Fidelity Management & Research Co recently announced the acquisition of new stake in Skechers U.S.A. Inc. (NYSE:SKX). The institutional investor has increased its shareholding in the Consumer Cyclical company by 0.20% to 19.94 million shares with purchase of 39258.0 shares. This fresh investment now brings its stake to 14.83% valued currently at $1.06 billion. In addition, The Vanguard Group, Inc. raised its holdings by 0.11 million to 12.25 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.07% or 3375.0 shares – to 4.78 million shares.
With over 3.18 million Skechers U.S.A. Inc. (SKX) shares trading Friday and a closing price of $51.94 on the day, the dollar volume was approximately $165.34 million. The shares have shown a positive half year performance of 30.57% and its price on 05/19/23 lost nearly -3.85%. Currently, there are 155.14M common shares owned by the public and among those 132.77M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for SKX have a consensus price objective of $58.01. The analysts have set the share’s price value over the next 12 months at a high of $65.00 and a low of $47.10. The average price target is 10.46% above its recent price level and a downside to the estimated low will see the stock lose -10.28% over that period. But an upside of 20.09% will see the stock hit the forecast high price target while median target price for the stock is $58.50.
Insiders at the company have transacted a total of 36 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 11 of these insider trades were purchases, accounting for 273,140 shares. Insider sales of the common stock occurred on 25 occasions, with total insider shares sold totaling 257,202 shares.
The top 3 mutual fund holders in Skechers U.S.A. Inc. are Fidelity Growth Company Fund, iShares Core S&P Mid Cap ETF, and Vanguard Total Stock Market ETF. Fidelity Growth Company Fund owns 6.88 million shares of the company’s stock, all valued at over $365.99 million. The company sold 77575.0 shares recently to bring their total holdings to about 5.12% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 14960.0 shares to see its total holdings expand to 4.19 million shares valued at over $222.77 million and representing 3.11% of the shares outstanding. Vanguard Total Stock Market ETF bought 24374.0 shares to bring its total holdings to over 4.15 million shares at a value of $220.85 million. Vanguard Total Stock Market ETF now owns shares totaling to 3.09% of the shares outstanding.
Shares of Skechers U.S.A. Inc. (NYSE: SKX) opened at $53.03, down -$0.99 from a prior closing price of $54.02. However, the script later moved the day high at 53.35, down -3.85%. The company’s stock has a 5-day price change of -2.41% and 16.14% over the past three months. SKX shares are trading 23.81% year to date (YTD), with the 12-month market performance up to 40.19% higher. It has a 12-month low price of $31.28 and touched a high of $54.77 over the same period. SKX has an average intraday trading volume of 1.75 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -0.66%, 6.84%, and 22.60% respectively.
Institutional ownership of Skechers U.S.A. Inc. (NYSE: SKX) shares accounts for 96.90% of the company’s 155.14M shares outstanding. Mutual fund holders own 40.05%, while other institutional holders and individual stakeholders account for 52.48% and 2.22% respectively.
It has a market capitalization of $8.36B and a beta (3y monthly) value of 1.31. The stock’s trailing 12-month PE ratio is 19.73, while the earnings-per-share (ttm) stands at $2.63. The company has a PEG of 0.72 and a Quick Ratio of 1.40 with the debt-to-equity ratio at 0.10. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.48% over the week and 2.74% over the month.
Analysts forecast that Skechers U.S.A. Inc. (SKX) will achieve an EPS of $0.52 for the current quarter, $0.94 for the next quarter and $3.94 for 2024. The lowest estimate earnings-per-share for the quarter is $0.47 while analysts give the company a high EPS estimate of $0.64. Comparatively, EPS for the current quarter was $0.58 a year ago. Earnings per share for the fiscal year are expected to decrease by -49.60%, and 23.86% over the next financial year. EPS should grow at an annualized rate of 27.28% over the next five years, compared to 6.00% over the past 5-year period.
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