Alberta Investment Management Corp Sells 4,443 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Key Points

• Alberta Investment Management Corp has reduced its position in Skechers U.S.A., Inc. by 28.1%, leaving it with 11,351 shares worth approximately $645,000 at the end of the 1st quarter.
• Other institutional investors have made significant adjustments as well, with Allspring Global Investments increasing its holdings by 49.9% and Vontobel Holding Ltd. increasing by 130.5% during the same period.
• Analysts have mixed opinions on Skechers, with a consensus rating of "Hold" and a consensus price target of $66.75, reflecting recent price target reductions from firms like Morgan Stanley and Stifel Nicolaus.

Alberta Investment Management Corp lessened its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 28.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,351 shares of the textile maker's stock after selling 4,443 shares during the period. Alberta Investment Management Corp's holdings in Skechers U.S.A. were worth $645,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. NewEdge Advisors LLC increased its holdings in Skechers U.S.A. by 85.2% in the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock worth $28,000 after acquiring an additional 190 shares in the last quarter. Investment Management Corp VA ADV purchased a new position in shares of Skechers U.S.A. during the 4th quarter worth about $32,000. Parallel Advisors LLC grew its stake in shares of Skechers U.S.A. by 183.0% during the first quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock valued at $35,000 after buying an additional 399 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in Skechers U.S.A. during the 1st quarter valued at $35,000. Finally, Abound Financial LLC bought a new position in shares of Skechers U.S.A. in the first quarter worth about $35,000. 79.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SKX shares. Morgan Stanley reissued an "equal weight" rating and set a $63.00 price target (down previously from $73.00) on shares of Skechers U.S.A. in a research report on Wednesday, May 7th. Monness Crespi & Hardt lowered Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 7th. UBS Group reiterated a "neutral" rating and set a $63.00 price objective (down previously from $64.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. Wall Street Zen started coverage on shares of Skechers U.S.A. in a research note on Thursday, May 22nd. They issued a "sell" rating for the company. Finally, Wells Fargo & Company increased their target price on Skechers U.S.A. from $57.00 to $63.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $66.75.

Skechers U.S.A. Stock Down 0.2%

NYSE SKX traded down $0.11 on Friday, reaching $62.92. The company had a trading volume of 1,608,970 shares, compared to its average volume of 4,638,899. The firm has a market capitalization of $9.41 billion, a price-to-earnings ratio of 15.12 and a beta of 1.16. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.28 and a current ratio of 2.13. The company's fifty day moving average is $62.86 and its 200-day moving average is $60.66. Skechers U.S.A., Inc. has a 1-year low of $44.50 and a 1-year high of $78.85.

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.