Magnetar Financial LLC Acquires Shares of 13,463 Skechers U.S.A., Inc. (NYSE:SKX)

Magnetar Financial LLC acquired a new stake in Skechers U.S.A., Inc. (NYSE:SKX) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 13,463 shares of the textile maker’s stock, valued at approximately $905,000.

Other large investors have also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC increased 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 buying an additional 13,836 shares during the period. Victory Capital Management Inc. increased 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 buying an additional 25,289 shares during the period. Raymond James Financial Inc. acquired a new position in Skechers U.S.A. in the 4th quarter valued at approximately $12,852,000. National Bank of Canada FI grew its position in Skechers U.S.A. by 2,340.0% in the third quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock worth $4,732,000 after acquiring an additional 67,812 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Skechers U.S.A. by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock worth $88,126,000 after acquiring an additional 17,429 shares in the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

Insider Activity at Skechers U.S.A.

In other news, General Counsel Phillip Paccione sold 10,994 shares of the stock in a transaction on 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 transaction, the general counsel now owns 15,000 shares in the company, valued at approximately $849,450. This represents a 42.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Michael Greenberg sold 10,274 shares of the stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $693,289.52. Following the completion of the transaction, the president now owns 149,327 shares of the company’s stock, valued at approximately $10,076,585.96. This represents a 6.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 236,738 shares of company stock worth $14,700,809 in the last ninety days. 24.75% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on SKX shares. StockNews.com downgraded shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. Stifel Nicolaus decreased their target price on shares of Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Needham & Company LLC reissued a “hold” rating on shares of Skechers U.S.A. in a research report on Friday, February 7th. UBS Group decreased their target price on shares of Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Finally, Piper Sandler started coverage on shares of Skechers U.S.A. in a research report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 target price for the company. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Skechers U.S.A. has an average rating of “Moderate Buy” and a consensus target price of $81.25.

Skechers U.S.A. Price Performance

NYSE:SKX opened at $56.11 on Friday. The stock has a market cap of $8.38 billion, a P/E ratio of 13.52, a PEG ratio of 1.11 and a beta of 1.21. Skechers U.S.A., Inc. has a one year low of $53.79 and a one year high of $78.85. The company has a fifty day moving average price of $65.55 and a 200 day moving average price of $65.53. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12.

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

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.