Skechers U.S.A., Inc. (NYSE:SKX) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama trimmed its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 1.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,008 shares of the textile maker’s stock after selling 2,400 shares during the quarter. Retirement Systems of Alabama’s holdings in Skechers U.S.A. were worth $10,775,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. UMB Bank n.a. boosted its stake in shares of Skechers U.S.A. by 423.3% in the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock valued at $30,000 after buying an additional 364 shares during the period. Venturi Wealth Management LLC raised its holdings in Skechers U.S.A. by 52.9% in the third quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock valued at $58,000 after acquiring an additional 299 shares in the last quarter. Brooklyn Investment Group purchased a new position in Skechers U.S.A. in the third quarter worth approximately $67,000. 1620 Investment Advisors Inc. acquired a new position in Skechers U.S.A. during the 2nd quarter worth approximately $69,000. Finally, Blue Trust Inc. grew its holdings in Skechers U.S.A. by 778.1% during the 3rd quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock worth $69,000 after acquiring an additional 887 shares in the last quarter. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. StockNews.com cut Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Monday, November 25th. Piper Sandler assumed coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price objective on the stock. TD Cowen decreased their target price on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Finally, Morgan Stanley upped their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Skechers U.S.A. Stock Performance

Shares of SKX opened at $68.23 on Tuesday. The company’s 50 day simple moving average is $64.14 and its 200-day simple moving average is $66.15. Skechers U.S.A., Inc. has a 12-month low of $55.67 and a 12-month high of $75.09. The firm has a market cap of $10.30 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 0.98 and a beta of 1.22. 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. (NYSE:SKX) last issued its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The company had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same period last year, the firm posted $0.93 EPS. Skechers U.S.A.’s revenue for the quarter was up 16.0% on a year-over-year basis. As a group, equities analysts predict that Skechers U.S.A., Inc. will post 4.24 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.