Manufacturers’ Life Insurance Company reduced its stake in Skechers USA, Inc. (NYSE:SKX – Get Rating) by 3.3% in the third quarter, according to its latest filing with the Securities and Exchange Commission (SEC) . The fund owned 109,556 shares of the textile manufacturer after selling 3,790 of his shares during the quarter. Manufacturers’ Life Insurance Company said at the end of the most recent quarter he owned approximately 0.07% of Skechers USA worth $3,475,000.
Other big investors have increased or decreased their stakes in the company recently. Allworth Financial LP increased his stake in Skechers USA by 162.5% in the third quarter. Allworth Financial LP owns 790 shares of the textile manufacturer worth $25,000 after acquiring an additional 489 shares during the previous quarter. Byrne Asset Management LLC purchased new stake in his Skechers USA worth approximately $40,000 in the third quarter. Covestor Ltd increased his Skechers USA stock position by 88.9% in the first quarter. Covestor Ltd now owns 1,360 shares in the textile manufacturer worth $55,000 after purchasing an additional 640 shares of him during the previous quarter. SeaCrest Wealth Management LLC purchased new stake in his Skechers USA worth approximately $60,000 in the second quarter. Finally, Wipfli Financial Advisors LLC purchased new stake in his Skechers USA worth approximately $69,000 in the third quarter. Currently 93.29% of the shares are owned by institutional investors.
Insider trading with Skechers USA
In other news from Skechers USA, President Michael Greenberg sold 10,503 shares of the company in a transaction on Tuesday, January 3rd. The shares sold for an average of $42.29, and the total trading value he had was $444,171.87. After the transaction, the President now owns 427,080 shares of the Company’s stock valued at approximately $18,061,213.20. The transaction was disclosed in SEC filings, which can be accessed at this link. In other news from Skechers USA, President Michael Greenberg sold 10,503 shares of the company’s stock in his Tuesday, January 3 transaction. The shares sold for an average of $42.29, and the total trading value he had was $444,171.87. After the transaction, the President now owns 427,080 shares of the Company’s stock valued at approximately $18,061,213.20. The transaction was disclosed in SEC filings, which can be accessed at this link. And his COO, David Weinberg, sold 8,403 shares of the company’s stock in a transaction on Tuesday, Jan. 3. The shares sold for an average of $42.29, and the total trading value he had was $355,362.87. Following the transaction, the Chief Operating Officer now owns 124,419 shares of the Company’s stock valued at approximately $5,261,679.51. Please see here for the disclosure of this sale. In the past 90 days, the insider has sold 19,467 shares of his company stock worth $823,618. A company insider owns his 24.44% of the company’s shares.
Skechers USA stock up 2.2%
Skechers USA shares opened Thursday at $49.22. The stock has a market capitalization of $7.63 billion, a price/earnings ratio of 11.04 and a beta of 1.29. The company has a current ratio of 2.27, a quick ratio of 1.14 and a debt to equity ratio of 0.06. The company has a 50-day moving average price of $43.85 and a 200-day moving average price of $39.35. Skechers USA, Inc. has a 52-week low of $31.28 and a 52-week high of $49.89.
Analyst upgrades and downgrades
Recently, a number of research firms have published reports on SKX. Argus upgraded Skechers USA’s stock from a ‘hold’ rating to a ‘buy’ rating and set a price target of $50.00 in a research report on Friday, January 6. Deutsche Bank Aktiengesellschaft raised its price target on Skechers USA shares from $43.00 to $54.00 in its research report on Monday, January 23, giving the stock a Buy rating. UBS Group raised its price target on Skechers USA shares from $53.00 to $63.00 in a research report on Friday, January 20. StockNews.com began coverage of Skechers USA stock in a research report on Wednesday, October 12th. They issued a “Hold” rating on the stock. Finally, in his Monday, January 23 report, Cowen upgraded Skechers USA’s stock from a ‘market he performed’ rating to an ‘outperform’ rating and raised the stock price target from $48.00 to $65.00. I was. Three of his analysts rated the stock as a hold, while nine rated the company as a buy. According to MarketBeat.com data, Skechers USA currently has an average rating of “moderate buy” with a consensus target price of $53.58.
Skechers USA Profile
Skechers U.SA, Inc designs, develops and markets lifestyle footwear for men, women and children of all ages. It operates through domestic wholesale, international wholesale and direct-to-consumer segments. The Domestic Wholesale segment sells footwear through local wholesale distribution channels, including department stores, specialty stores, sports shoe stores, independent retailers, catalog and Internet retailers.
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