State of Michigan Retirement System Grows Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

State of Michigan Retirement System lifted its position in Skechers U.S.A., Inc. (NYSE:SKX) by 2.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,844 shares of the textile maker’s stock after purchasing an additional 800 shares during the quarter. State of Michigan Retirement System’s holdings in Skechers U.S.A. were worth $2,012,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Wells Fargo & Company MN boosted its stake in Skechers U.S.A. by 50.4% in the fourth quarter. Wells Fargo & Company MN now owns 157,416 shares of the textile maker’s stock worth $9,813,000 after buying an additional 52,754 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Skechers U.S.A. by 354.5% during the 4th quarter. Raymond James & Associates now owns 52,280 shares of the textile maker’s stock valued at $3,259,000 after purchasing an additional 40,778 shares during the last quarter. Quantedge Capital Pte Ltd purchased a new position in Skechers U.S.A. in the 4th quarter worth $948,000. Cim LLC bought a new stake in Skechers U.S.A. in the fourth quarter worth $1,126,000. Finally, KBC Group NV lifted its stake in Skechers U.S.A. by 22.4% in the fourth quarter. KBC Group NV now owns 241,079 shares of the textile maker’s stock worth $15,029,000 after purchasing an additional 44,086 shares during the last quarter. 79.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Skechers U.S.A.

In other news, General Counsel Phillip Paccione sold 423 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total value of $29,377.35. Following the transaction, the general counsel now directly owns 35,000 shares in the company, valued at approximately $2,430,750. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 24.75% of the company’s stock.

Skechers U.S.A. Price Performance

Shares of NYSE:SKX opened at $67.32 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.56 and a current ratio of 2.39. The firm has a market cap of $10.27 billion, a price-to-earnings ratio of 17.72, a price-to-earnings-growth ratio of 0.96 and a beta of 1.25. The business has a 50-day simple moving average of $69.45 and a two-hundred day simple moving average of $63.71. Skechers U.S.A., Inc. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.23. The firm had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.20 billion. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.56%. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.02 earnings per share. On average, analysts expect that Skechers U.S.A., Inc. will post 4.08 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $82.00 price objective on shares of Skechers U.S.A. in a report on Thursday, June 13th. Evercore ISI reduced their price objective on shares of Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Wedbush reiterated an “outperform” rating and set a $76.00 target price on shares of Skechers U.S.A. in a report on Friday, May 17th. Bank of America upgraded shares of Skechers U.S.A. from a “neutral” rating to a “buy” rating and increased their price target for the stock from $71.00 to $87.00 in a research note on Friday, June 7th. Finally, Stifel Nicolaus lifted their price objective on Skechers U.S.A. from $74.00 to $81.00 and gave the company a “buy” rating in a research note on Tuesday, May 28th. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $72.00.

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.