Prudential Financial Inc. Has $8.87 Million Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Prudential Financial Inc. lifted its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 47.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 131,915 shares of the textile maker’s stock after buying an additional 42,662 shares during the quarter. Prudential Financial Inc.’s holdings in Skechers U.S.A. were worth $8,870,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its stake in Skechers U.S.A. by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 12,544,233 shares of the textile maker’s stock valued at $843,474,000 after acquiring an additional 82,143 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Skechers U.S.A. by 70.4% in the 4th quarter. Bank of New York Mellon Corp now owns 2,308,283 shares of the textile maker’s stock worth $155,209,000 after purchasing an additional 953,528 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Skechers U.S.A. by 0.5% during the third quarter. Geode Capital Management LLC now owns 2,216,905 shares of the textile maker’s stock worth $148,395,000 after purchasing an additional 11,026 shares during the period. Wellington Management Group LLP increased its holdings in Skechers U.S.A. by 39.0% in the third quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock valued at $68,630,000 after purchasing an additional 287,939 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. increased its holdings in Skechers U.S.A. by 68.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 623,745 shares of the textile maker’s stock valued at $41,940,000 after purchasing an additional 253,045 shares during the last quarter. 79.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. TD Cowen boosted their target price on Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Bank of America decreased their price objective on shares of Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating for the company in a report on Monday, March 24th. Piper Sandler began coverage on shares of Skechers U.S.A. in a report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 target price on the stock. UBS Group decreased their price target on shares of Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating for the company in a report on Friday, February 7th. Finally, StockNews.com downgraded Skechers U.S.A. from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Skechers U.S.A. presently has an average rating of “Moderate Buy” and a consensus target price of $80.42.

Insider Activity

In other Skechers U.S.A. news, CEO Robert Greenberg sold 52,600 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 61,367 shares in the company, valued at $3,848,938.24. This trade represents a 46.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO John M. Vandemore sold 5,112 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total value of $310,605.12. Following the transaction, the chief financial officer now directly owns 83,328 shares in the company, valued at $5,063,009.28. This trade represents a 5.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 236,738 shares of company stock worth $14,700,809 in the last quarter. Corporate insiders own 24.75% of the company’s stock.

Skechers U.S.A. Trading Down 1.6 %

NYSE:SKX opened at $56.90 on Friday. The company has a market cap of $8.50 billion, a P/E ratio of 13.71, a price-to-earnings-growth ratio of 1.11 and a beta of 1.21. Skechers U.S.A., Inc. has a twelve month low of $53.79 and a twelve month high of $78.85. The business has a 50 day moving average price of $64.28 and a two-hundred day moving average price of $65.21. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last announced 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 return on equity of 13.73% and a net margin of 7.13%. As a group, analysts expect that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

About Skechers U.S.A.

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.