Arrowstreet Capital Limited Partnership Sells 642,420 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Arrowstreet Capital Limited Partnership lessened its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 37.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,089,157 shares of the textile maker’s stock after selling 642,420 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.72% of Skechers U.S.A. worth $73,235,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Heartland Advisors Inc. increased its stake in Skechers U.S.A. by 31.2% in the fourth quarter. Heartland Advisors Inc. now owns 180,652 shares of the textile maker’s stock valued at $12,147,000 after acquiring an additional 43,000 shares during the period. Pictet Asset Management Holding SA raised its holdings in shares of Skechers U.S.A. by 11.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 105,929 shares of the textile maker’s stock worth $7,123,000 after buying an additional 10,668 shares in the last quarter. X Square Capital LLC lifted its position in shares of Skechers U.S.A. by 0.5% during the 4th quarter. X Square Capital LLC now owns 42,835 shares of the textile maker’s stock worth $2,880,000 after buying an additional 210 shares during the period. New Age Alpha Advisors LLC acquired a new stake in Skechers U.S.A. in the 4th quarter valued at $1,889,000. Finally, Norges Bank bought a new stake in Skechers U.S.A. in the fourth quarter valued at $105,741,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Stock Performance

Shares of NYSE:SKX opened at $56.81 on Tuesday. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01. Skechers U.S.A., Inc. has a 1-year low of $53.79 and a 1-year high of $78.85. The stock has a market capitalization of $8.49 billion, a P/E ratio of 13.69, a P/E/G ratio of 1.11 and a beta of 1.21. The business has a 50-day moving average price of $64.01 and a two-hundred day moving average price of $65.14.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. Equities analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Evercore ISI lifted their price objective on Skechers U.S.A. from $72.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. UBS Group reduced their price target on shares of Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Piper Sandler began 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 for the company. Bank of America reduced their target price on Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Finally, Raymond James dropped their price target 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. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $80.42.

Insider Activity

In other news, CEO Robert Greenberg sold 52,600 shares of the company’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total value of $3,299,072.00. Following the completion of the sale, the chief executive officer now directly owns 61,367 shares of the company’s stock, valued at $3,848,938.24. This represents a 46.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO John M. Vandemore sold 5,112 shares of Skechers U.S.A. stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total transaction of $310,605.12. Following the transaction, the chief financial officer now directly owns 83,328 shares in the company, valued at $5,063,009.28. The trade was a 5.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 218,245 shares of company stock valued at $13,452,902 in the last 90 days. 24.75% of the stock is owned by company insiders.

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.