Ontario Teachers Pension Plan Board raised its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX – Free Report) by 77.5% during the first quarter, HoldingsChannel reports. The firm owned 52,300 shares of the textile maker’s stock after purchasing an additional 22,836 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Skechers U.S.A. were worth $3,204,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Redmont Wealth Advisors LLC purchased a new position in Skechers U.S.A. during the 1st quarter valued at about $25,000. GAMMA Investing LLC purchased a new position in Skechers U.S.A. during the 4th quarter valued at about $36,000. Game Plan Financial Advisors LLC purchased a new position in Skechers U.S.A. during the 1st quarter valued at about $43,000. Sunbelt Securities Inc. purchased a new position in Skechers U.S.A. during the 1st quarter valued at about $45,000. Finally, Tradition Wealth Management LLC purchased a new position in Skechers U.S.A. during the 4th quarter valued at about $56,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.
Skechers U.S.A. Trading Up 1.2 %
NYSE SKX traded up $0.78 on Monday, reaching $64.21. 3,217,689 shares of the company were exchanged, compared to its average volume of 1,735,861. The business’s fifty day moving average price is $69.58 and its 200 day moving average price is $64.06. The stock has a market capitalization of $9.79 billion, a P/E ratio of 16.90, a price-to-earnings-growth ratio of 0.91 and a beta of 1.25. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02. Skechers U.S.A., Inc. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09.
Insider Activity
In other news, General Counsel Phillip Paccione sold 423 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total value of $29,377.35. Following the transaction, the general counsel now owns 35,000 shares of the company’s stock, valued at approximately $2,430,750. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 24.75% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts have commented on the stock. Wells Fargo & Company started coverage on shares of Skechers U.S.A. in a research report on Wednesday, June 12th. They set an “overweight” rating and a $83.00 target price on the stock. TD Cowen lifted their price objective on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday. Evercore ISI cut their price objective on shares of Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $82.00 price target on shares of Skechers U.S.A. in a report on Thursday, June 13th. Finally, Barclays assumed coverage on Skechers U.S.A. in a research note on Monday, April 1st. They set an “overweight” rating and a $71.00 price objective for the company. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.38.
Check Out Our Latest Report on Skechers U.S.A.
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.
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