1492 Capital Management LLC lowered its position in Skechers USA Inc (NYSE:SKX) by 4.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 119,916 shares of the textile maker’s stock after selling 5,569 shares during the quarter. Skechers USA accounts for 3.5% of 1492 Capital Management LLC’s investment portfolio, making the stock its 3rd biggest position. 1492 Capital Management LLC owned 0.08% of Skechers USA worth $4,538,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Cornerstone Capital Management Holdings LLC. lifted its stake in shares of Skechers USA by 102.5% during the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 206,510 shares of the textile maker’s stock worth $7,813,000 after purchasing an additional 104,529 shares in the last quarter. Elkfork Partners LLC acquired a new position in shares of Skechers USA during the fourth quarter worth about $582,000. TIAA CREF Investment Management LLC lifted its stake in shares of Skechers USA by 6.4% during the fourth quarter. TIAA CREF Investment Management LLC now owns 966,651 shares of the textile maker’s stock worth $36,578,000 after purchasing an additional 58,485 shares in the last quarter. Teachers Advisors LLC lifted its stake in shares of Skechers USA by 45.3% during the fourth quarter. Teachers Advisors LLC now owns 1,826,444 shares of the textile maker’s stock worth $69,113,000 after purchasing an additional 569,715 shares in the last quarter. Finally, HBK Investments L P lifted its stake in shares of Skechers USA by 139.8% during the fourth quarter. HBK Investments L P now owns 277,923 shares of the textile maker’s stock worth $10,517,000 after purchasing an additional 162,023 shares in the last quarter. Hedge funds and other institutional investors own 73.94% of the company’s stock.
Shares of Skechers USA Inc (NYSE SKX) opened at $40.45 on Tuesday. Skechers USA Inc has a 52-week low of $22.64 and a 52-week high of $42.73. The stock has a market capitalization of $6,410.00, a PE ratio of 22.60, a PEG ratio of 1.20 and a beta of 0.24. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.06 and a current ratio of 3.52.
Skechers USA announced that its Board of Directors has authorized a stock 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
SKX has been the topic of a number of recent research reports. Vetr upgraded Skechers USA from a “buy” rating to a “strong-buy” rating and set a $34.87 price objective on the stock in a research note on Monday, November 13th. Monness Crespi & Hardt boosted their price objective on Skechers USA from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, December 1st. Susquehanna Bancshares restated a “buy” rating and set a $46.00 price objective on shares of Skechers USA in a research note on Monday, December 4th. Cowen set a $42.00 price objective on Skechers USA and gave the stock a “buy” rating in a research note on Monday, December 11th. Finally, Argus upgraded Skechers USA from a “hold” rating to a “buy” rating in a research note on Friday, December 15th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. Skechers USA currently has an average rating of “Buy” and an average price target of $41.29.
In related news, CEO Robert Greenberg sold 500,000 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 267,713 shares of the company’s stock, valued at $10,082,071.58. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Richard Rappaport sold 1,000 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 19,000 shares of the company’s stock, valued at $726,560. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 501,156 shares of company stock worth $18,874,792. Corporate insiders own 38.20% of the company’s stock.
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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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