Malaga Cove Capital LLC Cuts Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Malaga Cove Capital LLC cut its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 0.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 35,462 shares of the textile maker’s stock after selling 290 shares during the quarter. Malaga Cove Capital LLC’s holdings in Skechers U.S.A. were worth $2,211,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Huntington National Bank increased its stake in shares of Skechers U.S.A. by 861.7% in the third quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock worth $28,000 after buying an additional 517 shares during the period. DekaBank Deutsche Girozentrale bought a new position in shares of Skechers U.S.A. during the third quarter valued at about $31,000. GAMMA Investing LLC purchased a new stake in shares of Skechers U.S.A. during the fourth quarter worth about $36,000. Planned Solutions Inc. bought a new stake in shares of Skechers U.S.A. in the fourth quarter worth about $70,000. Finally, Meeder Asset Management Inc. purchased a new position in Skechers U.S.A. during the 4th quarter valued at about $77,000. 79.96% of the stock is currently owned by institutional investors.

Insider Transactions at Skechers U.S.A.

In other Skechers U.S.A. news, President Michael Greenberg sold 25,282 shares of Skechers U.S.A. stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $1,544,983.02. Following the transaction, the president now owns 123,441 shares of the company’s stock, valued at $7,543,479.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Skechers U.S.A. news, President Michael Greenberg sold 25,282 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $1,544,983.02. Following the sale, the president now directly owns 123,441 shares of the company’s stock, valued at $7,543,479.51. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Mark A. Nason sold 6,432 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $58.83, for a total value of $378,394.56. Following the completion of the transaction, the executive vice president now directly owns 34,023 shares of the company’s stock, valued at approximately $2,001,573.09. The disclosure for this sale can be found here. Insiders have sold 254,875 shares of company stock valued at $15,021,192 over the last quarter. 24.75% of the stock is currently owned by company insiders.

Skechers U.S.A. Stock Performance

Shares of SKX traded up $1.03 on Friday, reaching $67.10. The company’s stock had a trading volume of 1,711,819 shares, compared to its average volume of 2,148,167. Skechers U.S.A., Inc. has a 12-month low of $45.58 and a 12-month high of $69.07. The stock has a market capitalization of $10.29 billion, a P/E ratio of 17.66, a PEG ratio of 1.17 and a beta of 1.29. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.39 and a quick ratio of 1.56. The stock’s 50 day simple moving average is $60.42 and its two-hundred day simple moving average is $58.70.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, April 25th. The textile maker reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.23. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.56%. The firm had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the previous year, the firm posted $1.02 EPS. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. Research analysts forecast that Skechers U.S.A., Inc. will post 4.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SKX shares. Raymond James reduced their target price on Skechers U.S.A. from $68.00 to $66.00 and set an “outperform” rating on the stock in a research note on Monday, February 5th. Monness Crespi & Hardt raised their target price on Skechers U.S.A. from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, January 18th. Stifel Nicolaus decreased their price objective on Skechers U.S.A. from $72.00 to $70.00 and set a “buy” rating for the company in a report on Friday, February 2nd. TD Cowen increased their price target on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Finally, Evercore ISI dropped their price objective on shares of Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.83.

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.