AQR Capital Management LLC Sells 179,357 Shares of 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 reduced its position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 17.4% during the 1st quarter, according to the company in its most recent disclosure 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 period. AQR Capital Management LLC owned about 0.57% of Skechers U.S.A. worth $47,614,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. HB Wealth Management LLC raised its stake in Skechers U.S.A. by 4.3% during the 1st quarter. HB Wealth Management LLC now owns 4,107 shares of the textile maker's stock valued at $233,000 after purchasing an additional 168 shares during the last quarter. National Bank of Canada FI grew its holdings in Skechers U.S.A. by 8.5% during the 1st quarter. National Bank of Canada FI now owns 2,400 shares of the textile maker's stock worth $136,000 after acquiring an additional 189 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Skechers U.S.A. by 2.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,551 shares of the textile maker's stock worth $429,000 after acquiring an additional 204 shares during the last quarter. Delphi Management Inc. MA lifted its position in Skechers U.S.A. by 1.0% during the 1st quarter. Delphi Management Inc. MA now owns 22,797 shares of the textile maker's stock valued at $1,294,000 after purchasing an additional 236 shares during the period. Finally, Cim LLC raised its position in shares of Skechers U.S.A. by 1.7% in the 4th quarter. Cim LLC now owns 19,271 shares of the textile maker's stock valued at $1,296,000 after acquiring an additional 316 shares during the period. 79.96% of the stock is owned by institutional investors.

Skechers U.S.A. Price Performance

Shares of SKX traded down $0.06 during trading hours on Wednesday, reaching $63.21. 1,417,853 shares of the company's stock traded hands, compared to its average volume of 4,409,553. The firm's 50 day simple moving average is $63.11 and its 200-day simple moving average is $59.42. The stock has a market cap of $9.50 billion, a PE ratio of 14.43 and a beta of 1.19. Skechers U.S.A., Inc. has a 12 month low of $44.50 and a 12 month high of $78.85. The company has a current ratio of 2.09, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02.

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

Analyst Upgrades and Downgrades

Several brokerages have commented on SKX. Argus downgraded shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 target price on the stock. in a report on Tuesday, August 26th. TD Cowen downgraded Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 target price for the company. in a report on Wednesday, May 28th. Needham & Company LLC reiterated a "hold" rating on shares of Skechers U.S.A. in a research report on Wednesday, August 27th. Wall Street Zen raised Skechers U.S.A. to a "hold" rating in a research note on Saturday, August 30th. Finally, Zacks Research upgraded Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. One 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 stock. Based on data from MarketBeat, Skechers U.S.A. has a consensus rating of "Hold" and a consensus price target of $66.46.

Skechers U.S.A. 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.