27,300 Shares in Skechers U.S.A., Inc. (NYSE:SKX) Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS purchased a new position in Skechers U.S.A., Inc. (NYSE:SKX) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 27,300 shares of the textile maker’s stock, valued at approximately $1,836,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Bank of New York Mellon Corp raised its stake in Skechers U.S.A. by 70.4% in the 4th quarter. Bank of New York Mellon Corp now owns 2,308,283 shares of the textile maker’s stock valued at $155,209,000 after purchasing an additional 953,528 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Skechers U.S.A. by 39.0% during the third quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock worth $68,630,000 after buying an additional 287,939 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its position in shares of Skechers U.S.A. by 68.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 623,745 shares of the textile maker’s stock valued at $41,940,000 after buying an additional 253,045 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Skechers U.S.A. during the fourth quarter valued at approximately $12,852,000. Finally, Bfsg LLC boosted its position in Skechers U.S.A. by 1,519.6% during the fourth quarter. Bfsg LLC now owns 101,487 shares of the textile maker’s stock worth $6,824,000 after acquiring an additional 95,221 shares during the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock opened at $57.79 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $8.63 billion, a P/E ratio of 13.93, a PEG ratio of 1.11 and a beta of 1.21. The firm has a fifty day moving average of $64.54 and a 200-day moving average of $65.27. Skechers U.S.A., Inc. has a 52-week low of $53.79 and a 52-week high of $78.85.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate 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%. As a group, analysts predict that Skechers U.S.A., Inc. will post 4.47 EPS for the current year.

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the company’s stock in a transaction dated 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 transaction, the president now directly owns 149,327 shares of the company’s stock, valued at $10,076,585.96. This represents a 6.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $554,618.12. Following the sale, 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. In the last ninety days, insiders have sold 236,738 shares of company stock worth $14,700,809. 24.75% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on SKX. Stifel Nicolaus cut their price target on Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating for the company in a report on Friday, February 7th. Evercore ISI increased their target price on Skechers U.S.A. from $72.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 28th. Bank of America decreased their price target on Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating on the stock in a research note on Monday. Needham & Company LLC reaffirmed a “hold” rating on shares of Skechers U.S.A. in a research note on Friday, February 7th. Finally, Barclays decreased their target price on shares of Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating on the stock in a research report on Monday, February 10th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Skechers U.S.A. currently has an average rating of “Moderate Buy” and a consensus target price of $80.42.

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.