CGN Advisors LLC Lowers Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

CGN Advisors LLC cut its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 15.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,805 shares of the textile maker’s stock after selling 4,403 shares during the period. CGN Advisors LLC’s holdings in Skechers U.S.A. were worth $1,668,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SKX. Lindenwold Advisors INC lifted its holdings in shares of Skechers U.S.A. by 3.0% in the third quarter. Lindenwold Advisors INC now owns 6,663 shares of the textile maker’s stock worth $446,000 after buying an additional 195 shares in the last quarter. Edgestream Partners L.P. increased its holdings in Skechers U.S.A. by 2.8% in the 3rd quarter. Edgestream Partners L.P. now owns 8,762 shares of the textile maker’s stock valued at $586,000 after acquiring an additional 236 shares during the last quarter. Covestor Ltd lifted its stake in Skechers U.S.A. by 18.8% in the 3rd quarter. Covestor Ltd now owns 1,678 shares of the textile maker’s stock worth $112,000 after purchasing an additional 265 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Skechers U.S.A. by 2.6% during the 3rd quarter. QRG Capital Management Inc. now owns 11,157 shares of the textile maker’s stock valued at $747,000 after purchasing an additional 284 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its position in shares of Skechers U.S.A. by 23.1% during the third quarter. First Horizon Advisors Inc. now owns 1,545 shares of the textile maker’s stock valued at $103,000 after purchasing an additional 290 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors.

Skechers U.S.A. Stock Up 1.1 %

Skechers U.S.A. stock opened at $70.09 on Friday. Skechers U.S.A., Inc. has a twelve month low of $55.67 and a twelve month high of $75.09. The business has a fifty day moving average of $66.81 and a two-hundred day moving average of $65.66. The firm has a market cap of $10.58 billion, a P/E ratio of 17.26, a P/E/G ratio of 0.86 and a beta of 1.19. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same period in the previous year, the company posted $0.93 earnings per share. The firm’s revenue was up 16.0% on a year-over-year basis. On average, analysts forecast that Skechers U.S.A., Inc. will post 4.24 earnings per share for the current fiscal year.

Insider Transactions at Skechers U.S.A.

In related news, President Michael Greenberg sold 10,274 shares of Skechers U.S.A. stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $693,289.52. Following the completion of the sale, the president now directly owns 149,327 shares in the company, valued at $10,076,585.96. This trade represents a 6.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO David Weinberg sold 8,219 shares of the company’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $554,618.12. Following the completion of the transaction, the chief operating officer now directly owns 122,211 shares in the company, valued at approximately $8,246,798.28. The trade was a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 24.75% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SKX shares. StockNews.com downgraded Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Wednesday. Bank of America decreased their price objective on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Barclays boosted their price target on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Piper Sandler began coverage on shares of Skechers U.S.A. in a research report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price objective for the company. Finally, Needham & Company LLC started coverage on shares of Skechers U.S.A. in a report on Friday, November 22nd. They issued a “hold” rating on the stock. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Skechers U.S.A. currently has a consensus rating of “Moderate Buy” and an average target price of $78.42.

Skechers U.S.A. Company 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.