Franklin Resources Inc. Sells 725,452 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Franklin Resources Inc. trimmed its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 81.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 165,214 shares of the textile maker’s stock after selling 725,452 shares during the quarter. Franklin Resources Inc.’s holdings in Skechers U.S.A. were worth $10,757,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. UMB Bank n.a. raised its position in shares of Skechers U.S.A. by 423.3% in 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 during the last quarter. Venturi Wealth Management LLC raised its holdings in Skechers U.S.A. by 52.9% in 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 last quarter. Brooklyn Investment Group bought a new position in shares of Skechers U.S.A. in the third quarter worth approximately $67,000. Blue Trust Inc. grew its holdings in shares of Skechers U.S.A. by 778.1% during the third quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock valued at $69,000 after buying an additional 887 shares during the last quarter. Finally, Quarry LP increased its position in shares of Skechers U.S.A. by 44.6% during the second 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 owned by hedge funds and other institutional investors.

Skechers U.S.A. Trading Up 2.1 %

Shares of SKX stock opened at $67.65 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The company has a market cap of $10.21 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 0.98 and a beta of 1.22. Skechers U.S.A., Inc. has a 1 year low of $55.67 and a 1 year high of $75.09. The firm has a fifty day moving average price of $64.18 and a 200-day moving average price of $66.09.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $2.31 billion. During the same quarter in the previous year, the company posted $0.93 earnings per share. Skechers U.S.A.’s revenue for the quarter was up 16.0% on a year-over-year basis. As a group, equities analysts predict that Skechers U.S.A., Inc. will post 4.24 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on SKX shares. Morgan Stanley upped their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Needham & Company LLC began coverage on Skechers U.S.A. in a research report on Friday, November 22nd. They set a “hold” rating on the stock. Piper Sandler initiated coverage on Skechers U.S.A. in a research report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 target price for the company. Barclays raised their price target on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Bank of America decreased their price objective on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday, October 25th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Skechers U.S.A. currently has an average rating of “Moderate Buy” and an average price target of $77.00.

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.