Te Ahumairangi Investment Management Ltd Lowers Position in Skechers U.S.A., Inc. (NYSE:SKX)

Te Ahumairangi Investment Management Ltd reduced its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 17.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 74,287 shares of the textile maker’s stock after selling 15,663 shares during the period. Te Ahumairangi Investment Management Ltd’s holdings in Skechers U.S.A. were worth $4,995,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SKX. TD Private Client Wealth LLC boosted its position in shares of Skechers U.S.A. by 534.3% during the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock worth $29,000 after buying an additional 358 shares during the period. UMB Bank n.a. lifted its stake in Skechers U.S.A. by 53.1% during the 4th quarter. UMB Bank n.a. now owns 689 shares of the textile maker’s stock worth $46,000 after acquiring an additional 239 shares in the last quarter. IFP Advisors Inc lifted its stake in Skechers U.S.A. by 62.4% during the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock worth $55,000 after acquiring an additional 317 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Skechers U.S.A. during the 4th quarter valued at about $65,000. Finally, Blue Trust Inc. grew its position in Skechers U.S.A. by 20.7% in the 4th quarter. Blue Trust Inc. now owns 1,208 shares of the textile maker’s stock valued at $81,000 after acquiring an additional 207 shares in the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SKX. StockNews.com cut shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. Barclays cut their target price on shares of Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating on the stock in a research note on Monday, February 10th. Stifel Nicolaus decreased their price target on shares of Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Bank of America dropped their price target on shares of Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Finally, Piper Sandler started coverage on Skechers U.S.A. in a research note on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $80.42.

Insider Activity

In other news, COO David Weinberg sold 36,000 shares of Skechers U.S.A. stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total transaction of $2,257,920.00. Following the sale, the chief operating officer now owns 54,499 shares in the company, valued at approximately $3,418,177.28. The trade was a 39.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Phillip Paccione sold 10,994 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $56.63, for a total value of $622,590.22. Following the completion of the sale, the general counsel now directly owns 15,000 shares of the company’s stock, valued at $849,450. The trade was a 42.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 218,245 shares of company stock worth $13,452,902. Corporate insiders own 24.75% of the company’s stock.

Skechers U.S.A. Trading Up 1.2 %

NYSE:SKX opened at $57.47 on Wednesday. Skechers U.S.A., Inc. has a 1 year low of $53.79 and a 1 year high of $78.85. The stock has a market cap of $8.58 billion, a P/E ratio of 13.85, a P/E/G ratio of 1.11 and a beta of 1.21. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.12 and a current ratio of 1.97. The stock has a 50-day simple moving average of $63.69 and a 200-day simple moving average of $65.07.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. As a group, analysts anticipate that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

About Skechers U.S.A.

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.