Morton Capital Management LLC CA Acquires New Shares in Skechers U.S.A., Inc. (NYSE:SKX)

Morton Capital Management LLC CA purchased a new stake in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 34,275 shares of the textile maker's stock, valued at approximately $2,305,000. Skechers U.S.A. comprises 0.4% of Morton Capital Management LLC CA's portfolio, making the stock its 20th largest position.

Several other large investors have also recently made changes to their positions in SKX. UMB Bank n.a. lifted its stake in shares of Skechers U.S.A. by 423.3% in the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker's stock valued at $30,000 after acquiring an additional 364 shares during the last quarter. Venturi Wealth Management LLC increased its stake in Skechers U.S.A. by 52.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker's stock worth $58,000 after purchasing an additional 299 shares during the period. Brooklyn Investment Group bought a new stake in Skechers U.S.A. in the third quarter valued at approximately $67,000. Blue Trust Inc. boosted its stake in shares of Skechers U.S.A. by 778.1% during the third quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker's stock valued at $69,000 after purchasing an additional 887 shares during the period. Finally, Quarry LP grew its holdings in shares of Skechers U.S.A. by 44.6% in the second quarter. Quarry LP now owns 1,187 shares of the textile maker's stock worth $82,000 after purchasing an additional 366 shares during the last quarter. 79.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. TD Cowen upped 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 report on Wednesday, January 8th. StockNews.com lowered shares of Skechers U.S.A. from a "buy" rating to a "hold" rating in a report on Wednesday. Piper Sandler began coverage on Skechers U.S.A. in a research note on Tuesday, December 10th. They issued a "neutral" rating and a $65.00 target price on the stock. Barclays upped their price target on Skechers U.S.A. from $79.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, October 25th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Skechers U.S.A. has a consensus rating of "Moderate Buy" and a consensus price target of $78.42.

Insider Buying and Selling at Skechers U.S.A.

In other Skechers U.S.A. news, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $554,618.12. Following the completion of the transaction, the chief operating officer now directly owns 122,211 shares of the company's stock, valued at approximately $8,246,798.28. The trade was a 6.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Michael Greenberg sold 10,274 shares of the 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 in the company, valued at approximately $10,076,585.96. The trade was a 6.44 % decrease in their position. The disclosure for this sale can be found here. Insiders own 24.75% of the company's stock.

Skechers U.S.A. Stock Up 1.1 %

SKX stock traded up $0.75 during midday trading on Friday, hitting $70.09. The stock had a trading volume of 1,755,508 shares, compared to its average volume of 1,565,301. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The firm has a market cap of $10.58 billion, a price-to-earnings ratio of 17.26, a price-to-earnings-growth ratio of 0.86 and a beta of 1.19. The business has a 50-day moving average of $66.81 and a two-hundred day moving average of $65.66. Skechers U.S.A., Inc. has a 52-week low of $55.67 and a 52-week high of $75.09.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its earnings results 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. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same period in the prior year, the firm earned $0.93 EPS. The company's revenue was up 16.0% compared to the same quarter last year. As a group, equities research analysts forecast that Skechers U.S.A., Inc. will post 4.24 earnings per share for the current fiscal 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.