HB Wealth Management LLC Buys New Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

HB Wealth Management LLC purchased a new position in shares of Skechers U.S.A., Inc. (NYSE:SKX) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,939 shares of the textile maker’s stock, valued at approximately $265,000.

A number of other large investors also recently modified their holdings of SKX. UMB Bank n.a. increased its position in Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after purchasing an additional 364 shares in the last quarter. Venturi Wealth Management LLC grew its stake in Skechers U.S.A. by 52.9% during the third quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock worth $58,000 after buying an additional 299 shares during the period. Brooklyn Investment Group acquired a new stake in shares of Skechers U.S.A. in the third quarter worth $67,000. Blue Trust Inc. raised its stake in shares of Skechers U.S.A. by 778.1% in the 3rd quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock valued at $69,000 after acquiring an additional 887 shares during the period. Finally, Quarry LP lifted its holdings in shares of Skechers U.S.A. by 44.6% during the 2nd quarter. Quarry LP now owns 1,187 shares of the textile maker’s stock valued at $82,000 after acquiring an additional 366 shares in the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SKX. 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. Barclays increased their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft boosted their price target on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Piper Sandler initiated coverage on shares of Skechers U.S.A. in a research report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price objective for the company. Finally, StockNews.com raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Thursday. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Skechers U.S.A. currently has an average rating of “Moderate Buy” and an average target price of $79.00.

Skechers U.S.A. Stock Performance

Shares of SKX stock opened at $75.94 on Friday. The company’s 50-day simple moving average is $67.78 and its 200-day simple moving average is $65.83. Skechers U.S.A., Inc. has a one year low of $55.67 and a one year high of $76.67. The stock has a market capitalization of $11.46 billion, a price-to-earnings ratio of 18.70, a PEG ratio of 0.90 and a beta of 1.19. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96.

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

Insiders Place Their Bets

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of Skechers U.S.A. 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 completion of the transaction, the president now directly owns 149,327 shares in the company, valued at $10,076,585.96. The trade was a 6.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO David Weinberg sold 8,219 shares of the 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 sale, the chief operating officer now owns 122,211 shares in the company, valued at $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 currently owned by corporate insiders.

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.