MML Investors Services LLC Decreases Stake in Skechers U.S.A., Inc. (NYSE:SKX)

MML Investors Services LLC lessened its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 51.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,083 shares of the textile maker’s stock after selling 17,789 shares during the period. MML Investors Services LLC’s holdings in Skechers U.S.A. were worth $1,143,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Skechers U.S.A. during the 2nd quarter worth $335,000. Envestnet Portfolio Solutions Inc. increased its holdings in Skechers U.S.A. by 23.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,490 shares of the textile maker’s stock valued at $379,000 after buying an additional 1,049 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Skechers U.S.A. by 51.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 29,804 shares of the textile maker’s stock valued at $2,060,000 after acquiring an additional 10,091 shares during the period. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Skechers U.S.A. during the 2nd quarter worth approximately $282,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Skechers U.S.A. by 9.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 37,724 shares of the textile maker’s stock worth $2,607,000 after acquiring an additional 3,333 shares in the last quarter. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SKX shares. Piper Sandler initiated coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price objective for the company. Deutsche Bank Aktiengesellschaft lifted their price target on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Needham & Company LLC assumed coverage on shares of Skechers U.S.A. in a research note on Friday, November 22nd. They issued a “hold” rating on the stock. StockNews.com upgraded shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Bank of America dropped their price objective on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, October 25th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Skechers U.S.A. has an average rating of “Moderate Buy” and a consensus price target of $77.00.

Skechers U.S.A. Stock Up 0.3 %

SKX stock opened at $66.29 on Friday. The company has a 50 day moving average price of $64.18 and a two-hundred day moving average price of $66.13. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The stock has a market capitalization of $10.01 billion, a P/E ratio of 16.33, a PEG ratio of 0.98 and a beta of 1.22. Skechers U.S.A., Inc. has a one year low of $55.67 and a one year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter in the previous year, the business earned $0.93 earnings per share. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. As a group, sell-side analysts expect that Skechers U.S.A., Inc. will post 4.24 EPS for the current year.

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.