Royal Bank of Canada Cuts Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Royal Bank of Canada cut its stake in Skechers U.S.A., Inc. (NYSE:SKX – Get Rating) by 2.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 411,943 shares of the textile maker’s stock after selling 11,130 shares during the quarter. Royal Bank of Canada owned about 0.26% of Skechers U.S.A. worth $13,067,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. grew its stake in Skechers U.S.A. by 10.8% in the first quarter. American Century Companies Inc. now owns 16,901 shares of the textile maker’s stock worth $689,000 after purchasing an additional 1,654 shares in the last quarter. US Bancorp DE grew its position in Skechers U.S.A. by 71.1% during the 1st quarter. US Bancorp DE now owns 2,416 shares of the textile maker’s stock worth $98,000 after purchasing an additional 1,004 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Skechers U.S.A. by 11.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the textile maker’s stock worth $260,000 after purchasing an additional 663 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of Skechers U.S.A. by 8.6% during the 1st quarter. Bank of Montreal Can now owns 12,534 shares of the textile maker’s stock valued at $519,000 after acquiring an additional 990 shares in the last quarter. Finally, MetLife Investment Management LLC grew its holdings in shares of Skechers U.S.A. by 34.4% during the 1st quarter. MetLife Investment Management LLC now owns 87,839 shares of the textile maker’s stock valued at $3,580,000 after acquiring an additional 22,464 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Skechers U.S.A. Stock Performance

NYSE SKX opened at $44.34 on Thursday. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 18.63 and a beta of 1.32. The company has a fifty day moving average price of $45.34 and a 200-day moving average price of $40.41. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.26 and a quick ratio of 1.13. Skechers U.S.A., Inc. has a 1 year low of $31.28 and a 1 year high of $49.56.

Skechers U.S.A. (NYSE:SKX – Get Rating) last posted its quarterly earnings results on Thursday, February 2nd. The textile maker reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.10. The company had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.77 billion. Skechers U.S.A. had a net margin of 5.01% and a return on equity of 9.94%. The firm’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.43 earnings per share. As a group, equities research analysts predict that Skechers U.S.A., Inc. will post 2.95 EPS for the current fiscal year.

Analysts Set New Price Targets

SKX has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Skechers U.S.A. from $43.00 to $54.00 and gave the company a “buy” rating in a research note on Monday, January 23rd. UBS Group increased their price objective on shares of Skechers U.S.A. from $63.00 to $69.00 in a report on Friday, February 3rd. Piper Sandler assumed coverage on shares of Skechers U.S.A. in a report on Wednesday, December 28th. They issued a “neutral” rating and a $42.00 price objective on the stock. Morgan Stanley lowered shares of Skechers U.S.A. from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $54.00 to $46.00 in a report on Wednesday, January 18th. Finally, Raymond James increased their price objective on shares of Skechers U.S.A. from $48.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 1st. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.83.

Insider Transactions at Skechers U.S.A.

In other news, COO David Weinberg sold 8,403 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $42.29, for a total value of $355,362.87. Following the sale, the chief operating officer now directly owns 124,419 shares of the company’s stock, valued at $5,261,679.51. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Skechers U.S.A. news, COO David Weinberg sold 8,403 shares of the stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $42.29, for a total transaction of $355,362.87. Following the transaction, the chief operating officer now directly owns 124,419 shares in the company, valued at $5,261,679.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert Greenberg sold 9,453 shares of the firm’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $45.16, for a total transaction of $426,897.48. Following the completion of the transaction, the chief executive officer now owns 168,907 shares in the company, valued at approximately $7,627,840.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 97,211 shares of company stock valued at $4,348,160. 24.44% of the stock is currently owned by corporate insiders.

Skechers U.S.A. Profile

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Skechers U.SA, Inc engages in designing, development, and marketing of lifestyle footwear for men, women, and children of all ages. It operates through the Wholesale and Direct-to-Consumer segment. The Wholesale segment includes department stores, family shoe stores, specialty running, and sporting goods retailers.