Advisor Resource Council Sells 9,398 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Advisor Resource Council reduced its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 49.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,542 shares of the textile maker’s stock after selling 9,398 shares during the quarter. Advisor Resource Council’s holdings in Skechers U.S.A. were worth $595,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Redmont Wealth Advisors LLC bought a new stake in Skechers U.S.A. during the 1st quarter valued at $25,000. GAMMA Investing LLC bought a new position in Skechers U.S.A. in the 4th quarter worth $36,000. Game Plan Financial Advisors LLC bought a new position in Skechers U.S.A. in the 1st quarter worth $43,000. Sunbelt Securities Inc. bought a new position in Skechers U.S.A. in the 1st quarter worth $45,000. Finally, Tradition Wealth Management LLC bought a new position in Skechers U.S.A. in the 4th quarter worth $56,000. 79.96% of the stock is currently owned by institutional investors.

Skechers U.S.A. Stock Up 0.3 %

SKX stock traded up $0.21 during trading on Thursday, hitting $67.32. 707,314 shares of the stock traded hands, compared to its average volume of 2,000,928. Skechers U.S.A., Inc. has a 1 year low of $45.58 and a 1 year high of $75.09. The firm’s 50 day moving average is $69.45 and its two-hundred day moving average is $63.71. The stock has a market cap of $10.27 billion, a price-to-earnings ratio of 17.72, a price-to-earnings-growth ratio of 0.96 and a beta of 1.25. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.39 and a quick ratio of 1.56.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data on Thursday, April 25th. The textile maker reported $1.33 EPS for the quarter, beating the consensus estimate 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 company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the prior year, the firm posted $1.02 EPS. Skechers U.S.A.’s revenue for the quarter was up 12.5% on a year-over-year basis. On average, sell-side analysts anticipate that Skechers U.S.A., Inc. will post 4.08 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on SKX shares. TD Cowen upped their price objective on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $82.00 price objective on shares of Skechers U.S.A. in a report on Thursday, June 13th. Wedbush restated an “outperform” rating and issued a $76.00 price objective on shares of Skechers U.S.A. in a report on Friday, May 17th. Evercore ISI decreased their price objective on shares of Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. Finally, Wells Fargo & Company started coverage on shares of Skechers U.S.A. in a report on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.00.

Insider Activity at Skechers U.S.A.

In related news, General Counsel Phillip Paccione sold 423 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total transaction of $29,377.35. Following the sale, the general counsel now directly owns 35,000 shares of the company’s stock, valued at approximately $2,430,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 24.75% of the stock is currently owned by insiders.

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.