Sumitomo Mitsui Trust Holdings Inc. Makes New Investment in Skechers USA Inc (NYSE:SKX)

Sumitomo Mitsui Trust Holdings Inc. bought a new position in Skechers USA Inc (NYSE:SKX) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 44,663 shares of the textile maker’s stock, valued at approximately $1,668,000.

A number of other hedge funds also recently modified their holdings of the business. NuWave Investment Management LLC lifted its position in shares of Skechers USA by 271.4% in the 3rd quarter. NuWave Investment Management LLC now owns 713 shares of the textile maker’s stock worth $26,000 after purchasing an additional 521 shares during the period. Meeder Asset Management Inc. lifted its position in shares of Skechers USA by 1,270.7% in the 3rd quarter. Meeder Asset Management Inc. now owns 1,028 shares of the textile maker’s stock worth $39,000 after purchasing an additional 953 shares during the period. Hanseatic Management Services Inc. purchased a new stake in shares of Skechers USA in the 2nd quarter worth approximately $43,000. Cerebellum GP LLC purchased a new stake in shares of Skechers USA in the 3rd quarter worth approximately $63,000. Finally, Machina Capital S.A.S. purchased a new stake in shares of Skechers USA in the 2nd quarter worth approximately $120,000. Institutional investors and hedge funds own 77.03% of the company’s stock.

Several equities research analysts have recently weighed in on SKX shares. ValuEngine cut shares of Skechers USA from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Monness Crespi & Hardt reaffirmed a “buy” rating and issued a $42.00 price target (up previously from $35.00) on shares of Skechers USA in a research report on Friday, July 19th. They noted that the move was a valuation call. Stifel Nicolaus upped their price target on shares of Skechers USA from $35.00 to $44.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Wedbush set a $46.00 price target on shares of Skechers USA and gave the stock a “buy” rating in a research report on Monday, September 23rd. Finally, Morgan Stanley upped their price target on shares of Skechers USA from $34.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. Skechers USA currently has a consensus rating of “Hold” and an average target price of $41.72.

In other Skechers USA news, Director Richard Siskind sold 15,000 shares of the firm’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $36.25, for a total value of $543,750.00. Following the completion of the transaction, the director now owns 172,499 shares of the company’s stock, valued at $6,253,088.75. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jeffrey Greenberg sold 30,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $39.00, for a total transaction of $1,170,000.00. The disclosure for this sale can be found here. Insiders have sold 415,000 shares of company stock valued at $15,080,850 in the last three months. 28.08% of the stock is currently owned by corporate insiders.

NYSE:SKX traded down $0.23 during midday trading on Wednesday, reaching $39.23. 923,600 shares of the stock traded hands, compared to its average volume of 2,201,204. Skechers USA Inc has a 12-month low of $21.45 and a 12-month high of $40.50. The business has a 50-day moving average of $37.29 and a two-hundred day moving average of $33.51. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.57 and a current ratio of 2.37. The stock has a market capitalization of $6.13 billion, a PE ratio of 20.43, a price-to-earnings-growth ratio of 1.17 and a beta of 0.79.

Skechers USA (NYSE:SKX) last posted its earnings results on Tuesday, October 22nd. The textile maker reported $0.67 EPS for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.02). Skechers USA had a net margin of 6.73% and a return on equity of 14.85%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the previous year, the company earned $0.58 EPS. The company’s revenue was up 15.1% on a year-over-year basis. Research analysts anticipate that Skechers USA Inc will post 2.25 earnings per share for the current year.

Skechers USA Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.

Further Reading: Understanding debt-to-equity ratio in fundamental analysis

Institutional Ownership by Quarter for Skechers USA (NYSE:SKX)

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