Capital Research Global Investors Sells 162,707 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Capital Research Global Investors cut its stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 7.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,137,293 shares of the textile maker's stock after selling 162,707 shares during the quarter. Capital Research Global Investors owned 1.42% of Skechers U.S.A. worth $143,712,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Raymond James Financial Inc. bought a new stake in Skechers U.S.A. during the 4th quarter worth approximately $12,852,000. Schroder Investment Management Group raised its holdings in shares of Skechers U.S.A. by 11.3% during the fourth quarter. Schroder Investment Management Group now owns 177,343 shares of the textile maker's stock worth $12,010,000 after acquiring an additional 18,024 shares during the period. Assenagon Asset Management S.A. lifted its position in Skechers U.S.A. by 15.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 120,007 shares of the textile maker's stock valued at $8,069,000 after acquiring an additional 15,874 shares in the last quarter. Nordea Investment Management AB acquired a new position in Skechers U.S.A. in the 4th quarter worth $2,752,000. Finally, Delphi Management Inc. MA bought a new position in Skechers U.S.A. during the 4th quarter worth about $1,517,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SKX has been the topic of a number of research reports. Bank of America cut their price target on Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating on the stock in a report on Monday, March 24th. StockNews.com cut shares of Skechers U.S.A. from a "buy" rating to a "hold" rating in a research note on Monday, February 10th. TD Cowen raised their target price on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the company a "buy" rating in a research report on Wednesday, January 8th. Needham & Company LLC reissued a "hold" rating on shares of Skechers U.S.A. in a research report on Tuesday. Finally, Morgan Stanley dropped their target price on Skechers U.S.A. from $80.00 to $73.00 and set an "overweight" rating on the stock in a report on Friday. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Skechers U.S.A. has a consensus rating of "Moderate Buy" and a consensus target price of $71.62.

Skechers U.S.A. Stock Performance

Shares of SKX traded down $2.72 during trading hours on Friday, hitting $47.77. The company had a trading volume of 6,381,384 shares, compared to its average volume of 2,983,391. The business has a fifty day moving average of $55.20 and a 200-day moving average of $62.83. 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 cap of $7.13 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 1.11 and a beta of 1.08. Skechers U.S.A., Inc. has a 12 month low of $44.50 and a 12 month high of $78.85.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The textile maker reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.17 by $0.17. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. The firm had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.43 billion. Equities analysts anticipate that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

Insider Activity at Skechers U.S.A.

In other news, COO David Weinberg sold 36,000 shares of the company's stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total transaction of $2,257,920.00. Following the completion of the sale, the chief operating officer now owns 54,499 shares of the company's stock, valued at approximately $3,418,177.28. This represents a 39.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO John M. Vandemore sold 5,112 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total transaction of $310,605.12. Following the sale, the chief financial officer now owns 83,328 shares in the company, valued at $5,063,009.28. This represents a 5.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 218,245 shares of company stock worth $13,452,902. Company insiders own 24.78% of the company's stock.

Skechers U.S.A. Company Profile

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.