Morton Capital Management LLC CA Purchases New Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Morton Capital Management LLC CA acquired a new position in Skechers U.S.A., Inc. (NYSE:SKX) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 34,275 shares of the textile maker’s stock, valued at approximately $2,305,000. Skechers U.S.A. accounts for about 0.4% of Morton Capital Management LLC CA’s portfolio, making the stock its 20th largest position.

Other institutional investors have also bought and sold shares of the company. UMB Bank n.a. grew its position in shares of Skechers U.S.A. by 423.3% in the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock valued at $30,000 after purchasing an additional 364 shares in the last quarter. Venturi Wealth Management LLC boosted its stake in Skechers U.S.A. by 52.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock worth $58,000 after purchasing an additional 299 shares during the period. Brooklyn Investment Group purchased a new position in Skechers U.S.A. during the 3rd quarter valued at about $67,000. Blue Trust Inc. increased its position in shares of Skechers U.S.A. by 778.1% during the third quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock valued at $69,000 after buying an additional 887 shares during the period. Finally, Quarry LP lifted its holdings in shares of Skechers U.S.A. by 44.6% in the second quarter. Quarry LP now owns 1,187 shares of the textile maker’s stock worth $82,000 after buying an additional 366 shares in the last quarter. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Stock Performance

Shares of NYSE SKX opened at $69.38 on Friday. The stock has a market cap of $10.47 billion, a price-to-earnings ratio of 17.09, a P/E/G ratio of 0.86 and a beta of 1.19. The stock’s 50-day moving average is $66.54 and its 200 day moving average is $65.61. 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 1-year low of $55.67 and a 1-year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same period last year, the firm posted $0.93 earnings per share. The business’s revenue was up 16.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Skechers U.S.A., Inc. will post 4.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, President Michael Greenberg sold 10,274 shares of the business’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $693,289.52. Following the completion of the sale, the president now owns 149,327 shares of the company’s stock, valued at approximately $10,076,585.96. The trade was a 6.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO David Weinberg sold 8,219 shares of the stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $554,618.12. Following the sale, the chief operating officer now owns 122,211 shares of the company’s stock, valued at $8,246,798.28. This represents a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Needham & Company LLC initiated coverage on shares of Skechers U.S.A. in a research note on Friday, November 22nd. They set a “hold” rating for the company. Bank of America reduced their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, October 25th. StockNews.com downgraded Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Wednesday. TD Cowen boosted their target price on Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Finally, Deutsche Bank Aktiengesellschaft upped their target price 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. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $78.42.

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.