Avantax Advisory Services Inc. Boosts Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Avantax Advisory Services Inc. increased its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 4.7% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 4,692 shares of the textile maker’s stock after purchasing an additional 212 shares during the period. Avantax Advisory Services Inc.’s holdings in Skechers U.S.A. were worth $315,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its position in shares of Skechers U.S.A. by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock worth $88,126,000 after acquiring an additional 17,429 shares in the last quarter. Loomis Sayles & Co. L P raised its holdings in Skechers U.S.A. by 7.1% during the third quarter. Loomis Sayles & Co. L P now owns 752,067 shares of the textile maker’s stock worth $50,328,000 after purchasing an additional 49,734 shares in the last quarter. Brooklyn Investment Group acquired a new position in Skechers U.S.A. during the third quarter worth $67,000. Cynosure Group LLC raised its position in Skechers U.S.A. by 11.0% in the third quarter. Cynosure Group LLC now owns 5,744 shares of the textile maker’s stock worth $384,000 after acquiring an additional 568 shares in the last quarter. Finally, Bridgewater Associates LP lifted its holdings in Skechers U.S.A. by 39.9% in the third quarter. Bridgewater Associates LP now owns 4,166 shares of the textile maker’s stock valued at $279,000 after acquiring an additional 1,188 shares during the period. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Robert Greenberg sold 52,600 shares of the stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total value of $3,299,072.00. Following the completion of the transaction, the chief executive officer now owns 61,367 shares of the company’s stock, valued at approximately $3,848,938.24. This represents a 46.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Michael Greenberg sold 10,274 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $693,289.52. Following the completion of the sale, the president now directly owns 149,327 shares of the company’s stock, valued at approximately $10,076,585.96. This represents a 6.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 236,738 shares of company stock worth $14,700,809 in the last three months. 24.75% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Bank of America reduced 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 note on Monday. Raymond James cut 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 report on Friday, February 7th. TD Cowen upped their target price on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. UBS Group decreased their price target on Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Finally, Piper Sandler assumed coverage on Skechers U.S.A. in a research report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price target for the company. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.42.

Skechers U.S.A. Price Performance

SKX stock opened at $57.38 on Wednesday. The stock’s 50 day moving average is $65.02 and its two-hundred day moving average is $65.38. Skechers U.S.A., Inc. has a 52-week low of $53.79 and a 52-week high of $78.85. The company has a market capitalization of $8.57 billion, a PE ratio of 13.83, a P/E/G ratio of 1.11 and a beta of 1.21. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, February 6th. The textile maker reported $0.65 EPS for the quarter, missing the consensus estimate 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%. Analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

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.