Norges Bank Takes Position in Skechers U.S.A., Inc. (NYSE:SKX)

Norges Bank acquired a new position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,572,588 shares of the textile maker's stock, valued at approximately $105,741,000. Norges Bank owned approximately 1.04% of Skechers U.S.A. at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Spire Wealth Management raised its stake in shares of Skechers U.S.A. by 11.6% in the fourth quarter. Spire Wealth Management now owns 1,486 shares of the textile maker's stock worth $100,000 after buying an additional 155 shares during the period. Calamos Wealth Management LLC boosted its position in shares of Skechers U.S.A. by 0.9% in the fourth quarter. Calamos Wealth Management LLC now owns 18,257 shares of the textile maker's stock worth $1,228,000 after purchasing an additional 157 shares during the period. Independent Advisor Alliance increased its stake in shares of Skechers U.S.A. by 4.7% in the fourth quarter. Independent Advisor Alliance now owns 4,486 shares of the textile maker's stock worth $302,000 after purchasing an additional 200 shares in the last quarter. Blue Trust Inc. raised its position in shares of Skechers U.S.A. by 20.7% during the 4th quarter. Blue Trust Inc. now owns 1,208 shares of the textile maker's stock valued at $81,000 after purchasing an additional 207 shares during the period. Finally, Avantax Advisory Services Inc. lifted its stake in shares of Skechers U.S.A. by 4.7% during the 4th quarter. Avantax Advisory Services Inc. now owns 4,692 shares of the textile maker's stock valued at $315,000 after buying an additional 212 shares in the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. UBS Group cut their price objective on shares of Skechers U.S.A. from $92.00 to $90.00 and set a "buy" rating for the company in a report on Friday, February 7th. Raymond James cut their target price on shares of Skechers U.S.A. from $80.00 to $75.00 and set an "outperform" rating for the company in a research note on Friday, February 7th. Bank of America reduced their price target on shares of Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Evercore ISI increased their price objective on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the company an "outperform" rating in a report on Tuesday, January 28th. Finally, Barclays reduced their target price on Skechers U.S.A. from $80.00 to $77.00 and set an "overweight" rating on the stock in a report on Monday, February 10th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Skechers U.S.A. currently has an average rating of "Moderate Buy" and a consensus price target of $80.42.

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 10,994 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $56.63, for a total value 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 represents a 42.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Robert Greenberg sold 52,600 shares of the stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total value of $3,299,072.00. Following the completion of the sale, the chief executive officer now owns 61,367 shares in the company, valued at approximately $3,848,938.24. The trade was a 46.15 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 218,245 shares of company stock worth $13,452,902. Insiders own 24.75% of the company's stock.

Skechers U.S.A. Trading Down 17.1 %

Shares of NYSE SKX traded down $10.07 during trading hours on Thursday, hitting $48.96. 10,487,296 shares of the company traded hands, compared to its average volume of 2,115,131. The company's 50 day moving average price is $63.40 and its 200 day moving average price is $65.03. Skechers U.S.A., Inc. has a 12 month low of $45.97 and a 12 month high of $78.85. The stock has a market capitalization of $7.31 billion, a price-to-earnings ratio of 11.80, a price-to-earnings-growth ratio of 1.11 and a beta of 1.21. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The textile maker reported $0.65 earnings per share 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%. On average, equities research analysts anticipate 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.