Franklin Resources Inc. Sells 725,452 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Franklin Resources Inc. reduced its position in Skechers U.S.A., Inc. (NYSE:SKX) by 81.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 165,214 shares of the textile maker’s stock after selling 725,452 shares during the quarter. Franklin Resources Inc. owned 0.11% of Skechers U.S.A. worth $10,757,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Pacer Advisors Inc. boosted its stake in Skechers U.S.A. by 5,780.6% in the third quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock worth $176,628,000 after buying an additional 2,594,507 shares in the last quarter. Commerce Bank boosted its stake in shares of Skechers U.S.A. by 949.5% in the 3rd quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock valued at $31,303,000 after purchasing an additional 423,204 shares in the last quarter. Coronation Fund Managers Ltd. raised its position in Skechers U.S.A. by 378.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock worth $33,382,000 after purchasing an additional 394,618 shares during the period. Acadian Asset Management LLC bought a new stake in Skechers U.S.A. in the second quarter worth $22,425,000. Finally, Wellington Management Group LLP lifted its stake 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 worth $68,630,000 after purchasing an additional 287,939 shares during the last quarter. 79.96% of the stock is currently owned by institutional investors.

Skechers U.S.A. Stock Up 2.1 %

Shares of NYSE:SKX opened at $67.65 on Friday. The firm has a market capitalization of $10.21 billion, a P/E ratio of 16.66, a P/E/G ratio of 0.98 and a beta of 1.22. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The stock has a 50 day moving average price of $64.18 and a 200-day moving average price of $66.09. Skechers U.S.A., Inc. has a 52-week low of $55.67 and a 52-week high of $75.09.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter in the prior year, the company earned $0.93 earnings per share. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Skechers U.S.A., Inc. will post 4.24 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on SKX. Needham & Company LLC began coverage on Skechers U.S.A. in a report on Friday, November 22nd. They issued a “hold” rating on the stock. Morgan Stanley boosted their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. StockNews.com upgraded shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Thursday. Bank of America lowered their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday, October 25th. Finally, TD Cowen cut their price target on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.00.

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.