Skechers U.S.A. in the fourth quarter worth $4,752,000. Brandes Investment Partners LP acquired a new position in shares of Skechers U.S.A. in the fourth quarter worth $595,000. Quest Partners LLC acquired a new position in shares of Skechers U.S.A. in the fourth quarter worth $330,000. Corient Private Wealth LLC acquired a new position in shares of Skechers U.S.A. in the fourth quarter worth $2,114,000. Finally, Wells Fargo & Company MN boosted its holdings in Skechers U.S.A. by 50.4% in the fourth quarter. Wells Fargo & Company MN now owns 157,416 shares of the textile maker’s stock worth $9,813,000 after purchasing an additional 52,754 shares in the last quarter. 79.96% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, COO David Weinberg sold 20,226 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $1,236,010.86. Following the completion of the sale, the chief operating officer now owns 99,655 shares of the company’s stock, valued at $6,089,917.05. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, President Michael Greenberg sold 25,282 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $1,544,983.02. Following the sale, the president now directly owns 123,441 shares of the company’s stock, valued at $7,543,479.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO David Weinberg sold 20,226 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $1,236,010.86. Following the sale, the chief operating officer now directly owns 99,655 shares in the company, valued at $6,089,917.05. The disclosure for this sale can be found here. Insiders sold 81,914 shares of company stock valued at $5,005,765 over the last quarter. Corporate insiders own 24.75% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on SKX. TD Cowen upped their price objective on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Wedbush reiterated an “outperform” rating and issued a $76.00 price objective on shares of Skechers U.S.A. in a report on Friday, May 17th. Evercore ISI decreased their price objective on shares of Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. Bank of America started coverage on shares of Skechers U.S.A. in a report on Friday, March 8th. They set a “neutral” rating and a $67.00 price target for the company. Finally, Raymond James decreased their price target on shares of Skechers U.S.A. from $68.00 to $66.00 and set an “outperform” rating for the company in a report on Monday, February 5th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Skechers U.S.A. currently has an average rating of “Moderate Buy” and an average target price of $66.83.

Skechers U.S.A. Stock Performance

Shares of SKX traded down $0.35 during trading hours on Thursday, reaching $67.50. 216,920 shares of the company traded hands, compared to its average volume of 1,645,612. The stock’s fifty day moving average is $62.22 and its 200 day moving average is $60.54. The stock has a market cap of $10.30 billion, a P/E ratio of 17.86, a price-to-earnings-growth ratio of 1.20 and a beta of 1.29. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.56 and a current ratio of 2.39. Skechers U.S.A., Inc. has a 1-year low of $45.58 and a 1-year high of $69.80.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data on Thursday, April 25th. The textile maker reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.23. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.56%. The business had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the prior year, the business earned $1.02 earnings per share. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. Equities research analysts anticipate that Skechers U.S.A., Inc. will post 4.06 earnings per share for the current fiscal year.

Skechers U.S.A. Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.