Principal Financial Group Inc. Cuts Stock Position in Skechers U.S.A., Inc. (NYSE:SKX)

Principal Financial Group Inc. trimmed its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 30.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 307,243 shares of the textile maker’s stock after selling 133,935 shares during the period. Principal Financial Group Inc. owned about 0.20% of Skechers U.S.A. worth $20,561,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Seven Eight Capital LP lifted its holdings in Skechers U.S.A. by 126.1% in the 2nd quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock worth $2,033,000 after purchasing an additional 16,408 shares in the last quarter. Sanctuary Advisors LLC raised its position in shares of Skechers U.S.A. by 88.1% during the third quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock valued at $1,822,000 after buying an additional 13,836 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Skechers U.S.A. by 22.3% in the third quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock worth $9,295,000 after buying an additional 25,289 shares in the last quarter. Transform Wealth LLC bought a new position in shares of Skechers U.S.A. during the third quarter worth $7,186,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Skechers U.S.A. by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock valued at $88,126,000 after acquiring an additional 17,429 shares in the last quarter. Institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Stock Performance

Shares of NYSE:SKX opened at $67.73 on Thursday. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. Skechers U.S.A., Inc. has a 12 month low of $55.67 and a 12 month high of $75.09. The company has a market capitalization of $10.23 billion, a price-to-earnings ratio of 16.68, a PEG ratio of 0.98 and a beta of 1.22. The firm’s 50-day moving average is $64.31 and its 200 day moving average is $65.99.

Skechers U.S.A. (NYSE:SKX) last released its earnings results 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 firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the prior year, the firm posted $0.93 earnings per share. The company’s quarterly revenue was up 16.0% on a year-over-year basis. Research analysts predict that Skechers U.S.A., Inc. will post 4.24 EPS for the current year.

Analysts Set New Price Targets

SKX has been the subject of several research reports. StockNews.com raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Thursday, December 19th. TD Cowen cut their price target on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a report on Monday, October 14th. Bank of America decreased their price objective on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Needham & Company LLC began coverage on Skechers U.S.A. in a research report on Friday, November 22nd. They set a “hold” rating for the company. Finally, Barclays boosted their price target on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Skechers U.S.A. presently has an average rating of “Moderate Buy” and a consensus target price of $77.00.

Skechers U.S.A. 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.