Lazard Asset Management LLC Invests $47,000 in Skechers U.S.A., Inc. (NYSE:SKX)

Posted by Defense World Staff on Mar 8th, 2023

Lazard Asset Management LLC purchased a new position in Skechers U.S.A., Inc. (NYSE:SKX – Get Rating) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 1,506 shares of the textile maker’s stock, valued at approximately $47,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. American Century Companies Inc. lifted its holdings in Skechers U.S.A. by 10.8% during the first quarter. American Century Companies Inc. now owns 16,901 shares of the textile maker’s stock worth $689,000 after acquiring an additional 1,654 shares in the last quarter. US Bancorp DE lifted its holdings in Skechers U.S.A. by 71.1% during the first quarter. US Bancorp DE now owns 2,416 shares of the textile maker’s stock worth $98,000 after acquiring an additional 1,004 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Skechers U.S.A. by 11.5% during the first quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the textile maker’s stock worth $260,000 after acquiring an additional 663 shares in the last quarter. Bank of Montreal Can lifted its holdings in Skechers U.S.A. by 8.6% during the first quarter. Bank of Montreal Can now owns 12,534 shares of the textile maker’s stock worth $519,000 after acquiring an additional 990 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its holdings in Skechers U.S.A. by 34.4% during the first quarter. MetLife Investment Management LLC now owns 87,839 shares of the textile maker’s stock worth $3,580,000 after acquiring an additional 22,464 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on SKX. Morgan Stanley lowered Skechers U.S.A. from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $54.00 to $46.00 in a report on Wednesday, January 18th. Deutsche Bank Aktiengesellschaft lifted their price target on Skechers U.S.A. from $43.00 to $54.00 and gave the company a “buy” rating in a research note on Monday, January 23rd. Raymond James lifted their price target on Skechers U.S.A. from $48.00 to $55.00 and gave the company an “outperform” rating in a research note on Wednesday, February 1st. Monness Crespi & Hardt lifted their price target on Skechers U.S.A. to $50.00 in a research note on Friday, December 2nd. Finally, Cowen dropped their price target on Skechers U.S.A. from $65.00 to $62.00 and set an “outperform” rating on the stock in a research note on Friday, February 3rd. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $53.83.

Insiders Place Their Bets

In other news, President Michael Greenberg sold 10,503 shares of the business’s stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $42.29, for a total transaction of $444,171.87. Following the completion of the sale, the president now owns 427,080 shares in the company, valued at $18,061,213.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, General Counsel Phillip Paccione sold 11,874 shares of the stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $45.16, for a total transaction of $536,229.84. Following the sale, the general counsel now owns 20,000 shares of the company’s stock, valued at $903,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Michael Greenberg sold 10,503 shares of the stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $42.29, for a total value of $444,171.87. Following the sale, the president now directly owns 427,080 shares in the company, valued at approximately $18,061,213.20. The disclosure for this sale can be found here. Insiders have sold a total of 97,211 shares of company stock valued at $4,348,160 over the last 90 days. 24.44% of the stock is currently owned by insiders.

Skechers U.S.A. Price Performance

NYSE:SKX opened at $44.51 on Wednesday. The stock’s 50-day simple moving average is $45.29 and its 200 day simple moving average is $40.38. The company has a market cap of $6.90 billion, a P/E ratio of 18.70 and a beta of 1.32. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.13 and a current ratio of 2.26. Skechers U.S.A., Inc. has a 52-week low of $31.28 and a 52-week high of $49.56.

Skechers U.S.A. (NYSE:SKX – Get Rating) last announced its quarterly earnings results on Thursday, February 2nd. The textile maker reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.10. The firm had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.77 billion. Skechers U.S.A. had a return on equity of 9.94% and a net margin of 5.01%. The business’s revenue was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.43 earnings per share. As a group, sell-side analysts forecast that Skechers U.S.A., Inc. will post 2.95 EPS for the current fiscal year.

Skechers U.S.A. Profile

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Skechers U.SA, Inc engages in designing, development, and marketing of lifestyle footwear for men, women, and children of all ages. It operates through the Wholesale and Direct-to-Consumer segment. The Wholesale segment includes department stores, family shoe stores, specialty running, and sporting goods retailers.