Empowered Funds LLC Purchases 7,657 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Empowered Funds LLC lifted its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 7.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 116,738 shares of the textile maker’s stock after buying an additional 7,657 shares during the quarter. Empowered Funds LLC owned approximately 0.08% of Skechers U.S.A. worth $7,849,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. GHP Investment Advisors Inc. lifted its stake in Skechers U.S.A. by 7,326.2% in the fourth quarter. GHP Investment Advisors Inc. now owns 20,422 shares of the textile maker’s stock worth $1,373,000 after acquiring an additional 20,147 shares during the period. Tectonic Advisors LLC lifted its position in shares of Skechers U.S.A. by 9.0% in the 4th quarter. Tectonic Advisors LLC now owns 5,988 shares of the textile maker’s stock worth $403,000 after purchasing an additional 494 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Skechers U.S.A. during the fourth quarter valued at approximately $65,000. Longboard Asset Management LP purchased a new position in Skechers U.S.A. during the fourth quarter valued at approximately $204,000. Finally, Calamos Wealth Management LLC increased its holdings in Skechers U.S.A. by 0.9% during the fourth quarter. Calamos Wealth Management LLC now owns 18,257 shares of the textile maker’s stock valued at $1,228,000 after buying an additional 157 shares during the period. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Analyst Upgrades and Downgrades

SKX has been the topic of several recent research reports. Bank of America dropped their target price on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, October 25th. StockNews.com downgraded Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Monday. Piper Sandler began coverage on shares of Skechers U.S.A. in a report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 target price for the company. UBS Group lowered their price target on shares of Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating on the stock in a report on Friday. Finally, Evercore ISI boosted their price objective on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 28th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $81.25.

Skechers U.S.A. Trading Down 1.4 %

NYSE SKX opened at $65.09 on Tuesday. The stock has a market cap of $9.83 billion, a P/E ratio of 15.68, a P/E/G ratio of 0.95 and a beta of 1.19. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. Skechers U.S.A., Inc. has a 12-month low of $55.67 and a 12-month high of $78.85. The company has a fifty day simple moving average of $70.55 and a two-hundred day simple moving average of $66.50.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.81% and a net margin of 7.13%. On average, analysts forecast that Skechers U.S.A., Inc. will post 4.79 earnings per share for the current year.

Insider Activity at Skechers U.S.A.

In related news, President Michael Greenberg sold 10,274 shares of the firm’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $693,289.52. Following the completion of the transaction, the president now owns 149,327 shares of the company’s stock, valued at $10,076,585.96. This trade represents a 6.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO David Weinberg sold 8,219 shares of the company’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $554,618.12. Following the completion of the sale, the chief operating officer now directly owns 122,211 shares in the company, valued at approximately $8,246,798.28. The trade was a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is owned by insiders.

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.