Cascadia Advisory Services LLC Invests $651,000 in Skechers U.S.A., Inc. (NYSE:SKX)

Cascadia Advisory Services LLC acquired a new stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 13,060 shares of the textile maker’s stock, valued at approximately $651,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Berman Capital Advisors LLC increased its holdings in shares of Skechers U.S.A. by 535.8% in the first quarter. Berman Capital Advisors LLC now owns 693 shares of the textile maker’s stock worth $28,000 after buying an additional 584 shares during the period. Eagle Bay Advisors LLC bought a new position in Skechers U.S.A. during the 2nd quarter worth approximately $33,000. First Horizon Advisors Inc. lifted its position in Skechers U.S.A. by 291.4% in the first quarter. First Horizon Advisors Inc. now owns 1,096 shares of the textile maker’s stock valued at $45,000 after purchasing an additional 816 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in Skechers U.S.A. by 110.9% in the second quarter. Exchange Traded Concepts LLC now owns 1,118 shares of the textile maker’s stock valued at $56,000 after purchasing an additional 588 shares during the last quarter. Finally, Captrust Financial Advisors boosted its stake in shares of Skechers U.S.A. by 995.9% during the first quarter. Captrust Financial Advisors now owns 2,959 shares of the textile maker’s stock valued at $123,000 after purchasing an additional 2,689 shares during the period. 78.63% of the stock is currently owned by institutional investors.

NYSE SKX opened at $44.46 on Wednesday. The firm has a market capitalization of $6.93 billion, a PE ratio of 19.67 and a beta of 1.48. The stock’s 50 day moving average is $50.19 and its 200 day moving average is $47.52. Skechers U.S.A., Inc. has a twelve month low of $28.25 and a twelve month high of $55.87. The company has a quick ratio of 1.64, a current ratio of 2.43 and a debt-to-equity ratio of 0.09.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, July 22nd. The textile maker reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.36. The company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Skechers U.S.A. had a net margin of 6.19% and a return on equity of 12.70%. Skechers U.S.A.’s revenue was up 127.3% on a year-over-year basis. During the same period last year, the company posted ($0.44) EPS. On average, research analysts anticipate that Skechers U.S.A., Inc. will post 2.68 earnings per share for the current year.

A number of equities research analysts recently commented on the stock. Cowen upped their price target on shares of Skechers U.S.A. from $50.00 to $55.00 and gave the company a “market perform” rating in a report on Wednesday, July 21st. Deutsche Bank Aktiengesellschaft increased their target price on shares of Skechers U.S.A. from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Friday, July 23rd. Morgan Stanley boosted their price target on Skechers U.S.A. from $58.00 to $63.00 and gave the company an “overweight” rating in a report on Friday, July 23rd. B. Riley reiterated a “buy” rating and issued a $61.00 price objective (up previously from $51.00) on shares of Skechers U.S.A. in a report on Friday, July 23rd. Finally, Monness Crespi & Hardt raised Skechers U.S.A. from a “neutral” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Tuesday, July 20th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $54.89.

In other news, Director Thomas Walsh sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 4th. The shares were sold at an average price of $53.86, for a total value of $161,580.00. Following the transaction, the director now owns 14,500 shares in the company, valued at $780,970. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Phillip Paccione sold 741 shares of the firm’s stock in a transaction that occurred on Tuesday, August 3rd. The shares were sold at an average price of $54.21, for a total transaction of $40,169.61. Following the sale, the general counsel now directly owns 40,000 shares of the company’s stock, valued at approximately $2,168,400. The disclosure for this sale can be found here. Insiders sold a total of 53,741 shares of company stock worth $2,470,750 in the last 90 days. 25.92% of the stock is currently owned by company insiders.

Skechers U.S.A. Company Profile

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 following segments: Domestic Wholesale, International Wholesale, and Direct-to-Consumer. The Domestic Wholesale segment distributes footwear through the local wholesale distribution channels including department stores, specialty stores, athletic specialty shoe stores and independent retailers, as well as catalog and internet retailers.

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Institutional Ownership by Quarter for Skechers U.S.A. (NYSE:SKX)

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