Corebridge Financial Inc. Cuts Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Corebridge Financial Inc. lowered its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 5.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 149,033 shares of the textile maker's stock after selling 7,834 shares during the period. Corebridge Financial Inc. owned approximately 0.10% of Skechers U.S.A. worth $10,021,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its holdings in shares of Skechers U.S.A. by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker's stock valued at $88,126,000 after purchasing an additional 17,429 shares during the period. Brooklyn Investment Group bought a new stake in Skechers U.S.A. in the 3rd quarter valued at about $67,000. Cynosure Group LLC raised its stake in Skechers U.S.A. by 11.0% during the 3rd quarter. Cynosure Group LLC now owns 5,744 shares of the textile maker's stock worth $384,000 after buying an additional 568 shares during the period. Bridgewater Associates LP boosted its holdings in Skechers U.S.A. by 39.9% in the third quarter. Bridgewater Associates LP now owns 4,166 shares of the textile maker's stock worth $279,000 after acquiring an additional 1,188 shares in the last quarter. Finally, Glenmede Trust Co. NA grew its stake in Skechers U.S.A. by 3.0% in the third quarter. Glenmede Trust Co. NA now owns 144,971 shares of the textile maker's stock valued at $9,701,000 after acquiring an additional 4,265 shares during the period. 79.96% of the stock is currently owned by institutional investors.

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Analyst Ratings Changes

A number of equities analysts have recently weighed in on SKX shares. 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 report on Tuesday, January 28th. Raymond James dropped their price objective on shares of Skechers U.S.A. from $80.00 to $75.00 and set an "outperform" rating on the stock in a research note on Friday, February 7th. UBS Group decreased their target price on shares of Skechers U.S.A. from $92.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, February 7th. TD Cowen raised their price target 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. Finally, StockNews.com lowered Skechers U.S.A. from a "buy" rating to a "hold" rating in a report on Monday, February 10th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Skechers U.S.A. presently has an average rating of "Moderate Buy" and an average price target of $80.42.

Insiders Place Their Bets

In other Skechers U.S.A. news, CFO John M. Vandemore sold 5,112 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $60.76, for a total value of $310,605.12. Following the sale, the chief financial officer now directly owns 83,328 shares in the company, valued at $5,063,009.28. This represents a 5.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Phillip Paccione sold 10,994 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $56.63, for a total transaction of $622,590.22. Following the transaction, the general counsel now owns 15,000 shares of the company's stock, valued at $849,450. This trade represents a 42.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 236,738 shares of company stock worth $14,700,809 in the last quarter. 24.75% of the stock is owned by company insiders.

Skechers U.S.A. Stock Performance

Shares of SKX stock traded down $0.20 during trading hours on Monday, hitting $56.81. 2,007,870 shares of the company were exchanged, compared to its average volume of 2,075,312. Skechers U.S.A., Inc. has a 52-week low of $53.79 and a 52-week high of $78.85. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01. The firm has a fifty day simple moving average of $64.01 and a 200 day simple moving average of $65.14. The stock has a market capitalization of $8.49 billion, a price-to-earnings ratio of 13.69, a P/E/G ratio of 1.11 and a beta of 1.21.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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%. Research analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

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.