Ellsworth Advisors LLC Makes New $4.13 Million Investment in Skechers U.S.A., Inc. (NYSE:SKX)

Ellsworth Advisors LLC purchased a new position in shares of Skechers U.S.A., Inc. (NYSE:SKX) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 61,380 shares of the textile maker’s stock, valued at approximately $4,127,000.

Other hedge funds have also made changes to their positions in the company. Pacer Advisors Inc. lifted its holdings 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 worth $176,628,000 after acquiring an additional 2,594,507 shares during the period. Commerce Bank raised its stake in Skechers U.S.A. by 949.5% during the third quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock worth $31,303,000 after purchasing an additional 423,204 shares during the period. Coronation Fund Managers Ltd. boosted its holdings in shares of 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 purchasing an additional 394,618 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of 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 buying an additional 287,939 shares during the period. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in shares of Skechers U.S.A. by 646.3% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker’s stock worth $22,348,000 after buying an additional 280,000 shares during the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

Insider Buying and Selling at Skechers U.S.A.

In other news, President Michael Greenberg sold 10,274 shares of the company’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $693,289.52. Following the sale, the president now owns 149,327 shares in the company, valued at approximately $10,076,585.96. This represents a 6.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $554,618.12. Following the completion of the transaction, the chief operating officer now owns 122,211 shares of the company’s stock, valued at $8,246,798.28. This trade represents a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SKX. Barclays lifted their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Morgan Stanley boosted their target price on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. StockNews.com lowered shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Wednesday, January 15th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Needham & Company LLC assumed coverage on shares of Skechers U.S.A. in a research report on Friday, November 22nd. They issued a “hold” rating for the company. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $79.00.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock opened at $70.09 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The firm’s fifty day moving average price is $66.81 and its 200 day moving average price is $65.63. The company has a market capitalization of $10.58 billion, a price-to-earnings ratio of 17.26, a price-to-earnings-growth ratio of 0.86 and a beta of 1.19. Skechers U.S.A., Inc. has a 12-month low of $55.67 and a 12-month high of $75.09.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.15 by $0.11. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The company’s revenue was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.93 earnings per share. On average, research analysts forecast that Skechers U.S.A., Inc. will post 4.24 EPS for the current fiscal year.

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.