Amundi Raises Stock Position in Skechers U.S.A., Inc. $SKX

Key Points

• Amundi increased its stake in Skechers U.S.A. by 9.1% in the first quarter, acquiring an additional 21,275 shares, bringing its total ownership to 254,117 shares valued at approximately $14.4 million.
• Institutional investors and hedge funds now own 79.96% of Skechers' stock, highlighting strong institutional interest in the company.
• Skechers reported a quarterly earnings increase with earnings per share of $1.13, surpassing estimates and reflecting a 13.1% year-over-year revenue growth.

Amundi increased its stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 9.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 254,117 shares of the textile maker's stock after purchasing an additional 21,275 shares during the period. Amundi owned 0.17% of Skechers U.S.A. worth $14,429,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its stake in Skechers U.S.A. by 49.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 90,309 shares of the textile maker's stock worth $5,192,000 after purchasing an additional 30,053 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in Skechers U.S.A. by 130.5% in the 1st quarter. Vontobel Holding Ltd. now owns 11,190 shares of the textile maker's stock worth $635,000 after purchasing an additional 6,335 shares in the last quarter. Hudson Bay Capital Management LP acquired a new stake in Skechers U.S.A. in the 4th quarter worth approximately $5,804,000. Praxis Investment Management Inc. acquired a new stake in Skechers U.S.A. in the 1st quarter worth approximately $232,000. Finally, Jefferies Financial Group Inc. acquired a new stake in Skechers U.S.A. in the 4th quarter worth approximately $1,110,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Skechers U.S.A. Stock Performance

Shares of NYSE:SKX remained flat at $63.13 during trading on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 1.29. The firm has a market capitalization of $9.49 billion, a price-to-earnings ratio of 14.41 and a beta of 1.19. The firm has a 50-day moving average price of $63.10 and a 200-day moving average price of $59.47. Skechers U.S.A., Inc. has a 52 week low of $44.50 and a 52 week high of $78.85.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last posted its earnings results on Friday, August 8th. The textile maker reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.27. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.35 billion. Skechers U.S.A. had a net margin of 7.07% and a return on equity of 13.44%. The business's quarterly revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.91 EPS. On average, analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SKX shares. Argus cut shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 target price for the company. in a research note on Tuesday, August 26th. Wall Street Zen upgraded shares of Skechers U.S.A. to a "hold" rating in a research note on Saturday, August 30th. TD Cowen cut shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price objective for the company. in a research note on Wednesday, May 28th. Needham & Company LLC restated a "hold" rating on shares of Skechers U.S.A. in a research note on Wednesday, August 27th. Finally, Zacks Research upgraded shares of Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat.com, Skechers U.S.A. presently has an average rating of "Hold" and a consensus target price of $66.46.

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.