Skechers U.S.A., Inc. (NYSE:SKX) Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System decreased its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 8.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,034 shares of the textile maker’s stock after selling 689 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Skechers U.S.A. were worth $473,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Spire Wealth Management boosted its holdings in Skechers U.S.A. by 11.6% in the fourth quarter. Spire Wealth Management now owns 1,486 shares of the textile maker’s stock worth $100,000 after acquiring an additional 155 shares in the last quarter. Calamos Wealth Management LLC boosted its stake in Skechers U.S.A. by 0.9% in the 4th quarter. Calamos Wealth Management LLC now owns 18,257 shares of the textile maker’s stock worth $1,228,000 after purchasing an additional 157 shares in the last quarter. Independent Advisor Alliance grew its position in Skechers U.S.A. by 4.7% during the 4th quarter. Independent Advisor Alliance now owns 4,486 shares of the textile maker’s stock worth $302,000 after purchasing an additional 200 shares during the last quarter. Blue Trust Inc. increased its stake in Skechers U.S.A. by 20.7% during the 4th quarter. Blue Trust Inc. now owns 1,208 shares of the textile maker’s stock valued at $81,000 after purchasing an additional 207 shares in the last quarter. Finally, Avantax Advisory Services Inc. raised its holdings in shares of Skechers U.S.A. by 4.7% in the fourth quarter. Avantax Advisory Services Inc. now owns 4,692 shares of the textile maker’s stock worth $315,000 after buying an additional 212 shares during the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SKX has been the topic of several research reports. UBS Group cut their target price on Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. StockNews.com lowered Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Barclays decreased their target price on Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating for the company in a report on Monday, February 10th. Bank of America cut their price target on shares of Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating on the stock in a report on Monday. Finally, Piper Sandler assumed coverage on shares of Skechers U.S.A. in a research note on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.42.

Skechers U.S.A. Stock Performance

Shares of SKX stock opened at $57.38 on Wednesday. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01. Skechers U.S.A., Inc. has a 12-month low of $53.79 and a 12-month high of $78.85. The business’s 50 day moving average is $65.02 and its two-hundred day moving average is $65.38. The company has a market capitalization of $8.57 billion, a P/E ratio of 13.83, a P/E/G ratio of 1.11 and a beta of 1.21.

Skechers U.S.A. (NYSE:SKX) last announced its 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%. Analysts expect that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

Insider Transactions at Skechers U.S.A.

In related news, General Counsel Phillip Paccione sold 10,994 shares of Skechers U.S.A. stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $56.63, for a total value of $622,590.22. Following the sale, the general counsel now directly owns 15,000 shares in the company, valued at approximately $849,450. The trade was a 42.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert Greenberg sold 40,924 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $60.76, for a total value of $2,486,542.24. Following the transaction, the chief executive officer now directly owns 51,342 shares of the company’s stock, valued at $3,119,539.92. The trade was a 44.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 236,738 shares of company stock valued at $14,700,809 over the last 90 days. Corporate insiders own 24.75% of the company’s stock.

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.