Bank of New York Mellon Corp Raises Position in Skechers U.S.A., Inc. (NYSE:SKX)

Bank of New York Mellon Corp grew its position in Skechers U.S.A., Inc. (NYSE:SKX) by 70.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,308,283 shares of the textile maker’s stock after acquiring an additional 953,528 shares during the period. Bank of New York Mellon Corp’s holdings in Skechers U.S.A. were worth $155,209,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SKX. 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 acquiring an additional 239 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of Skechers U.S.A. by 62.4% in the fourth quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock valued at $55,000 after acquiring an additional 317 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in shares of 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 valued at $58,000 after acquiring an additional 299 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Skechers U.S.A. in the fourth quarter valued at about $65,000. Finally, Brooklyn Investment Group purchased a new stake in shares of Skechers U.S.A. in the third quarter valued at about $67,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Stock Up 0.4 %

Shares of NYSE SKX opened at $61.01 on Friday. Skechers U.S.A., Inc. has a 12-month low of $55.67 and a 12-month high of $78.85. The company has a market capitalization of $9.21 billion, a PE ratio of 14.70, a price-to-earnings-growth ratio of 1.11 and a beta of 1.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12. The firm’s 50-day moving average is $68.91 and its two-hundred day moving average is $66.57.

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 (EPS) for the quarter, missing the consensus estimate 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%. Equities analysts anticipate that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SKX shares. Barclays decreased their price objective on shares of Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating on the stock in a report on Monday, February 10th. StockNews.com downgraded shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Stifel Nicolaus decreased their price objective 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. Piper Sandler started coverage on shares of Skechers U.S.A. in a report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price objective on the stock. Finally, Needham & Company LLC reissued a “hold” rating on shares of Skechers U.S.A. in a report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $81.25.

Insider Activity

In other news, President Michael Greenberg sold 10,274 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $693,289.52. Following the completion of the transaction, the president now owns 149,327 shares of the company’s stock, valued at $10,076,585.96. The trade was a 6.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert Greenberg sold 52,600 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $3,848,938.24. This represents a 46.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 119,139 shares of company stock valued at $7,600,899 over the last 90 days. Insiders own 24.75% of the company’s stock.

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.