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

Prudential Financial Inc. raised its holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 47.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 131,915 shares of the textile maker's stock after purchasing an additional 42,662 shares during the period. Prudential Financial Inc. owned about 0.09% of Skechers U.S.A. worth $8,870,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sanctuary Advisors LLC grew its stake in Skechers U.S.A. by 88.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker's stock valued at $1,822,000 after acquiring an additional 13,836 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Skechers U.S.A. in the fourth quarter valued at about $12,852,000. National Bank of Canada FI increased its stake in shares of Skechers U.S.A. by 2,340.0% during the third quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker's stock worth $4,732,000 after purchasing an additional 67,812 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Skechers U.S.A. by 15.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 120,007 shares of the textile maker's stock worth $8,069,000 after purchasing an additional 15,874 shares during the last quarter. Finally, Nordea Investment Management AB purchased a new position in Skechers U.S.A. in the 4th quarter valued at about $2,752,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

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Skechers U.S.A. Trading Up 1.2 %

SKX traded up $0.69 during trading hours on Tuesday, reaching $57.47. The company's stock had a trading volume of 2,033,943 shares, compared to its average volume of 2,075,146. The stock has a market cap of $8.58 billion, a PE ratio of 13.85, a P/E/G ratio of 1.11 and a beta of 1.21. Skechers U.S.A., Inc. has a fifty-two week low of $53.79 and a fifty-two week high of $78.85. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12. The business's 50-day moving average is $64.01 and its 200-day moving average is $65.14.

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

Wall Street Analysts Forecast Growth

SKX has been the subject of several research reports. Bank of America cut their price objective on Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating for the company in a research note on Monday, March 24th. TD Cowen increased their price objective on Skechers U.S.A. from $88.00 to $93.00 and gave the company a "buy" rating in a research note on Wednesday, January 8th. Barclays lowered their target price on shares of Skechers U.S.A. from $80.00 to $77.00 and set an "overweight" rating on the stock in a research note on Monday, February 10th. Piper Sandler assumed coverage on shares of Skechers U.S.A. in a research report on Tuesday, December 10th. They issued a "neutral" rating and a $65.00 target price for the company. Finally, Evercore ISI boosted their price target on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 28th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $80.42.

Insider Activity

In related news, CEO Robert Greenberg sold 52,600 shares of the business's 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Phillip Paccione sold 10,994 shares of the stock in a transaction dated 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 directly owns 15,000 shares in the company, valued at approximately $849,450. The trade was a 42.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 218,245 shares of company stock valued at $13,452,902. Company insiders own 24.75% of the company's stock.

Skechers U.S.A. 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.