Ellsworth Advisors LLC Buys Shares of 61,380 Skechers U.S.A., Inc. (NYSE:SKX)

Ellsworth Advisors LLC purchased a new stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 61,380 shares of the textile maker's stock, valued at approximately $4,127,000.

Several other large investors have also modified their holdings of SKX. Pacer Advisors Inc. lifted its stake in Skechers U.S.A. by 5,780.6% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker's stock valued at $176,628,000 after buying an additional 2,594,507 shares in the last quarter. Commerce Bank lifted its position in shares of Skechers U.S.A. by 949.5% in the third quarter. Commerce Bank now owns 467,774 shares of the textile maker's stock valued at $31,303,000 after acquiring an additional 423,204 shares in the last quarter. Coronation Fund Managers Ltd. lifted its position in shares of Skechers U.S.A. by 378.6% in the third quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker's stock valued at $33,382,000 after acquiring an additional 394,618 shares in the last quarter. Wellington Management Group LLP boosted its stake 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 valued at $68,630,000 after acquiring an additional 287,939 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its position in Skechers U.S.A. by 646.3% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker's stock worth $22,348,000 after purchasing an additional 280,000 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Skechers U.S.A. Stock Up 1.1 %

Shares of SKX stock traded up $0.75 during trading hours on Monday, reaching $70.09. The company had a trading volume of 1,755,508 shares, compared to its average volume of 1,414,798. The stock's fifty day simple moving average is $66.81 and its 200 day simple moving average is $65.63. The company has a market capitalization of $10.58 billion, a P/E ratio of 17.26, a price-to-earnings-growth ratio of 0.86 and a beta of 1.19. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. Skechers U.S.A., Inc. has a twelve month low of $55.67 and a twelve month high of $75.09.

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

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Needham & Company LLC assumed coverage on shares of Skechers U.S.A. in a report on Friday, November 22nd. They issued a "hold" rating on the stock. Barclays raised 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 report on Friday, October 25th. Bank of America dropped their target price on Skechers U.S.A. from $81.00 to $80.00 and set a "buy" rating for the company in a research note on Friday, October 25th. TD Cowen raised 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 report on Wednesday, January 8th. Finally, Piper Sandler initiated coverage on shares of 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 equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $79.00.

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.