Second Line Capital LLC Decreases Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Second Line Capital LLC cut its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 50.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,089 shares of the textile maker’s stock after selling 16,236 shares during the quarter. Second Line Capital LLC’s holdings in Skechers U.S.A. were worth $1,077,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SKX. UMB Bank n.a. boosted its position in shares of Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock valued at $30,000 after acquiring an additional 364 shares during the last quarter. Venturi Wealth Management LLC boosted its holdings in Skechers U.S.A. by 52.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock valued at $58,000 after purchasing an additional 299 shares during the last quarter. Brooklyn Investment Group purchased a new stake in shares of Skechers U.S.A. in the 3rd quarter valued at approximately $67,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Skechers U.S.A. during the 2nd quarter worth approximately $69,000. Finally, Blue Trust Inc. raised its position in shares of Skechers U.S.A. by 778.1% during the 3rd quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock valued at $69,000 after buying an additional 887 shares during the period. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Trading Down 2.3 %

SKX opened at $70.37 on Wednesday. The business has a fifty day moving average price of $63.81 and a 200 day moving average price of $66.13. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. Skechers U.S.A., Inc. has a 12 month low of $55.67 and a 12 month high of $75.09. The stock has a market capitalization of $10.62 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 0.99 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last released 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. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same period in the prior year, the firm earned $0.93 earnings per share. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. Sell-side analysts expect that Skechers U.S.A., Inc. will post 4.25 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SKX. Needham & Company LLC initiated coverage on Skechers U.S.A. in a research note on Friday, November 22nd. They set a “hold” rating for the company. Barclays raised their price objective on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Piper Sandler started coverage on shares of Skechers U.S.A. in a research note on Tuesday. They set a “neutral” rating and a $65.00 target price for the company. Bank of America decreased their price objective on shares of 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. Finally, StockNews.com downgraded shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, November 25th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.00.

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.