Goldman Sachs Group Inc. Buys 410,379 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Goldman Sachs Group Inc. grew its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 99.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 824,263 shares of the textile maker’s stock after acquiring an additional 410,379 shares during the period. Goldman Sachs Group Inc. owned 0.54% of Skechers U.S.A. worth $51,385,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. DekaBank Deutsche Girozentrale bought a new stake in shares of Skechers U.S.A. during the 3rd quarter valued at approximately $31,000. GAMMA Investing LLC acquired a new position in shares of Skechers U.S.A. during the fourth quarter worth $36,000. Tradition Wealth Management LLC acquired a new position in shares of Skechers U.S.A. during the fourth quarter worth $56,000. Planned Solutions Inc. bought a new position in shares of Skechers U.S.A. in the 4th quarter valued at $70,000. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Skechers U.S.A. during the 4th quarter valued at $77,000. Institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Trading Up 0.4 %

NYSE:SKX opened at $73.16 on Thursday. The firm has a fifty day simple moving average of $66.82 and a two-hundred day simple moving average of $63.02. Skechers U.S.A., Inc. has a 12 month low of $45.58 and a 12 month high of $75.09. The stock has a market capitalization of $11.16 billion, a price-to-earnings ratio of 19.25, a PEG ratio of 1.04 and a beta of 1.28. 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. (NYSE:SKX) last posted its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.23. The business had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.20 billion. Skechers U.S.A. had a return on equity of 13.56% and a net margin of 7.17%. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.02 EPS. Analysts expect that Skechers U.S.A., Inc. will post 4.08 EPS for the current fiscal year.

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 423 shares of the business’s 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 completion of the sale, the general counsel now owns 35,000 shares in the company, valued at approximately $2,430,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 24.75% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

SKX has been the subject of several research reports. TD Cowen increased their target price on Skechers U.S.A. from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Wedbush reiterated an “outperform” rating and set a $76.00 target price on shares of Skechers U.S.A. in a research report on Friday, May 17th. Bank of America upgraded shares of Skechers U.S.A. from a “neutral” rating to a “buy” rating and upped their price target for the company from $71.00 to $87.00 in a research report on Friday, June 7th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $82.00 price target on shares of Skechers U.S.A. in a report on Thursday, June 13th. Finally, Wells Fargo & Company assumed coverage on Skechers U.S.A. in a research report on Wednesday, June 12th. They set an “overweight” rating and a $83.00 target price for the company. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Skechers U.S.A. has an average rating of “Moderate Buy” and a consensus target price of $72.00.

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.