Massachusetts Financial Services Co. MA Sells 386,731 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Massachusetts Financial Services Co. MA decreased its position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 8.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,383,853 shares of the textile maker's stock after selling 386,731 shares during the quarter. Massachusetts Financial Services Co. MA owned about 2.85% of Skechers U.S.A. worth $273,289,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in SKX. Commonwealth Equity Services LLC increased its stake in shares of Skechers U.S.A. by 17.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 60,151 shares of the textile maker's stock valued at $2,944,000 after acquiring an additional 8,957 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of Skechers U.S.A. by 10.9% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 6,898 shares of the textile maker's stock valued at $338,000 after acquiring an additional 678 shares in the last quarter. Raymond James & Associates increased its stake in shares of Skechers U.S.A. by 20.6% in the 3rd quarter. Raymond James & Associates now owns 11,502 shares of the textile maker's stock valued at $563,000 after acquiring an additional 1,961 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Skechers U.S.A. in the 3rd quarter valued at $482,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Skechers U.S.A. by 16.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,081 shares of the textile maker's stock valued at $1,326,000 after acquiring an additional 3,820 shares in the last quarter. Institutional investors own 79.96% of the company's stock.

Insider Activity

In other news, COO David Weinberg sold 20,226 shares of the company's stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $1,236,010.86. Following the sale, the chief operating officer now directly owns 99,655 shares in the company, valued at $6,089,917.05. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP Mark A. Nason sold 6,067 shares of the company's stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $370,754.37. Following the sale, the executive vice president now directly owns 14,023 shares in the company, valued at $856,945.53. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO David Weinberg sold 20,226 shares of the business's stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total value of $1,236,010.86. Following the transaction, the chief operating officer now directly owns 99,655 shares of the company's stock, valued at approximately $6,089,917.05. The disclosure for this sale can be found here. Insiders have sold a total of 81,914 shares of company stock worth $5,005,765 over the last ninety days. Company insiders own 24.75% of the company's stock.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock traded up $0.76 during midday trading on Tuesday, reaching $69.00. The stock had a trading volume of 1,214,201 shares, compared to its average volume of 1,700,983. Skechers U.S.A., Inc. has a 12 month low of $45.58 and a 12 month high of $69.69. The firm's 50-day moving average price is $61.15 and its 200 day moving average price is $59.59. The firm has a market capitalization of $10.52 billion, a PE ratio of 18.12, a P/E/G ratio of 1.19 and a beta of 1.29. The company has a quick ratio of 1.56, a current ratio of 2.39 and a debt-to-equity ratio of 0.02.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced its quarterly earnings data on Thursday, April 25th. The textile maker reported $1.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.23. Skechers U.S.A. had a return on equity of 13.56% and a net margin of 7.17%. The business had revenue of $2.25 billion for the quarter, compared to analysts' expectations of $2.20 billion. During the same period in the previous year, the business posted $1.02 EPS. The firm's quarterly revenue was up 12.5% compared to the same quarter last year. As a group, research analysts predict that Skechers U.S.A., Inc. will post 4.07 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Evercore ISI reduced their price target on shares of Skechers U.S.A. from $73.00 to $68.00 and set an "outperform" rating for the company in a research report on Wednesday, April 17th. Stifel Nicolaus cut their price objective on shares of Skechers U.S.A. from $72.00 to $70.00 and set a "buy" rating on the stock in a report on Friday, February 2nd. Raymond James cut their price objective on shares of Skechers U.S.A. from $68.00 to $66.00 and set an "outperform" rating on the stock in a report on Monday, February 5th. TD Cowen boosted their price target on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the stock a "buy" rating in a report on Wednesday, March 6th. Finally, Barclays started coverage on shares of Skechers U.S.A. in a report on Monday, April 1st. They issued an "overweight" rating and a $71.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $66.83.

Skechers U.S.A. 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.