New York State Teachers Retirement System Sells 9,317 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

New York State Teachers Retirement System decreased its position in Skechers U.S.A., Inc. (NYSE:SKX) by 5.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 176,887 shares of the textile maker’s stock after selling 9,317 shares during the period. New York State Teachers Retirement System owned approximately 0.12% of Skechers U.S.A. worth $12,226,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Redmont Wealth Advisors LLC purchased a new position in Skechers U.S.A. during the first quarter worth about $25,000. Bessemer Group Inc. lifted its stake in shares of 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 buying an additional 164 shares in the last quarter. GAMMA Investing LLC bought a new stake in Skechers U.S.A. during the 4th quarter worth approximately $36,000. Game Plan Financial Advisors LLC bought a new stake in Skechers U.S.A. during the 1st quarter worth approximately $43,000. Finally, Versant Capital Management Inc increased its holdings in shares of Skechers U.S.A. by 2,809.1% in the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after buying an additional 618 shares during the last quarter. 79.96% of the stock is owned by institutional investors.

Skechers U.S.A. Trading Up 3.7 %

Shares of NYSE:SKX traded up $2.50 during midday trading on Friday, reaching $69.80. 1,432,841 shares of the company’s stock were exchanged, compared to its average volume of 1,773,891. The firm’s 50 day simple moving average is $66.41 and its two-hundred day simple moving average is $64.31. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. The stock has a market cap of $10.65 billion, a price-to-earnings ratio of 18.37, a P/E/G ratio of 0.90 and a beta of 1.25. Skechers U.S.A., Inc. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09.

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

Insider Transactions at Skechers U.S.A.

In other news, General Counsel Phillip Paccione sold 423 shares of the firm’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 completion of the transaction, the general counsel now owns 35,000 shares in the company, valued at $2,430,750. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 24.75% of the company’s stock.

Analyst Upgrades and Downgrades

SKX has been the topic of several recent research reports. Morgan Stanley raised shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $60.00 to $80.00 in a report on Tuesday, July 23rd. Barclays raised 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 note on Friday, July 26th. Bank of America upgraded shares of Skechers U.S.A. from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $71.00 to $87.00 in a research note on Friday, June 7th. TD Cowen lifted their price target on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, Wedbush raised their price objective on shares of 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, Skechers U.S.A. currently has a consensus rating of “Buy” and an average target price of $76.75.

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.