Bank of New York Mellon Corp grew its position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 7.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,482,980 shares of the textile maker's stock after purchasing an additional 174,697 shares during the period. Bank of New York Mellon Corp owned approximately 1.66% of Skechers U.S.A. worth $140,984,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Cerity Partners LLC increased its stake in shares of Skechers U.S.A. by 1.2% in the fourth quarter. Cerity Partners LLC now owns 14,090 shares of the textile maker's stock worth $947,000 after buying an additional 172 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of Skechers U.S.A. by 85.2% in the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock worth $28,000 after buying an additional 190 shares during the last quarter. Independent Advisor Alliance increased its stake in shares of Skechers U.S.A. by 4.7% in the fourth quarter. Independent Advisor Alliance now owns 4,486 shares of the textile maker's stock worth $302,000 after buying an additional 200 shares during the last quarter. X Square Capital LLC increased its stake in shares of Skechers U.S.A. by 0.5% in the fourth quarter. X Square Capital LLC now owns 42,835 shares of the textile maker's stock worth $2,880,000 after buying an additional 210 shares during the last quarter. Finally, Avantax Advisory Services Inc. increased its stake in shares of Skechers U.S.A. by 4.7% in the fourth quarter. Avantax Advisory Services Inc. now owns 4,692 shares of the textile maker's stock worth $315,000 after buying an additional 212 shares during the last quarter. Hedge funds and other institutional investors own 79.96% of the company's stock.
Skechers U.S.A. Stock Performance
Shares of NYSE SKX traded down $0.14 during midday trading on Wednesday, reaching $63.16. 3,372,669 shares of the company traded hands, compared to its average volume of 3,552,418. Skechers U.S.A., Inc. has a 52 week low of $44.50 and a 52 week high of $78.85. The stock has a 50-day moving average price of $61.51 and a 200 day moving average price of $61.49. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.13 and a quick ratio of 1.28. The company has a market cap of $9.45 billion, a price-to-earnings ratio of 15.18 and a beta of 1.12.
Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The textile maker reported $1.34 earnings per share for the quarter, beating analysts' consensus estimates of $1.17 by $0.17. Skechers U.S.A. had a net margin of 6.96% and a return on equity of 13.34%. The business had revenue of $2.41 billion for the quarter, compared to analysts' expectations of $2.43 billion. During the same period in the previous year, the business earned $1.33 earnings per share. The company's revenue was up 7.1% on a year-over-year basis. Sell-side analysts anticipate that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of analysts recently issued reports on the stock. UBS Group restated a "neutral" rating and issued a $63.00 price target (down previously from $64.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. Wall Street Zen assumed coverage on shares of Skechers U.S.A. in a report on Thursday, May 22nd. They issued a "sell" rating for the company. Barclays reaffirmed an "equal weight" rating and issued a $63.00 price objective (up previously from $53.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Wells Fargo & Company lifted their price objective on shares of Skechers U.S.A. from $57.00 to $63.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Finally, Raymond James Financial downgraded shares of Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Skechers U.S.A. presently has a consensus rating of "Hold" and a consensus target price of $67.69.
View Our Latest Research Report on SKX
About Skechers U.S.A.
(
Free Report)
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.
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