Bank of New York Mellon Corp Increases Position in Skechers U.S.A., Inc. (NYSE:SKX)

Bank of New York Mellon Corp grew its stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 7.6% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,482,980 shares of the textile maker's stock after acquiring an additional 174,697 shares during the period. Bank of New York Mellon Corp owned about 1.66% of Skechers U.S.A. worth $140,984,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cerity Partners LLC grew its holdings 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 valued at $947,000 after purchasing an additional 172 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Skechers U.S.A. by 85.2% during 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. Independent Advisor Alliance grew its holdings in Skechers U.S.A. by 4.7% during the 4th quarter. Independent Advisor Alliance now owns 4,486 shares of the textile maker's stock worth $302,000 after acquiring an additional 200 shares in the last quarter. X Square Capital LLC grew its holdings in Skechers U.S.A. by 0.5% during the 4th quarter. X Square Capital LLC now owns 42,835 shares of the textile maker's stock worth $2,880,000 after acquiring an additional 210 shares in the last quarter. Finally, Avantax Advisory Services Inc. grew its holdings in Skechers U.S.A. by 4.7% during the 4th quarter. Avantax Advisory Services Inc. now owns 4,692 shares of the textile maker's stock worth $315,000 after acquiring an additional 212 shares in the last quarter. 79.96% of the stock is owned by hedge funds and other institutional investors.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock traded down $0.08 during trading hours on Thursday, reaching $63.13. 1,856,882 shares of the stock were exchanged, compared to its average volume of 3,562,477. The stock has a market cap of $9.44 billion, a P/E ratio of 15.18 and a beta of 1.12. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.28 and a current ratio of 2.13. Skechers U.S.A., Inc. has a 52-week low of $44.50 and a 52-week high of $78.85. The firm's 50 day moving average is $61.81 and its 200 day moving average is $61.50.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The textile maker reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.17 by $0.17. The company had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.43 billion. Skechers U.S.A. had a net margin of 6.96% and a return on equity of 13.34%. Skechers U.S.A.'s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.33 EPS. Analysts predict that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Raymond James Financial cut shares of Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a report on Monday, May 5th. Wells Fargo & Company upped their target price on shares of Skechers U.S.A. from $57.00 to $63.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Wall Street Zen started coverage on shares of Skechers U.S.A. in a report on Thursday, May 22nd. They issued a "sell" rating for the company. Morgan Stanley restated an "equal weight" rating and issued a $63.00 target price (down previously from $73.00) on shares of Skechers U.S.A. in a report on Wednesday, May 7th. Finally, Stifel Nicolaus reduced their price target on shares of Skechers U.S.A. from $80.00 to $62.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. One equities research 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, the company currently has a consensus rating of "Hold" and a consensus target price of $67.69.

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.