Cynosure Group LLC Sells 1,239 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Cynosure Group LLC cut its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 21.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,505 shares of the textile maker’s stock after selling 1,239 shares during the period. Cynosure Group LLC’s holdings in Skechers U.S.A. were worth $303,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Skechers U.S.A. during the fourth quarter worth $105,741,000. Bank of New York Mellon Corp raised its stake in shares of Skechers U.S.A. by 70.4% during the 4th quarter. Bank of New York Mellon Corp now owns 2,308,283 shares of the textile maker’s stock valued at $155,209,000 after purchasing an additional 953,528 shares during the period. Wellington Management Group LLP lifted its holdings in Skechers U.S.A. by 39.0% during the 3rd 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 in the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in Skechers U.S.A. by 68.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 623,745 shares of the textile maker’s stock worth $41,940,000 after purchasing an additional 253,045 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Skechers U.S.A. during the 4th quarter valued at about $12,852,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Mark A. Nason sold 12,046 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $66.08, for a total transaction of $795,999.68. Following the transaction, the executive vice president now directly owns 25,675 shares in the company, valued at $1,696,604. This trade represents a 31.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Phillip Paccione sold 10,994 shares of Skechers U.S.A. stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $56.63, for a total value of $622,590.22. Following the completion of the transaction, the general counsel now directly owns 15,000 shares in the company, valued at $849,450. This trade represents a 42.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 218,245 shares of company stock worth $13,452,902 in the last 90 days. 24.75% of the stock is owned by company insiders.

Skechers U.S.A. Stock Performance

Shares of NYSE SKX opened at $59.15 on Thursday. The stock’s 50-day moving average is $63.40 and its 200 day moving average is $65.03. The stock has a market cap of $8.83 billion, a price-to-earnings ratio of 14.25, a P/E/G ratio of 1.11 and a beta of 1.21. Skechers U.S.A., Inc. has a 1-year low of $52.51 and a 1-year high of $78.85. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 EPS for the quarter, missing the consensus estimate 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%. On average, sell-side analysts anticipate that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SKX has been the topic of a number of recent analyst reports. Raymond James lowered their price target on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. StockNews.com downgraded shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Evercore ISI upped 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 report on Tuesday, January 28th. TD Cowen lifted their price objective on Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Finally, Bank of America reduced their target price on Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $80.42.

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.