Norges Bank Invests $105.74 Million in Skechers U.S.A., Inc. (NYSE:SKX)

Norges Bank purchased a new stake in Skechers U.S.A., Inc. (NYSE:SKX) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 1,572,588 shares of the textile maker’s stock, valued at approximately $105,741,000. Norges Bank owned approximately 1.04% of Skechers U.S.A. as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp grew its holdings in Skechers U.S.A. by 70.4% in the fourth quarter. Bank of New York Mellon Corp now owns 2,308,283 shares of the textile maker’s stock valued at $155,209,000 after purchasing an additional 953,528 shares during the period. Wellington Management Group LLP grew its stake in Skechers U.S.A. by 39.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock valued at $68,630,000 after acquiring an additional 287,939 shares during the period. Vaughan Nelson Investment Management L.P. grew its stake in Skechers U.S.A. by 68.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 623,745 shares of the textile maker’s stock valued at $41,940,000 after acquiring an additional 253,045 shares during the period. Raymond James Financial Inc. purchased a new stake in Skechers U.S.A. in the 4th quarter worth $12,852,000. Finally, Bfsg LLC raised its position in Skechers U.S.A. by 1,519.6% during the fourth quarter. Bfsg LLC now owns 101,487 shares of the textile maker’s stock worth $6,824,000 after acquiring an additional 95,221 shares during the period. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Stock Up 1.2 %

NYSE SKX opened at $57.47 on Wednesday. The business’s fifty day simple moving average is $63.69 and its 200-day simple moving average is $65.07. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The firm has a market cap of $8.58 billion, a PE ratio of 13.85, a P/E/G ratio of 1.11 and a beta of 1.21. Skechers U.S.A., Inc. has a 52 week low of $53.79 and a 52 week high of $78.85.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, February 6th. The textile maker reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. As a group, equities analysts anticipate that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on SKX shares. StockNews.com cut shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. UBS Group lowered their price objective on Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Stifel Nicolaus reduced their target price on Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating for the company in a report on Friday, February 7th. Raymond James lowered their price target on Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Finally, Evercore ISI boosted their price target on Skechers U.S.A. from $72.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 28th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Skechers U.S.A. has an average rating of “Moderate Buy” and a consensus price target of $80.42.

Insider Buying and Selling

In other news, CEO Robert Greenberg sold 52,600 shares of the company’s stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total value of $3,299,072.00. Following the transaction, the chief executive officer now owns 61,367 shares of the company’s stock, valued at $3,848,938.24. This represents a 46.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John M. Vandemore sold 5,112 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $60.76, for a total value of $310,605.12. Following the sale, the chief financial officer now directly owns 83,328 shares of the company’s stock, valued at $5,063,009.28. The trade was a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 218,245 shares of company stock worth $13,452,902. Company insiders own 24.75% of the company’s stock.

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.