Wells Fargo & Company MN trimmed its stake in shares of Skechers USA Inc (NYSE:SKX) by 0.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 465,804 shares of the textile maker’s stock after selling 1,579 shares during the quarter. Wells Fargo & Company MN owned approximately 0.29% of Skechers USA worth $17,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently bought and sold shares of the company. Advisor Partners LLC bought a new position in Skechers USA during the 4th quarter worth approximately $203,000. CIBC Asset Management Inc bought a new position in Skechers USA during the 4th quarter worth approximately $202,000. Dearborn Partners LLC purchased a new stake in Skechers USA in the 4th quarter worth approximately $214,000. Private Advisor Group LLC purchased a new stake in Skechers USA in the 4th quarter worth approximately $222,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Skechers USA by 51.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,952 shares of the textile maker’s stock worth $263,000 after buying an additional 2,358 shares during the period. Institutional investors and hedge funds own 73.94% of the company’s stock.
Several equities research analysts have weighed in on the company. Vetr upgraded Skechers USA from a “sell” rating to a “hold” rating and set a $39.03 price objective for the company in a report on Tuesday, January 30th. Zacks Investment Research upgraded Skechers USA from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a report on Tuesday, December 26th. Monness Crespi & Hardt increased their price objective on Skechers USA from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Finally, Susquehanna Bancshares reiterated a “buy” rating and issued a $46.00 price objective on shares of Skechers USA in a report on Monday, December 4th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $41.29.
Skechers USA (NYSE:SKX) last released its earnings results on Thursday, February 8th. The textile maker reported $0.21 EPS for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.08. The company had revenue of $970.59 million during the quarter, compared to analysts’ expectations of $881.39 million. Skechers USA had a return on equity of 14.63% and a net margin of 4.30%. The firm’s revenue for the quarter was up 27.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.04 EPS. analysts expect that Skechers USA Inc will post 2.3 earnings per share for the current year.
Skechers USA declared that its board has approved a share buyback plan on Thursday, February 8th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the textile maker to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In other news, CEO Robert Greenberg sold 500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 20th. The stock was sold at an average price of $37.66, for a total value of $18,830,000.00. Following the completion of the transaction, the chief executive officer now owns 267,713 shares in the company, valued at approximately $10,082,071.58. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard Rappaport sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $38.24, for a total value of $38,240.00. Following the completion of the transaction, the director now owns 19,000 shares of the company’s stock, valued at approximately $726,560. The disclosure for this sale can be found here. In the last 90 days, insiders sold 501,156 shares of company stock valued at $18,874,792. 38.20% of the stock is currently owned by company insiders.
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Skechers USA Profile
Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.
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