Formidable Asset Management LLC Purchases New Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Formidable Asset Management LLC acquired a new stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 11,443 shares of the textile maker's stock, valued at approximately $769,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. NewEdge Advisors LLC raised its holdings in shares of Skechers U.S.A. by 85.2% during the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock worth $28,000 after acquiring an additional 190 shares in the last quarter. TD Private Client Wealth LLC increased its position in Skechers U.S.A. by 534.3% during the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker's stock worth $29,000 after acquiring an additional 358 shares during the period. Investment Management Corp VA ADV acquired a new stake in Skechers U.S.A. during the fourth quarter worth about $32,000. UMB Bank n.a. increased its position in shares of Skechers U.S.A. by 53.1% during the fourth quarter. UMB Bank n.a. now owns 689 shares of the textile maker's stock valued at $46,000 after purchasing an additional 239 shares during the period. Finally, IFP Advisors Inc raised its stake in shares of Skechers U.S.A. by 62.4% in the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker's stock valued at $55,000 after buying an additional 317 shares in the last quarter. Institutional investors and hedge funds own 79.96% of the company's stock.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock traded up $0.02 during mid-day trading on Friday, reaching $62.05. The company's stock had a trading volume of 4,482,877 shares, compared to its average volume of 3,226,115. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.12 and a current ratio of 1.97. Skechers U.S.A., Inc. has a 12-month low of $44.50 and a 12-month high of $78.85. The company has a market capitalization of $9.28 billion, a P/E ratio of 14.95, a PEG ratio of 1.11 and a beta of 1.06. The firm's fifty day moving average price is $54.79 and its two-hundred day moving average price is $62.09.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The textile maker reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.17 by $0.17. Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. The company had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the business earned $1.33 earnings per share. Skechers U.S.A.'s revenue was up 7.1% compared to the same quarter last year. Sell-side analysts predict 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 subject of several recent analyst reports. Raymond James lowered shares of Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a report on Monday, May 5th. Evercore ISI lowered their price target on Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating for the company in a research note on Thursday, April 17th. Stifel Nicolaus dropped their price target on Skechers U.S.A. from $80.00 to $62.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $63.00 price objective (down from $73.00) on shares of Skechers U.S.A. in a research report on Wednesday, May 7th. Finally, UBS Group restated a "neutral" rating and set a $63.00 price objective (down from $64.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $67.69.

Insider Buying and Selling at Skechers U.S.A.

In other news, CFO John M. Vandemore sold 5,112 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $60.76, for a total transaction of $310,605.12. Following the transaction, the chief financial officer now directly owns 83,328 shares in the company, valued at approximately $5,063,009.28. This represents a 5.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Michael Greenberg sold 33,656 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $60.76, for a total transaction of $2,044,938.56. Following the transaction, the president now owns 137,530 shares in the company, valued at $8,356,322.80. The trade was a 19.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 117,599 shares of company stock worth $7,099,910 over the last three months. 24.78% of the stock is owned by insiders.

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.