Adams Diversified Equity Fund Inc. Sells 23,600 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Adams Diversified Equity Fund Inc. cut its position in Skechers U.S.A., Inc. (NYSE:SKX) by 9.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 227,300 shares of the textile maker’s stock after selling 23,600 shares during the quarter. Adams Diversified Equity Fund Inc. owned about 0.15% of Skechers U.S.A. worth $15,284,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Sanctuary Advisors LLC boosted its stake in Skechers U.S.A. by 88.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock valued at $1,822,000 after purchasing an additional 13,836 shares during the period. Victory Capital Management Inc. boosted its stake in Skechers U.S.A. by 22.3% in the 3rd quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock valued at $9,295,000 after purchasing an additional 25,289 shares during the period. National Bank of Canada FI boosted its stake in Skechers U.S.A. by 2,340.0% in the 3rd quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock valued at $4,732,000 after purchasing an additional 67,812 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Skechers U.S.A. by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock valued at $88,126,000 after purchasing an additional 17,429 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Skechers U.S.A. in the 4th quarter valued at $12,852,000. 79.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SKX shares. StockNews.com downgraded Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. Evercore ISI upped their target price on Skechers U.S.A. from $72.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, January 28th. Raymond James cut their target price on Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. TD Cowen upped their target price on Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Skechers U.S.A. in a research report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $81.25.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock opened at $56.41 on Friday. Skechers U.S.A., Inc. has a 52 week low of $53.79 and a 52 week high of $78.85. The stock has a fifty day moving average of $65.83 and a 200-day moving average of $65.61. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.12 and a current ratio of 1.97. The stock has a market capitalization of $8.42 billion, a P/E ratio of 13.59, a price-to-earnings-growth ratio of 1.11 and a beta of 1.21.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share (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%. On average, sell-side analysts expect that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO John M. Vandemore sold 5,112 shares of the 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 completion of the sale, the chief financial officer now owns 83,328 shares of the company’s stock, valued at approximately $5,063,009.28. This represents a 5.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Phillip Paccione sold 10,994 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $56.63, for a total value of $622,590.22. Following the completion of the sale, the general counsel now directly owns 15,000 shares of the company’s stock, valued at approximately $849,450. The trade was a 42.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 236,738 shares of company stock valued at $14,700,809 in the last 90 days. Corporate insiders own 24.75% of the company’s stock.

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.