First Hawaiian Bank Invests $673,000 in Skechers U.S.A., Inc. (NYSE:SKX)

First Hawaiian Bank purchased a new position in Skechers U.S.A., Inc. (NYSE:SKX) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 9,739 shares of the textile maker’s stock, valued at approximately $673,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new stake in Skechers U.S.A. during the 4th quarter worth $75,194,000. Vaughan Nelson Investment Management L.P. raised its stake in shares of Skechers U.S.A. by 62.6% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock valued at $75,534,000 after purchasing an additional 474,524 shares during the period. Bain Capital Public Equity Management II LLC acquired a new stake in shares of Skechers U.S.A. in the 4th quarter valued at about $25,681,000. Goldman Sachs Group Inc. raised its stake in shares of Skechers U.S.A. by 99.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 824,263 shares of the textile maker’s stock valued at $51,385,000 after purchasing an additional 410,379 shares during the period. Finally, Verition Fund Management LLC raised its stake in shares of Skechers U.S.A. by 755.7% in the 4th quarter. Verition Fund Management LLC now owns 216,243 shares of the textile maker’s stock valued at $13,481,000 after purchasing an additional 190,971 shares during the period. 79.96% of the stock is currently owned by institutional investors.

Skechers U.S.A. Price Performance

SKX traded up $0.01 during trading on Monday, hitting $59.46. 3,144,893 shares of the stock traded hands, compared to its average volume of 2,228,977. Skechers U.S.A., Inc. has a twelve month low of $45.58 and a twelve month high of $75.09. The company has a market cap of $9.07 billion, a price-to-earnings ratio of 15.65, a PEG ratio of 0.82 and a beta of 1.25. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. The business has a 50 day moving average price of $68.69 and a 200 day moving average price of $64.16.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.04). The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the company posted $0.98 earnings per share. Equities research analysts forecast that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current fiscal year.

Insider Transactions at Skechers U.S.A.

In other news, General Counsel Phillip Paccione sold 423 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total transaction of $29,377.35. Following the completion of the transaction, the general counsel now directly owns 35,000 shares in the company, valued at $2,430,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 24.75% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on SKX. Wedbush lifted their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $82.00 price target on shares of Skechers U.S.A. in a research note on Thursday, June 13th. Evercore ISI raised their price objective on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Barclays lifted their price target on Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Wells Fargo & Company initiated coverage on Skechers U.S.A. in a report on Wednesday, June 12th. They set an “overweight” rating and a $83.00 price target for the company. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skechers U.S.A. currently has a consensus rating of “Buy” and an average target price of $76.75.

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.