AQR Capital Management LLC Reduces Stock Holdings in Skechers U.S.A., Inc. $SKX

Key Points

• AQR Capital Management LLC decreased its stake in Skechers U.S.A. by 17.4%, now holding 849,191 shares valued at approximately $47.6 million.
• Victory Capital Management significantly increased its holdings by 15,774.3%, owning nearly 3.95 million shares worth $224.3 million.
• Skechers U.S.A. reported a quarterly earnings per share of $1.13, surpassing analysts' estimates, along with a revenue of $2.44 billion, up 13.1% year-over-year.

AQR Capital Management LLC trimmed its position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 17.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 849,191 shares of the textile maker's stock after selling 179,357 shares during the quarter. AQR Capital Management LLC owned approximately 0.57% of Skechers U.S.A. worth $47,614,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its holdings in Skechers U.S.A. by 15,774.3% in the first quarter. Victory Capital Management Inc. now owns 3,949,844 shares of the textile maker's stock valued at $224,272,000 after buying an additional 3,924,962 shares in the last quarter. Fiduciary Management Inc. WI increased its stake in shares of Skechers U.S.A. by 12.9% in the 1st quarter. Fiduciary Management Inc. WI now owns 2,833,785 shares of the textile maker's stock valued at $160,902,000 after purchasing an additional 324,007 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Skechers U.S.A. by 26.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,795,753 shares of the textile maker's stock worth $158,739,000 after purchasing an additional 583,733 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Skechers U.S.A. by 7.6% in the first quarter. Bank of New York Mellon Corp now owns 2,482,980 shares of the textile maker's stock valued at $140,984,000 after purchasing an additional 174,697 shares during the period. Finally, Two Sigma Investments LP grew its holdings in Skechers U.S.A. by 772.7% in the fourth quarter. Two Sigma Investments LP now owns 1,176,488 shares of the textile maker's stock valued at $79,107,000 after purchasing an additional 1,041,677 shares during the period. 79.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SKX has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Skechers U.S.A. in a research note on Wednesday, August 27th. Argus lowered shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price target for the company. in a report on Tuesday, August 26th. Wall Street Zen raised shares of Skechers U.S.A. to a "hold" rating in a report on Saturday, August 30th. Zacks Research upgraded shares of Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Finally, TD Cowen downgraded shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price target for the company. in a research report on Wednesday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $66.46.

Skechers U.S.A. Price Performance

Shares of NYSE SKX traded down $0.03 during mid-day trading on Friday, reaching $63.18. The company's stock had a trading volume of 41,053,579 shares, compared to its average volume of 4,614,775. The stock has a 50-day moving average of $63.10 and a two-hundred day moving average of $59.47. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 2.09. The stock has a market capitalization of $9.49 billion, a P/E ratio of 14.42 and a beta of 1.19. Skechers U.S.A., Inc. has a 1-year low of $44.50 and a 1-year high of $78.85.

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

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.