Arrowstreet Capital Limited Partnership Has $73.24 Million Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Arrowstreet Capital Limited Partnership reduced its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 37.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,089,157 shares of the textile maker’s stock after selling 642,420 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Skechers U.S.A. were worth $73,235,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. TD Private Client Wealth LLC increased its stake in Skechers U.S.A. by 534.3% during the 4th quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock worth $29,000 after purchasing an additional 358 shares in the last quarter. UMB Bank n.a. boosted its holdings in shares of Skechers U.S.A. by 53.1% in the fourth quarter. UMB Bank n.a. now owns 689 shares of the textile maker’s stock valued at $46,000 after buying an additional 239 shares during the period. IFP Advisors Inc increased its position in shares of Skechers U.S.A. by 62.4% during the fourth 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. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Skechers U.S.A. during the fourth quarter worth $65,000. Finally, Blue Trust Inc. raised its holdings in shares of Skechers U.S.A. by 20.7% during the fourth quarter. Blue Trust Inc. now owns 1,208 shares of the textile maker’s stock worth $81,000 after acquiring an additional 207 shares during the period. Institutional investors and hedge funds own 79.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SKX. Piper Sandler initiated coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 target price for the company. Bank of America decreased their price objective on Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating for the company in a report on Monday, March 24th. Stifel Nicolaus cut their target price on Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Evercore ISI raised their price target on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 28th. Finally, Barclays reduced their target price on shares of Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating for the company in a report on Monday, February 10th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $80.42.

Skechers U.S.A. Stock Performance

Shares of SKX opened at $56.81 on Tuesday. The company has a market cap of $8.49 billion, a PE ratio of 13.69, a price-to-earnings-growth ratio of 1.11 and a beta of 1.21. The firm has a 50-day moving average of $64.01 and a 200-day moving average of $65.14. Skechers U.S.A., Inc. has a one year low of $53.79 and a one year high of $78.85. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. As a group, equities analysts forecast that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

Insider Activity at Skechers U.S.A.

In related news, President Michael Greenberg sold 33,656 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $60.76, for a total value of $2,044,938.56. Following the transaction, the president now owns 137,530 shares in the company, valued at approximately $8,356,322.80. This represents a 19.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert Greenberg sold 52,600 shares of the stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total transaction of $3,299,072.00. Following the completion of the transaction, the chief executive officer now directly owns 61,367 shares in the company, valued at approximately $3,848,938.24. This represents a 46.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 218,245 shares of company stock worth $13,452,902. Company insiders own 24.75% of the company’s stock.

Skechers U.S.A. Company 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.