Corient Private Wealth LLC Cuts Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Corient Private Wealth LLC lessened its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 2.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 43,571 shares of the textile maker’s stock after selling 1,218 shares during the quarter. Corient Private Wealth LLC’s holdings in Skechers U.S.A. were worth $2,930,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. 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 worth $46,000 after buying an additional 239 shares during the last quarter. IFP Advisors Inc raised its holdings in Skechers U.S.A. by 62.4% in the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock worth $55,000 after acquiring an additional 317 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Skechers U.S.A. in the 4th quarter worth approximately $65,000. Brooklyn Investment Group bought a new position in Skechers U.S.A. in the 3rd quarter valued at approximately $67,000. Finally, Blue Trust Inc. boosted its stake in Skechers U.S.A. by 20.7% during the 4th quarter. Blue Trust Inc. now owns 1,208 shares of the textile maker’s stock valued at $81,000 after purchasing an additional 207 shares during the last quarter. Institutional investors own 79.96% of the company’s stock.

Insider Buying and Selling

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 10,994 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $56.63, for a total value of $622,590.22. Following the completion of the transaction, the general counsel now directly owns 15,000 shares in the company, valued at $849,450. This represents a 42.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 sale, the president now owns 149,327 shares in the company, valued at $10,076,585.96. The trade was a 6.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 236,738 shares of company stock valued at $14,700,809. 24.75% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SKX. Stifel Nicolaus lowered their price target on Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, February 7th. StockNews.com downgraded shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Piper Sandler initiated coverage on shares of Skechers U.S.A. in a report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price objective for the company. UBS Group dropped their target price 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, February 7th. Finally, Raymond James decreased their target price on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $81.25.

Skechers U.S.A. Trading Down 0.5 %

NYSE:SKX opened at $56.11 on Monday. Skechers U.S.A., Inc. has a one year low of $53.79 and a one year high of $78.85. The business has a fifty day moving average price of $65.55 and a 200-day moving average price of $65.50. The firm has a market capitalization of $8.38 billion, a price-to-earnings ratio of 13.52, a price-to-earnings-growth ratio of 1.11 and a beta of 1.21. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12.

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 13.73% and a net margin of 7.13%. Sell-side analysts forecast that Skechers U.S.A., Inc. will post 4.47 EPS for the current year.

About Skechers U.S.A.

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.