Skechers U.S.A., Inc. (NYSE:SKX) Shares Sold by Bank of America Corp DE

Bank of America Corp DE trimmed its holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 14.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,478,199 shares of the textile maker's stock after selling 249,456 shares during the period. Bank of America Corp DE owned 0.98% of Skechers U.S.A. worth $99,394,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in shares of Skechers U.S.A. in the fourth quarter worth approximately $12,852,000. Schroder Investment Management Group boosted its holdings in shares of Skechers U.S.A. by 11.3% in the 4th quarter. Schroder Investment Management Group now owns 177,343 shares of the textile maker's stock valued at $12,010,000 after purchasing an additional 18,024 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Skechers U.S.A. by 15.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 120,007 shares of the textile maker's stock valued at $8,069,000 after purchasing an additional 15,874 shares during the last quarter. Nordea Investment Management AB purchased a new stake in shares of Skechers U.S.A. during the 4th quarter valued at $2,752,000. Finally, Delphi Management Inc. MA acquired a new stake in shares of Skechers U.S.A. during the 4th quarter worth $1,517,000. Hedge funds and other institutional investors own 79.96% of the company's stock.

Analyst Ratings Changes

SKX has been the subject of several research analyst reports. Stifel Nicolaus dropped their price target on 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. Evercore ISI dropped their target price on shares of Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating for the company in a research report on Thursday, April 17th. Morgan Stanley reaffirmed an "equal weight" rating and set a $63.00 price target (down from $73.00) on shares of Skechers U.S.A. in a research report on Wednesday. Bank of America dropped their price objective on shares of Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Finally, Wells Fargo & Company lifted their target price on shares of Skechers U.S.A. from $57.00 to $63.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $70.00.

Insider Transactions at Skechers U.S.A.

In other news, General Counsel Phillip Paccione sold 10,994 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $56.63, for a total value of $622,590.22. Following the completion of the sale, the general counsel now directly owns 15,000 shares in the company, valued at approximately $849,450. The trade was a 42.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John M. Vandemore sold 5,112 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total value of $310,605.12. Following the transaction, the chief financial officer now owns 83,328 shares in the company, valued at $5,063,009.28. This trade represents a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 218,245 shares of company stock valued at $13,452,902. Insiders own 24.78% of the company's stock.

Skechers U.S.A. Trading Up 0.1 %

Shares of SKX opened at $61.50 on Friday. Skechers U.S.A., Inc. has a one year low of $44.50 and a one year high of $78.85. The stock has a 50-day moving average price of $53.40 and a 200 day moving average price of $62.07. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.12 and a current ratio of 1.97. The company has a market capitalization of $9.19 billion, a P/E ratio of 14.82, a P/E/G ratio of 1.11 and a beta of 1.06.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its earnings results on Thursday, April 24th. The textile maker reported $1.34 EPS for the quarter, beating the consensus estimate of $1.17 by $0.17. The company had revenue of $2.41 billion during the quarter, compared to analysts' expectations of $2.43 billion. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. The business's revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.33 EPS. Sell-side analysts forecast that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

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.

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