American International Group Inc. Lowers Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

American International Group Inc. decreased its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 2.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 176,919 shares of the textile maker’s stock after selling 3,618 shares during the quarter. American International Group Inc.’s holdings in Skechers U.S.A. were worth $10,838,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Redmont Wealth Advisors LLC acquired a new stake in Skechers U.S.A. in the first quarter valued at approximately $25,000. Bessemer Group Inc. raised its holdings in Skechers U.S.A. by 66.7% in the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after acquiring an additional 164 shares in the last quarter. GAMMA Investing LLC acquired a new stake in Skechers U.S.A. in the fourth quarter valued at approximately $36,000. Game Plan Financial Advisors LLC acquired a new stake in Skechers U.S.A. in the first quarter valued at approximately $43,000. Finally, Sunbelt Securities Inc. acquired a new stake in Skechers U.S.A. in the first quarter valued at approximately $45,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Insider Activity at Skechers U.S.A.

In related news, General Counsel Phillip Paccione sold 423 shares of Skechers U.S.A. stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total value of $29,377.35. Following the transaction, the general counsel now directly owns 35,000 shares in the company, valued at approximately $2,430,750. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 24.75% of the stock is currently owned by insiders.

Skechers U.S.A. Stock Performance

Shares of Skechers U.S.A. stock traded down $1.08 during trading on Wednesday, reaching $64.02. The company’s stock had a trading volume of 1,966,240 shares, compared to its average volume of 1,743,961. The company has a 50-day moving average price of $69.31 and a two-hundred day moving average price of $64.12. The firm has a market cap of $9.76 billion, a PE ratio of 16.85, a P/E/G ratio of 0.92 and a beta of 1.25. Skechers U.S.A., Inc. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, April 25th. The textile maker reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.23. The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.56%. The company’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 EPS. On average, analysts forecast that Skechers U.S.A., Inc. will post 4.08 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SKX. Evercore ISI reduced their target price on shares of Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a report on Wednesday, April 17th. Morgan Stanley raised shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $60.00 to $80.00 in a report on Tuesday. Barclays began coverage on shares of Skechers U.S.A. in a report on Monday, April 1st. They set an “overweight” rating and a $71.00 price objective on the stock. TD Cowen raised their price objective on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $82.00 price objective on shares of Skechers U.S.A. in a report on Thursday, June 13th. Fourteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Skechers U.S.A. presently has a consensus rating of “Buy” and an average target price of $74.77.

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.