Norges Bank Acquires New Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Norges Bank bought a new stake in Skechers U.S.A., Inc. (NYSE:SKX) in the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 1,572,588 shares of the textile maker’s stock, valued at approximately $105,741,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. TD Private Client Wealth LLC boosted its stake in shares of Skechers U.S.A. by 534.3% in the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock valued at $29,000 after purchasing an additional 358 shares during the period. UMB Bank n.a. lifted its holdings in Skechers U.S.A. by 53.1% during the 4th quarter. UMB Bank n.a. now owns 689 shares of the textile maker’s stock worth $46,000 after buying an additional 239 shares in the last quarter. IFP Advisors Inc boosted its position in Skechers U.S.A. by 62.4% in the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock valued at $55,000 after buying an additional 317 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Skechers U.S.A. in the fourth quarter worth $65,000. Finally, Blue Trust Inc. grew its stake in shares of Skechers U.S.A. by 20.7% in 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 in the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Robert Greenberg sold 40,924 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $60.76, for a total transaction of $2,486,542.24. Following the transaction, the chief executive officer now owns 51,342 shares of the company’s stock, valued at $3,119,539.92. This trade represents a 44.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Phillip Paccione sold 10,994 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $56.63, for a total value of $622,590.22. Following the sale, the general counsel now directly owns 15,000 shares of the company’s stock, valued at approximately $849,450. This represents a 42.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 218,245 shares of company stock valued at $13,452,902 in the last ninety days. 24.75% of the stock is currently owned by company insiders.

Skechers U.S.A. Price Performance

Shares of SKX opened at $57.47 on Wednesday. The firm has a fifty day moving average price of $63.69 and a 200 day moving average price of $65.07. The stock has a market cap of $8.58 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 1.11 and a beta of 1.21. Skechers U.S.A., Inc. has a 1-year low of $53.79 and a 1-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 earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. As a group, sell-side analysts anticipate that Skechers U.S.A., Inc. will post 4.47 EPS for the current year.

Analyst Ratings Changes

SKX has been the subject of a number of recent research reports. Raymond James decreased their target price on Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating for the company in a report on Friday, February 7th. UBS Group decreased their price objective on Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, February 7th. Bank of America cut their target price on shares of Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Stifel Nicolaus reduced their target price on shares of Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Skechers U.S.A. in a report on Friday, February 7th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.42.

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.