Longboard Asset Management LP Purchases Shares of 3,028 Skechers U.S.A., Inc. (NYSE:SKX)

Longboard Asset Management LP acquired a new position in Skechers U.S.A., Inc. (NYSE:SKX) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,028 shares of the textile maker’s stock, valued at approximately $204,000.

Several other institutional investors have also recently modified their holdings of SKX. Pacer Advisors Inc. raised its stake in shares of Skechers U.S.A. by 5,780.6% in the third quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock worth $176,628,000 after purchasing an additional 2,594,507 shares during the last quarter. Commerce Bank raised its stake in shares of Skechers U.S.A. by 949.5% in the third quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock worth $31,303,000 after purchasing an additional 423,204 shares during the last quarter. Coronation Fund Managers Ltd. raised its stake in shares of Skechers U.S.A. by 378.6% in the third quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock worth $33,382,000 after purchasing an additional 394,618 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Skechers U.S.A. by 39.0% in the third quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock worth $68,630,000 after purchasing an additional 287,939 shares during the last quarter. Finally, Adams Diversified Equity Fund Inc. purchased a new position in shares of Skechers U.S.A. in the third quarter worth about $16,790,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Skechers U.S.A.

In other news, President Michael Greenberg sold 10,274 shares of Skechers U.S.A. stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $693,289.52. Following the sale, the president now directly owns 149,327 shares of the company’s stock, valued at $10,076,585.96. The trade was a 6.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value 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 $8,246,798.28. This represents a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 24.75% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SKX. StockNews.com upgraded Skechers U.S.A. from a “hold” rating to a “buy” rating in a research note on Thursday, January 23rd. Deutsche Bank Aktiengesellschaft raised their target price on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, October 25th. 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 report on Friday, October 25th. Piper Sandler assumed coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Skechers U.S.A. in a report on Wednesday, January 29th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $80.18.

Skechers U.S.A. Stock Performance

Shares of NYSE:SKX opened at $73.98 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The business’s 50 day moving average price is $69.83 and its 200-day moving average price is $66.26. The firm has a market capitalization of $11.17 billion, a PE ratio of 18.22, a P/E/G ratio of 0.92 and a beta of 1.19. Skechers U.S.A., Inc. has a 1 year low of $55.67 and a 1 year high of $78.85.

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.