First Hawaiian Bank Acquires Shares of 9,739 Skechers U.S.A., Inc. (NYSE:SKX)

First Hawaiian Bank acquired a new stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 9,739 shares of the textile maker’s stock, valued at approximately $673,000.

A number of other hedge funds have also recently bought and sold shares of the business. Bessemer Group Inc. raised its stake in Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after acquiring an additional 164 shares in the last quarter. Bfsg LLC boosted its position in Skechers U.S.A. by 2.9% during the fourth quarter. Bfsg LLC now owns 6,545 shares of the textile maker’s stock valued at $408,000 after purchasing an additional 186 shares during the last quarter. QRG Capital Management Inc. boosted its position in Skechers U.S.A. by 2.0% during the first quarter. QRG Capital Management Inc. now owns 10,047 shares of the textile maker’s stock valued at $615,000 after purchasing an additional 194 shares during the last quarter. National Bank of Canada FI lifted its position in shares of Skechers U.S.A. by 7.1% in the fourth quarter. National Bank of Canada FI now owns 3,035 shares of the textile maker’s stock worth $188,000 after buying an additional 200 shares during the last quarter. Finally, 1492 Capital Management LLC lifted its position in shares of Skechers U.S.A. by 1.0% in the fourth quarter. 1492 Capital Management LLC now owns 26,270 shares of the textile maker’s stock worth $1,638,000 after buying an additional 259 shares during the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

Insider Activity at Skechers U.S.A.

In related news, General Counsel Phillip Paccione sold 423 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were 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 in the company, valued at $2,430,750. The transaction was disclosed in a document filed with the SEC, which is available through this link. 24.75% of the stock is owned by company insiders.

Skechers U.S.A. Price Performance

Shares of NYSE SKX traded up $0.01 during midday trading on Monday, reaching $59.46. The company’s stock had a trading volume of 3,144,893 shares, compared to its average volume of 2,228,977. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06. Skechers U.S.A., Inc. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09. The business’s 50 day moving average price is $68.69 and its two-hundred day moving average price is $64.16. The company has a market cap of $9.07 billion, a P/E ratio of 15.65, a P/E/G ratio of 0.82 and a beta of 1.25.

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. TD Cowen boosted their price target on Skechers U.S.A. from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Bank of America raised Skechers U.S.A. from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $71.00 to $87.00 in a report on Friday, June 7th. Morgan Stanley raised Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $60.00 to $80.00 in a research note on Tuesday, July 23rd. Barclays upped their price objective on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, Wedbush increased their target price on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $76.75.

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.