Skechers U.S.A., Inc. (NYSE:SKX) Shares Sold by Verity Asset Management Inc.

Verity Asset Management Inc. lessened its position in Skechers U.S.A., Inc. (NYSE:SKX) by 1.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 17,671 shares of the textile maker’s stock after selling 247 shares during the period. Verity Asset Management Inc.’s holdings in Skechers U.S.A. were worth $1,188,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pacer Advisors Inc. lifted its position in shares of Skechers U.S.A. by 5,780.6% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock valued at $176,628,000 after acquiring an additional 2,594,507 shares during the period. Commerce Bank boosted its position in shares of Skechers U.S.A. by 949.5% in the 3rd quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock worth $31,303,000 after buying an additional 423,204 shares in the last quarter. Coronation Fund Managers Ltd. grew its stake in Skechers U.S.A. by 378.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock valued at $33,382,000 after acquiring an additional 394,618 shares during the last quarter. Wellington Management Group LLP increased 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 valued at $68,630,000 after acquiring an additional 287,939 shares in the last quarter. Finally, Adams Diversified Equity Fund Inc. acquired a new position in Skechers U.S.A. during the third quarter worth about $16,790,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on SKX shares. Barclays upped their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. TD Cowen increased 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. Morgan Stanley lifted their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Bank of America reduced their target price on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Finally, Piper Sandler assumed coverage on shares of Skechers U.S.A. in a research report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price objective for the company. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $80.18.

Insider Activity

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the 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 sale, the president now owns 149,327 shares of the company’s stock, valued at $10,076,585.96. This trade represents a 6.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO David Weinberg sold 8,219 shares of the business’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $554,618.12. Following the transaction, the chief operating officer now directly owns 122,211 shares in the company, valued at approximately $8,246,798.28. The trade was a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 24.75% of the company’s stock.

Skechers U.S.A. Stock Down 3.8 %

SKX opened at $72.51 on Tuesday. Skechers U.S.A., Inc. has a 1 year low of $55.67 and a 1 year high of $78.85. The firm has a 50 day moving average price of $69.65 and a 200 day moving average price of $66.20. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The company has a market cap of $10.95 billion, a PE ratio of 17.86, a price-to-earnings-growth ratio of 0.92 and a beta of 1.19.

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.