Fairtree Asset Management Pty Ltd Invests $741,000 in Skechers U.S.A., Inc. (NYSE:SKX)

Fairtree Asset Management Pty Ltd bought a new stake in Skechers U.S.A., Inc. (NYSE:SKX) in the 4th quarter, Holdings Channel.com reports. The fund bought 11,015 shares of the textile maker’s stock, valued at approximately $741,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. NewEdge Advisors LLC boosted its position in shares of Skechers U.S.A. by 85.2% during the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker’s stock worth $28,000 after buying an additional 190 shares during the period. TD Private Client Wealth LLC raised its holdings in shares of Skechers U.S.A. by 534.3% in the 4th quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock valued at $29,000 after buying an additional 358 shares during the period. Investment Management Corp VA ADV acquired a new position in Skechers U.S.A. during the 4th quarter worth about $32,000. IFP Advisors Inc lifted its stake in Skechers U.S.A. by 62.4% during the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock worth $55,000 after acquiring an additional 317 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Skechers U.S.A. during the 4th quarter valued at about $65,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on SKX shares. Stifel Nicolaus cut their price target on shares of Skechers U.S.A. from $80.00 to $62.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Wells Fargo & Company lifted their price objective on shares of Skechers U.S.A. from $57.00 to $63.00 and gave the company an “overweight” rating in a report on Tuesday, May 6th. UBS Group reaffirmed a “neutral” rating and set a $63.00 target price (down from $64.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. Barclays reiterated an “equal weight” rating and set a $63.00 target price (up from $53.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Finally, Monness Crespi & Hardt downgraded shares of Skechers U.S.A. from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $70.00.

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, President Michael Greenberg sold 33,656 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total value of $2,044,938.56. Following the completion of the sale, the president now owns 137,530 shares in the company, valued at approximately $8,356,322.80. The trade was a 19.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO David Weinberg sold 26,913 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $60.76, for a total value of $1,635,233.88. Following the completion of the sale, the chief operating officer now directly owns 44,637 shares of the company’s stock, valued at $2,712,144.12. The trade was a 37.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 117,599 shares of company stock valued at $7,099,910 over the last three months. 24.78% of the stock is owned by corporate insiders.

Skechers U.S.A. Stock Performance

Shares of SKX stock opened at $62.04 on Wednesday. Skechers U.S.A., Inc. has a 12 month low of $44.50 and a 12 month high of $78.85. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01. The company has a market cap of $9.28 billion, a P/E ratio of 14.95, a PEG ratio of 1.11 and a beta of 1.06. The firm has a fifty day moving average price of $54.60 and a 200 day moving average price of $62.08.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, April 24th. The textile maker reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.17. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. The business had revenue of $2.41 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the prior year, the firm posted $1.33 EPS. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. Sell-side analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

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 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.