Cornerstone Investment Partners LLC Boosts Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Cornerstone Investment Partners LLC increased its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 3.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 10,023 shares of the textile maker’s stock after purchasing an additional 331 shares during the period. Cornerstone Investment Partners LLC’s holdings in Skechers U.S.A. were worth $674,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. UMB Bank n.a. boosted its position in shares of Skechers U.S.A. by 53.1% during the 4th quarter. UMB Bank n.a. now owns 689 shares of the textile maker’s stock worth $46,000 after purchasing an additional 239 shares during the period. IFP Advisors Inc boosted its position in shares of Skechers U.S.A. by 62.4% during the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock worth $55,000 after purchasing an additional 317 shares during the period. Venturi Wealth Management LLC boosted its position in shares of Skechers U.S.A. by 52.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock worth $58,000 after purchasing an additional 299 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Skechers U.S.A. during the 4th quarter worth approximately $65,000. Finally, Brooklyn Investment Group purchased a new position in shares of Skechers U.S.A. during the 3rd quarter worth approximately $67,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Insider Activity at Skechers U.S.A.

In related news, CEO Robert Greenberg sold 40,924 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $60.76, for a total value of $2,486,542.24. Following the transaction, the chief executive officer now directly owns 51,342 shares of the company’s stock, valued at $3,119,539.92. This trade represents a 44.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Michael Greenberg sold 10,274 shares of the stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $693,289.52. Following the completion of the transaction, the president now directly owns 149,327 shares in the company, valued at $10,076,585.96. This trade represents a 6.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 225,744 shares of company stock valued at $14,078,219 in the last ninety days. Insiders own 24.75% of the company’s stock.

Skechers U.S.A. Price Performance

Shares of SKX opened at $58.33 on Tuesday. Skechers U.S.A., Inc. has a twelve month low of $55.67 and a twelve month high of $78.85. The firm’s fifty day simple moving average is $68.73 and its 200-day simple moving average is $66.57. The firm has a market capitalization of $8.81 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 1.11 and a beta of 1.19. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data on Thursday, February 6th. The textile maker reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. Equities analysts forecast that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SKX has been the topic of a number of research reports. Raymond James reduced their target price on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Stifel Nicolaus reduced their target price on shares of Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Needham & Company LLC reiterated a “hold” rating on shares of Skechers U.S.A. in a report on Friday, February 7th. StockNews.com lowered shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Finally, TD Cowen increased their target price on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $81.25.

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.