Skechers U.S.A., Inc. (NYSE:SKX) Stake Lowered by Summit Trail Advisors LLC

Summit Trail Advisors LLC decreased its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 7.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,457 shares of the textile maker’s stock after selling 798 shares during the period. Summit Trail Advisors LLC’s holdings in Skechers U.S.A. were worth $633,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Algert Global LLC increased its position in Skechers U.S.A. by 167.8% in the third quarter. Algert Global LLC now owns 136,603 shares of the textile maker’s stock worth $9,141,000 after buying an additional 85,598 shares during the period. Eagle Asset Management Inc. grew its position in shares of Skechers U.S.A. by 133.2% during the third quarter. Eagle Asset Management Inc. now owns 64,630 shares of the textile maker’s stock worth $4,026,000 after acquiring an additional 36,921 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Skechers U.S.A. by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock worth $88,126,000 after acquiring an additional 17,429 shares during the period. Pacer Advisors Inc. lifted its position in Skechers U.S.A. by 5,780.6% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock valued at $176,628,000 after purchasing an additional 2,594,507 shares during the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new position in Skechers U.S.A. during the 3rd quarter valued at about $1,150,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Bank of America cut their price target on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. TD Cowen reduced their price target on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Needham & Company LLC initiated coverage on Skechers U.S.A. in a research note on Friday. They issued a “hold” rating for the company. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Barclays increased their target price on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $78.09.

Skechers U.S.A. Stock Performance

NYSE:SKX opened at $63.48 on Tuesday. The company has a 50-day moving average of $63.52 and a 200-day moving average of $66.20. The firm has a market cap of $9.58 billion, a price-to-earnings ratio of 15.64, a price-to-earnings-growth ratio of 0.86 and a beta of 1.23. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. Skechers U.S.A., Inc. has a twelve month low of $55.51 and a twelve month high of $75.09.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. The firm had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period last year, the firm posted $0.93 earnings per share. Analysts forecast that Skechers U.S.A., Inc. will post 4.25 earnings per share for the current fiscal year.

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.