Clark Capital Management Group Inc. raised its stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 40.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 79,424 shares of the textile maker's stock after acquiring an additional 23,015 shares during the quarter. Clark Capital Management Group Inc. owned about 0.05% of Skechers U.S.A. worth $5,340,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of SKX. Nordea Investment Management AB bought a new stake in Skechers U.S.A. during the fourth quarter worth about $2,752,000. Fiduciary Financial Group LLC bought a new position in Skechers U.S.A. in the fourth quarter valued at approximately $298,000. Assenagon Asset Management S.A. raised its position in Skechers U.S.A. by 15.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 120,007 shares of the textile maker's stock valued at $8,069,000 after purchasing an additional 15,874 shares in the last quarter. Park Avenue Securities LLC lifted its stake in Skechers U.S.A. by 13.0% during the fourth quarter. Park Avenue Securities LLC now owns 16,830 shares of the textile maker's stock worth $1,132,000 after purchasing an additional 1,933 shares during the last quarter. Finally, Morton Capital Management LLC CA acquired a new stake in shares of Skechers U.S.A. in the 4th quarter valued at $2,305,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on SKX. Bank of America decreased their target price on Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Morgan Stanley reissued an "equal weight" rating and set a $63.00 price target (down from $73.00) on shares of Skechers U.S.A. in a research note on Wednesday, May 7th. Raymond James lowered Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research report on Monday, May 5th. Barclays reiterated an "equal weight" rating and set a $63.00 price target (up from $53.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Finally, Stifel Nicolaus dropped their price target on Skechers U.S.A. from $80.00 to $62.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Skechers U.S.A. has a consensus rating of "Hold" and an average target price of $70.00.
Check Out Our Latest Research Report on SKX
Insider Activity
In other news, President Michael Greenberg sold 33,656 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $60.76, for a total transaction of $2,044,938.56. Following the sale, the president now directly owns 137,530 shares in the company, valued at $8,356,322.80. This trade represents a 19.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Vandemore sold 5,112 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $60.76, for a total value of $310,605.12. Following the sale, the chief financial officer now directly owns 83,328 shares in the company, valued at approximately $5,063,009.28. This represents a 5.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 129,645 shares of company stock valued at $7,895,910 over the last three months. Insiders own 24.78% of the company's stock.
Skechers U.S.A. Trading Down 0.1%
Shares of Skechers U.S.A. stock traded down $0.04 during midday trading on Wednesday, reaching $62.21. 2,893,028 shares of the company's stock traded hands, compared to its average volume of 2,974,273. The company has a market cap of $9.31 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 1.11 and a beta of 1.06. The stock has a 50 day moving average of $53.53 and a 200-day moving average of $62.09. Skechers U.S.A., Inc. has a 12 month low of $44.50 and a 12 month high of $78.85. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.12 and a current ratio of 1.97.
Skechers U.S.A. (NYSE:SKX - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The textile maker reported $1.34 earnings per share for the quarter, beating analysts' consensus estimates of $1.17 by $0.17. The company had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.43 billion. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. The firm's revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter last year, the company earned $1.33 EPS. As a group, equities analysts expect that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.
Skechers U.S.A. Company Profile
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Free Report)
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.
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