Nuveen Asset Management LLC Boosts Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Nuveen Asset Management LLC raised its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 3.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 606,155 shares of the textile maker's stock after buying an additional 18,487 shares during the quarter. Nuveen Asset Management LLC owned about 0.40% of Skechers U.S.A. worth $40,758,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. NewEdge Advisors LLC grew its stake in Skechers U.S.A. by 85.2% during the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock valued at $28,000 after acquiring an additional 190 shares in the last quarter. TD Private Client Wealth LLC grew its position in shares of Skechers U.S.A. by 534.3% in the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker's stock valued at $29,000 after purchasing an additional 358 shares in the last quarter. UMB Bank n.a. grew its position in shares of Skechers U.S.A. by 53.1% in 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 in the last quarter. IFP Advisors Inc increased its holdings in shares of Skechers U.S.A. by 62.4% in the fourth quarter. IFP Advisors Inc now owns 825 shares of the textile maker's stock valued at $55,000 after purchasing an additional 317 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Skechers U.S.A. during the fourth quarter worth approximately $65,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SKX shares. Stifel Nicolaus dropped their price target on shares of Skechers U.S.A. from $80.00 to $62.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Needham & Company LLC reiterated a "hold" rating on shares of Skechers U.S.A. in a research report on Tuesday, April 22nd. UBS Group reissued a "neutral" rating and set a $63.00 target price (down previously from $64.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. Wells Fargo & Company increased their price target on Skechers U.S.A. from $57.00 to $63.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Finally, Raymond James downgraded Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research report on Monday, May 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Skechers U.S.A. currently has a consensus rating of "Hold" and an average target price of $70.00.

Insider Activity

In other news, CEO Robert Greenberg sold 40,924 shares of the firm's 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 sale, the chief executive officer now directly owns 51,342 shares in the company, valued at approximately $3,119,539.92. This trade represents a 44.35% 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, COO David Weinberg sold 26,913 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total transaction of $1,635,233.88. Following the transaction, the chief operating officer now owns 44,637 shares of the company's stock, valued at approximately $2,712,144.12. The trade was a 37.61% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 117,599 shares of company stock worth $7,099,910. 24.78% of the stock is currently owned by company insiders.

Skechers U.S.A. Stock Down 0.2%

SKX traded down $0.15 during trading hours on Monday, hitting $61.91. 7,387,452 shares of the company's stock were exchanged, compared to its average volume of 3,158,924. 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., Inc. has a 12-month low of $44.50 and a 12-month high of $78.85. The firm has a market cap of $9.26 billion, a P/E ratio of 14.92, a price-to-earnings-growth ratio of 1.11 and a beta of 1.06. The firm has a 50 day moving average of $54.39 and a 200 day moving average of $62.09.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The textile maker reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.17. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. The business had revenue of $2.41 billion for the quarter, compared to analysts' expectations of $2.43 billion. During the same period last year, the firm earned $1.33 earnings per share. The company's revenue for the quarter was up 7.1% compared to the same quarter last year. Analysts predict that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

Skechers U.S.A. Company 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.