Gateway Investment Advisers LLC Cuts Position in Skechers U.S.A., Inc. (NYSE:SKX)

Gateway Investment Advisers LLC reduced its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 21.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,368 shares of the textile maker’s stock after selling 1,470 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Skechers U.S.A. were worth $361,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Pacer Advisors Inc. raised its holdings in Skechers U.S.A. by 5,780.6% in the third quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock worth $176,628,000 after purchasing an additional 2,594,507 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Skechers U.S.A. by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,216,905 shares of the textile maker’s stock worth $148,395,000 after acquiring an additional 11,026 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Skechers U.S.A. by 3.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker’s stock valued at $130,350,000 after acquiring an additional 55,095 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Skechers U.S.A. by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock valued at $88,126,000 after acquiring an additional 17,429 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in Skechers U.S.A. by 39.0% in the third quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock worth $68,630,000 after purchasing an additional 287,939 shares during the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $693,289.52. Following the sale, the president now directly owns 149,327 shares of the company’s stock, valued at approximately $10,076,585.96. This trade represents a 6.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO David Weinberg sold 8,219 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $554,618.12. Following the transaction, the chief operating officer now directly owns 122,211 shares of the company’s stock, valued at approximately $8,246,798.28. The trade was a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. StockNews.com lowered Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Wednesday, January 15th. Needham & Company LLC initiated coverage on Skechers U.S.A. in a report on Friday, November 22nd. They issued a “hold” rating for the company. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a report on Friday, October 25th. TD Cowen lifted their target price on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, Piper Sandler initiated coverage on shares of Skechers U.S.A. in a research note on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price target on the stock. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.00.

Skechers U.S.A. Stock Performance

NYSE SKX opened at $70.09 on Monday. Skechers U.S.A., Inc. has a fifty-two week low of $55.67 and a fifty-two week high of $75.09. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The firm has a market capitalization of $10.58 billion, a P/E ratio of 17.26, a PEG ratio of 0.86 and a beta of 1.19. The stock has a 50-day simple moving average of $66.81 and a two-hundred day simple moving average of $65.63.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. The company had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. Skechers U.S.A.’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.93 earnings per share. On average, equities analysts forecast that Skechers U.S.A., Inc. will post 4.24 earnings per share for the current 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.