State of Michigan Retirement System cut its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX – Free Report) by 0.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,944 shares of the textile maker’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in Skechers U.S.A. were worth $1,613,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of SKX. American Century Companies Inc. increased its position in shares of 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 during the period. US Bancorp DE increased its position in Skechers U.S.A. by 71.1% during the 1st quarter. US Bancorp DE now owns 2,416 shares of the textile maker’s stock valued at $98,000 after purchasing an additional 1,004 shares during the period. PNC Financial Services Group Inc. increased its position in Skechers U.S.A. by 11.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the textile maker’s stock valued at $260,000 after purchasing an additional 663 shares during the period. Bank of Montreal Can increased its position in Skechers U.S.A. by 8.6% during the 1st quarter. Bank of Montreal Can now owns 12,534 shares of the textile maker’s stock valued at $519,000 after purchasing an additional 990 shares during the period. Finally, MetLife Investment Management LLC increased its position in Skechers U.S.A. by 34.4% during the 1st quarter. MetLife Investment Management LLC now owns 87,839 shares of the textile maker’s stock valued at $3,580,000 after purchasing an additional 22,464 shares during the period. 80.21% of the stock is owned by hedge funds and other institutional investors.
Skechers U.S.A. Stock Down 2.3 %
NYSE:SKX opened at $52.02 on Friday. The company has a market cap of $8.05 billion, a PE ratio of 19.78 and a beta of 1.30. Skechers U.S.A., Inc. has a twelve month low of $31.28 and a twelve month high of $55.52. The company has a current ratio of 2.41, a quick ratio of 1.43 and a debt-to-equity ratio of 0.06. The company’s 50 day moving average is $52.19 and its two-hundred day moving average is $48.74.
Insiders Place Their Bets
In other Skechers U.S.A. news, Director Katherine J. Blair sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $52.70, for a total transaction of $184,450.00. Following the sale, the director now owns 7,000 shares of the company’s stock, valued at approximately $368,900. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Skechers U.S.A. news, Director Richard Siskind sold 20,000 shares of Skechers U.S.A. stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $53.68, for a total transaction of $1,073,600.00. Following the completion of the sale, the director now directly owns 152,999 shares in the company, valued at approximately $8,212,986.32. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Katherine J. Blair sold 3,500 shares of Skechers U.S.A. stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $52.70, for a total transaction of $184,450.00. Following the sale, the director now owns 7,000 shares of the company’s stock, valued at $368,900. The disclosure for this sale can be found here. 24.79% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on SKX shares. Deutsche Bank Aktiengesellschaft raised their target price on shares of Skechers U.S.A. from $56.00 to $57.00 in a research report on Friday, April 28th. Wedbush raised their target price on shares of Skechers U.S.A. from $54.00 to $58.00 in a research report on Friday, April 28th. StockNews.com started coverage on shares of Skechers U.S.A. in a research report on Thursday, May 18th. They set a “buy” rating on the stock. Piper Sandler lifted their price objective on shares of Skechers U.S.A. from $47.00 to $52.00 in a research report on Friday, April 28th. Finally, Raymond James lifted their price objective on shares of Skechers U.S.A. from $48.00 to $58.00 in a research report on Friday, April 28th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $56.27.
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 two segments, Wholesale and Direct-to-Consumer. It offers casual, casual athletic, sport athletic, trail, sandals, boots, and retro fashion footwear for men and women under the Skechers USA, Skechers Sport, Skechers Active, Modern Comfort, Skechers Street, Foamies, Mark Nason, and BOBS brands; sneakers, casuals, boots, and sandals for boys and girls under the S-Lights, Skech-Air, Foamies, Twinkle Toes, Skechers Stretch Fit, and Skechers Street brands; and technical footwear under the Skechers GOrun, Skechers GOwalk, Skechers GOtrain, Skechers GOtrail, and Skechers GO Golf brands, as well as Skechers Viper Court for pickleball.
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