Bank of New York Mellon Corp lessened its stake in Skechers U.S.A., Inc. (NYSE:SKX – Free Report) by 1.5% in the second quarter, HoldingsChannel reports. The fund owned 1,520,561 shares of the textile maker’s stock after selling 23,647 shares during the period. Bank of New York Mellon Corp’s holdings in Skechers U.S.A. were worth $105,101,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the stock. Redmont Wealth Advisors LLC purchased a new stake in Skechers U.S.A. during the 1st quarter valued at $25,000. Bessemer Group Inc. boosted its holdings in shares of Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after purchasing an additional 164 shares during the period. GAMMA Investing LLC bought a new stake in shares of Skechers U.S.A. in the fourth quarter worth about $36,000. Game Plan Financial Advisors LLC purchased a new position in Skechers U.S.A. during the 1st quarter valued at about $43,000. Finally, Versant Capital Management Inc raised its position in Skechers U.S.A. by 2,809.1% during the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after purchasing an additional 618 shares during the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.
Skechers U.S.A. Stock Down 0.2 %
Shares of NYSE:SKX opened at $69.99 on Wednesday. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $66.29 and a two-hundred day simple moving average of $64.57. Skechers U.S.A., Inc. has a 12-month low of $45.58 and a 12-month high of $75.09. The stock has a market capitalization of $10.67 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 0.90 and a beta of 1.25.
Insiders Place Their Bets
In related news, General Counsel Phillip Paccione sold 423 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total transaction of $29,377.35. Following the completion of the sale, the general counsel now owns 35,000 shares of the company’s stock, valued at $2,430,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 24.75% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on SKX. Morgan Stanley upgraded Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $60.00 to $80.00 in a research report on Tuesday, July 23rd. Evercore ISI lifted their price target on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $82.00 price objective on shares of Skechers U.S.A. in a report on Thursday, June 13th. Wells Fargo & Company assumed coverage on shares of Skechers U.S.A. in a research note on Wednesday, June 12th. They set an “overweight” rating and a $83.00 target price on the stock. Finally, Stifel Nicolaus increased their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $76.75.
Get Our Latest Analysis on Skechers U.S.A.
Skechers U.S.A. Company 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.
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