CGN Advisors LLC Decreases Stock Position in Skechers U.S.A., Inc. (NYSE:SKX)

CGN Advisors LLC cut its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 15.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,805 shares of the textile maker's stock after selling 4,403 shares during the period. CGN Advisors LLC's holdings in Skechers U.S.A. were worth $1,668,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. American Century Companies Inc. boosted its position in Skechers U.S.A. by 38.6% in the 2nd quarter. American Century Companies Inc. now owns 330,769 shares of the textile maker's stock valued at $22,863,000 after buying an additional 92,093 shares during the period. Envestnet Asset Management Inc. grew its stake in Skechers U.S.A. by 18.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 160,689 shares of the textile maker's stock worth $11,107,000 after purchasing an additional 25,394 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Skechers U.S.A. by 3.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker's stock worth $130,350,000 after purchasing an additional 55,095 shares during the period. Renaissance Technologies LLC raised its position in Skechers U.S.A. by 2,900.0% in the 2nd quarter. Renaissance Technologies LLC now owns 126,000 shares of the textile maker's stock valued at $8,709,000 after purchasing an additional 121,800 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its position in Skechers U.S.A. by 9.5% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 8,507 shares of the textile maker's stock valued at $588,000 after purchasing an additional 739 shares in the last quarter. Institutional investors and hedge funds own 79.96% of the company's stock.

Insiders Place Their Bets

In other Skechers U.S.A. news, COO David Weinberg sold 8,219 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 transaction of $554,618.12. Following the transaction, the chief operating officer now directly owns 122,211 shares in the company, valued at approximately $8,246,798.28. This represents a 6.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Michael Greenberg sold 10,274 shares of Skechers U.S.A. stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $693,289.52. Following the sale, the president now owns 149,327 shares of the company's stock, valued at approximately $10,076,585.96. The trade was a 6.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Barclays upped their target price on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. TD Cowen boosted their target price on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. Bank of America cut their target price on Skechers U.S.A. from $81.00 to $80.00 and set a "buy" rating on the stock in a research report on Friday, October 25th. Morgan Stanley raised their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Finally, Piper Sandler started coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They issued a "neutral" rating and a $65.00 target price for the company. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Skechers U.S.A. has a consensus rating of "Moderate Buy" and a consensus price target of $79.00.

Skechers U.S.A. Stock Performance

Shares of SKX stock traded up $0.75 during mid-day trading on Friday, hitting $70.09. The stock had a trading volume of 1,755,508 shares, compared to its average volume of 1,414,798. The firm has a market cap of $10.58 billion, a PE ratio of 17.26, a PEG ratio of 0.86 and a beta of 1.19. The company's 50-day simple moving average is $66.81 and its 200-day simple moving average is $65.65. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. Skechers U.S.A., Inc. has a fifty-two week low of $55.67 and a fifty-two week high of $75.09.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.11. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The firm's revenue was up 16.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.93 earnings per share. Sell-side analysts anticipate that Skechers U.S.A., Inc. will post 4.24 earnings per share for the current year.

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.