Allspring Global Investments Holdings LLC Acquires 13,968 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Allspring Global Investments Holdings LLC raised its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 30.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,256 shares of the textile maker's stock after buying an additional 13,968 shares during the period. Allspring Global Investments Holdings LLC's holdings in Skechers U.S.A. were worth $4,052,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. UMB Bank n.a. boosted its position in Skechers U.S.A. by 53.1% during the fourth quarter. UMB Bank n.a. now owns 689 shares of the textile maker's stock valued at $46,000 after buying an additional 239 shares during the period. Venturi Wealth Management LLC boosted its position in Skechers U.S.A. by 52.9% during the third quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker's stock valued at $58,000 after buying an additional 299 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Skechers U.S.A. during the fourth quarter valued at about $65,000. Brooklyn Investment Group purchased a new stake in Skechers U.S.A. during the third quarter valued at about $67,000. Finally, Blue Trust Inc. boosted its position in 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 buying an additional 887 shares during the period. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Robert Greenberg sold 52,600 shares of the stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total transaction of $3,299,072.00. Following the sale, the chief executive officer now owns 61,367 shares in the company, valued at $3,848,938.24. This represents a 46.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Mark A. Nason sold 12,046 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $66.08, for a total transaction of $795,999.68. Following the completion of the sale, the executive vice president now owns 25,675 shares in the company, valued at $1,696,604. This represents a 31.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 119,139 shares of company stock worth $7,600,899 over the last 90 days. 24.75% of the stock is currently owned by insiders.

Skechers U.S.A. Stock Down 4.0 %

Shares of NYSE:SKX traded down $2.64 during trading on Friday, reaching $63.01. 2,822,836 shares of the stock traded hands, compared to its average volume of 2,553,836. The stock has a 50-day moving average of $69.61 and a two-hundred day moving average of $66.53. Skechers U.S.A., Inc. has a 52-week low of $55.67 and a 52-week high of $78.85. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.12 and a current ratio of 1.97. The stock has a market cap of $9.51 billion, a P/E ratio of 15.18, a price-to-earnings-growth ratio of 1.12 and a beta of 1.19.

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

Analyst Upgrades and Downgrades

SKX has been the subject of several analyst reports. Piper Sandler assumed 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. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, October 25th. Needham & Company LLC reaffirmed a "hold" rating on shares of Skechers U.S.A. in a research note on Friday, February 7th. Bank of America decreased their price target on shares of 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. Finally, Raymond James decreased their price target 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. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.25.

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.