Congress Asset Management Co. MA Decreases Position in Skechers U.S.A., Inc. (NYSE:SKX)

Congress Asset Management Co. MA lessened its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 25.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 123,709 shares of the textile maker’s stock after selling 42,743 shares during the period. Congress Asset Management Co. MA owned approximately 0.08% of Skechers U.S.A. worth $7,712,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its holdings in shares of Skechers U.S.A. by 6,521.5% in the 4th quarter. Pacer Advisors Inc. now owns 1,456,599 shares of the textile maker’s stock valued at $90,804,000 after purchasing an additional 1,434,601 shares in the last quarter. Norges Bank acquired a new stake in Skechers U.S.A. during the 4th quarter worth $75,194,000. Vaughan Nelson Investment Management L.P. raised its stake in Skechers U.S.A. by 371.8% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 758,469 shares of the textile maker’s stock worth $47,282,000 after acquiring an additional 597,702 shares in the last quarter. AQR Capital Management LLC raised its stake in Skechers U.S.A. by 72.8% during the 3rd quarter. AQR Capital Management LLC now owns 1,311,246 shares of the textile maker’s stock worth $64,185,000 after acquiring an additional 552,452 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Skechers U.S.A. by 138.2% during the 3rd quarter. Invesco Ltd. now owns 770,710 shares of the textile maker’s stock worth $37,726,000 after acquiring an additional 447,192 shares in the last quarter. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on SKX. Stifel Nicolaus lifted their price target on shares of Skechers U.S.A. from $74.00 to $81.00 and gave the stock a “buy” rating in a research note on Tuesday, May 28th. Wedbush restated an “outperform” rating and issued a $76.00 price objective on shares of Skechers U.S.A. in a research note on Friday, May 17th. Evercore ISI dropped their price objective on shares of Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. Bank of America upgraded shares of Skechers U.S.A. from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $71.00 to $87.00 in a research note on Friday, June 7th. Finally, TD Cowen lifted their target price on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $72.00.

Insider Buying and Selling at Skechers U.S.A.

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 423 shares of the stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total transaction of $29,377.35. Following the transaction, the general counsel now directly owns 35,000 shares in the company, valued at approximately $2,430,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 24.75% of the stock is currently owned by insiders.

Skechers U.S.A. Price Performance

Shares of SKX stock opened at $72.17 on Monday. The company has a market capitalization of $11.01 billion, a PE ratio of 18.99, a price-to-earnings-growth ratio of 1.03 and a beta of 1.28. The firm has a fifty day simple moving average of $65.90 and a 200-day simple moving average of $62.76. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02. Skechers U.S.A., Inc. has a twelve month low of $45.58 and a twelve month high of $75.09.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.23. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.56%. The business had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the prior year, the firm earned $1.02 earnings per share. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. Equities research analysts anticipate that Skechers U.S.A., Inc. will post 4.08 earnings per share for the current fiscal year.

Skechers U.S.A. 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.