Russell Investments Group Ltd. Has $2.75 Million Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Russell Investments Group Ltd. decreased its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 61.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 55,212 shares of the textile maker’s stock after selling 88,693 shares during the quarter. Russell Investments Group Ltd.’s holdings in Skechers U.S.A. were worth $2,750,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Berman Capital Advisors LLC increased its stake in shares of Skechers U.S.A. by 535.8% in the first quarter. Berman Capital Advisors LLC now owns 693 shares of the textile maker’s stock valued at $28,000 after buying an additional 584 shares during the period. Eagle Bay Advisors LLC acquired a new position in shares of Skechers U.S.A. in the second quarter valued at approximately $33,000. First Horizon Advisors Inc. increased its stake in shares of Skechers U.S.A. by 291.4% in the first quarter. First Horizon Advisors Inc. now owns 1,096 shares of the textile maker’s stock valued at $45,000 after buying an additional 816 shares during the period. Exchange Traded Concepts LLC increased its stake in shares of Skechers U.S.A. by 110.9% in the second quarter. Exchange Traded Concepts LLC now owns 1,118 shares of the textile maker’s stock valued at $56,000 after buying an additional 588 shares during the period. Finally, Captrust Financial Advisors increased its stake in shares of Skechers U.S.A. by 995.9% in the first quarter. Captrust Financial Advisors now owns 2,959 shares of the textile maker’s stock valued at $123,000 after buying an additional 2,689 shares during the period. 78.63% of the stock is owned by hedge funds and other institutional investors.

In related news, Director Thomas Walsh sold 3,000 shares of the stock in a transaction on Wednesday, August 4th. The stock was sold at an average price of $53.86, for a total value of $161,580.00. Following the completion of the sale, the director now directly owns 14,500 shares of the company’s stock, valued at approximately $780,970. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Phillip Paccione sold 741 shares of the stock in a transaction on Tuesday, August 3rd. The shares were sold at an average price of $54.21, for a total value of $40,169.61. Following the completion of the sale, the general counsel now directly owns 40,000 shares of the company’s stock, valued at $2,168,400. The disclosure for this sale can be found here. 25.92% of the stock is owned by company insiders.

SKX has been the topic of several analyst reports. Morgan Stanley upped their target price on Skechers U.S.A. from $58.00 to $63.00 and gave the company an “overweight” rating in a report on Friday, July 23rd. Monness Crespi & Hardt upgraded Skechers U.S.A. from a “neutral” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Tuesday, July 20th. B. Riley reiterated a “buy” rating and issued a $61.00 target price (up from $51.00) on shares of Skechers U.S.A. in a report on Friday, July 23rd. Deutsche Bank Aktiengesellschaft upped their target price on Skechers U.S.A. from $62.00 to $64.00 and gave the company a “buy” rating in a report on Friday, July 23rd. Finally, Cowen upped their target price on Skechers U.S.A. from $50.00 to $55.00 and gave the company a “market perform” rating in a report on Wednesday, July 21st. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $54.89.

Shares of SKX opened at $46.17 on Wednesday. Skechers U.S.A., Inc. has a 12-month low of $28.25 and a 12-month high of $55.87. The business’s fifty day moving average is $50.61 and its 200 day moving average is $47.26. The company has a quick ratio of 1.64, a current ratio of 2.43 and a debt-to-equity ratio of 0.09. The stock has a market cap of $7.19 billion, a P/E ratio of 20.43 and a beta of 1.48.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, July 22nd. The textile maker reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.36. Skechers U.S.A. had a return on equity of 12.70% and a net margin of 6.19%. The company had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period last year, the business earned ($0.44) EPS. Skechers U.S.A.’s quarterly revenue was up 127.3% compared to the same quarter last year. On average, analysts expect that Skechers U.S.A., Inc. will post 2.68 EPS for the current year.

About Skechers U.S.A.

Skechers U.SA, Inc engages in designing, development, and marketing of lifestyle footwear for men, women, and children of all ages. It operates through the following segments: Domestic Wholesale, International Wholesale, and Direct-to-Consumer. The Domestic Wholesale segment distributes footwear through the local wholesale distribution channels including department stores, specialty stores, athletic specialty shoe stores and independent retailers, as well as catalog and internet retailers.

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Institutional Ownership by Quarter for Skechers U.S.A. (NYSE:SKX)

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