Franklin Resources Inc. Sells 725,452 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Franklin Resources Inc. decreased its stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 81.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 165,214 shares of the textile maker's stock after selling 725,452 shares during the period. Franklin Resources Inc. owned about 0.11% of Skechers U.S.A. worth $10,757,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in SKX. Wealth Enhancement Advisory Services LLC bought a new stake in Skechers U.S.A. in the 2nd quarter worth approximately $335,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Skechers U.S.A. by 9.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 37,724 shares of the textile maker's stock worth $2,607,000 after acquiring an additional 3,333 shares during the last quarter. Riggs Asset Managment Co. Inc. boosted its stake in shares of Skechers U.S.A. by 88.1% in the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 87,592 shares of the textile maker's stock valued at $6,054,000 after purchasing an additional 41,033 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Skechers U.S.A. by 6.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,155 shares of the textile maker's stock valued at $1,600,000 after purchasing an additional 1,458 shares during the last quarter. Finally, Panagora Asset Management Inc. raised its position in Skechers U.S.A. by 20.5% in the 2nd quarter. Panagora Asset Management Inc. now owns 12,042 shares of the textile maker's stock worth $832,000 after purchasing an additional 2,045 shares during the period. Hedge funds and other institutional investors own 79.96% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SKX. TD Cowen decreased their price target on Skechers U.S.A. from $78.00 to $76.00 and set a "buy" rating on the stock in a research note on Monday, October 14th. Bank of America decreased their target price on shares of Skechers U.S.A. from $81.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, October 25th. Piper Sandler started coverage on shares of Skechers U.S.A. in a research report on Tuesday, December 10th. They set a "neutral" rating and a $65.00 price target for the company. Morgan Stanley boosted their price objective on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Skechers U.S.A. currently has an average rating of "Moderate Buy" and a consensus price target of $77.00.

Skechers U.S.A. Stock Up 2.1 %

Skechers U.S.A. stock traded up $1.36 during mid-day trading on Friday, reaching $67.65. The stock had a trading volume of 7,879,068 shares, compared to its average volume of 1,905,771. Skechers U.S.A., Inc. has a one year low of $55.67 and a one year high of $75.09. The company has a 50-day moving average price of $64.18 and a two-hundred day moving average price of $66.05. The company has a market capitalization of $10.21 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 0.98 and a beta of 1.22. 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. (NYSE:SKX - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.11. The company had revenue of $2.35 billion during 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 firm's revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.93 EPS. On average, analysts expect that Skechers U.S.A., Inc. will post 4.24 EPS 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.