Skechers U.S.A., Inc. (NYSE:SKX) Stake Trimmed by Granahan Investment Management LLC

Granahan Investment Management LLC lowered its stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 80.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 31,241 shares of the textile maker's stock after selling 125,521 shares during the quarter. Granahan Investment Management LLC's holdings in Skechers U.S.A. were worth $2,101,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. NewEdge Advisors LLC increased its holdings 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 worth $28,000 after purchasing an additional 190 shares during the last quarter. TD Private Client Wealth LLC raised its holdings in 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 acquiring an additional 358 shares in the last quarter. UMB Bank n.a. raised its holdings in 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 acquiring an additional 239 shares in the last quarter. IFP Advisors Inc boosted its stake in Skechers U.S.A. by 62.4% during the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker's stock valued at $55,000 after acquiring an additional 317 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Skechers U.S.A. during the 4th quarter worth $65,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Skechers U.S.A. Price Performance

SKX stock traded down $0.23 during trading on Tuesday, hitting $62.27. The company had a trading volume of 5,324,496 shares, compared to its average volume of 2,974,324. The business has a 50 day moving average of $53.53 and a 200 day moving average of $62.09. The firm has a market capitalization of $9.30 billion, a price-to-earnings ratio of 15.00, a P/E/G ratio of 1.11 and a beta of 1.06. 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 fifty-two week low of $44.50 and a fifty-two week high of $78.85.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The textile maker reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates of $1.17 by $0.17. The company had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.43 billion. Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. The business's revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.33 EPS. As a group, research analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SKX has been the topic of a number of recent analyst reports. Evercore ISI cut their target price on shares of Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating on the stock in a research note on Thursday, April 17th. Stifel Nicolaus cut their price objective on Skechers U.S.A. from $80.00 to $62.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. UBS Group reiterated a "neutral" rating and issued a $63.00 target price (down previously from $64.00) on shares of Skechers U.S.A. in a research report on Tuesday, May 6th. Wells Fargo & Company boosted their price target on Skechers U.S.A. from $57.00 to $63.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Finally, Raymond James lowered Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research report on Monday, May 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $70.00.

Insiders Place Their Bets

In related news, President Michael Greenberg sold 33,656 shares of the firm's 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 completion of the sale, the president now directly owns 137,530 shares in the company, valued at approximately $8,356,322.80. This trade represents a 19.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Phillip Paccione sold 10,994 shares of Skechers U.S.A. stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $56.63, for a total transaction of $622,590.22. Following the completion of the transaction, the general counsel now owns 15,000 shares in the company, valued at approximately $849,450. This trade represents a 42.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold 218,245 shares of company stock worth $13,452,902 over the last ninety days. Company insiders own 24.78% of the company's stock.

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.