The North Carolina State Treasurer holds a $1.98 million stake in Skechers USA, Inc. (NYSE: SKX)
The North Carolina State Treasurer has increased its stake in Skechers USA, Inc. (NYSE: SKX – Get a rating) by 1.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund held 48,528 shares of the textile maker after buying an additional 765 shares during the period. The North Carolina state treasurer’s holdings of Skechers USA were worth $1,978,000 at the end of the last quarter.
Other hedge funds have also recently changed their positions in the business. Fifth Third Bancorp increased its position in Skechers USA shares by 79.3% in the first quarter. Fifth Third Bancorp now owns 710 shares of the textile maker valued at $29,000 after buying 314 additional shares in the last quarter. Covestor Ltd acquired a new stake in Skechers USA during the 4th quarter worth approximately $31,000. Cornerstone Advisory LLC acquired a new stake in Skechers USA during the 4th quarter for a value of approximately $34,000. Prospera Financial Services Inc acquired a new stake in Skechers USA during Q1 worth approximately $34,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Skechers USA by 2,803.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,588 shares of the textile maker worth $199,000 after buying 4,430 additional shares in the last quarter. 79.71% of the shares are held by institutional investors and hedge funds.
Skechers USA down 2.1%
Shares of SKX opened at $39.49 on Friday. Skechers USA, Inc. has a 52-week low of $33.50 and a 52-week high of $51.74. The company’s 50-day moving average is $37.70 and its 200-day moving average is $39.53. The company has a debt ratio of 0.07, a quick ratio of 1.31 and a current ratio of 2.34. The company has a market capitalization of $6.16 billion, a price-earnings ratio of 8.64 and a beta of 1.30.
In other news, EVP Mark A.Nason sold 15,198 shares of Skechers USA in a trade on Tuesday, August 16. The stock was sold at an average price of $40.69, for a total value of $618,406.62. Following the transaction, the executive vice president now owns 51,403 shares of the company, valued at approximately $2,091,588.07. The sale was disclosed in an SEC filing, available at the SEC website. Company insiders hold 24.44% of the company’s shares.
Analysts set new price targets
SKX has been the subject of several research reports. Cowen lowered its price target on Skechers USA to $39.00 and set an “outperform” rating for the company in a Monday, July 25 report. Argus upgraded Skechers USA from a “hold” rating to a “buy” rating and set a price target of $44.00 for the company in a Wednesday, June 15 report. Stifel Nicolaus lowered his price target on Skechers USA from $61.00 to $45.00 in a Wednesday, July 20 report. Wedbush lowered its price target on Skechers USA from $48.00 to $42.00 and set an “outperform” rating on the stock in a Wednesday July 27 research note. Finally, Monness Crespi & Hardt lowered their price target on Skechers USA to $50.00 and set an “outperform” rating on the stock in a Wednesday July 27 research note. One equity research analyst gave the stock a hold rating and ten gave the company a buy rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.89.
Profile of Skechers USA
Skechers U.SA, Inc designs, develops, markets and distributes footwear for men, women and children; and performance footwear for men and women worldwide. The Company operates through three segments: Domestic Wholesale, International Wholesale and Direct-to-Consumer. It offers casual, athletic casual, athletic, trail shoes, sandals, boots and retro fashion shoes for men and women under the brands Skechers USA, Skechers Sport, Skechers Active, Modern Comfort, Skechers Street, Mark Nason and BOBS; sneakers, casual shoes, boots and sandals for boys and girls under the brands Skechers Mega-Craft, S-Lights, SKECH-AIR, Foamies, Twinkle Toes, Z-Strap, Skechers Stretch Fit and Skechers Street; and technical footwear under the Skechers GOrun, Skechers GOwalk, Skechers GOtrain, Skechers GOtrail and Skechers GO Golf brands.
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