Bank of New York Mellon Corp Grows Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Bank of New York Mellon Corp grew its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 7.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund 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.

Several other large investors have also recently made changes to their positions in the business. Olde Wealth Management LLC purchased a new position in shares of Skechers U.S.A. during the first quarter valued at approximately $37,000. Deroy & Devereaux Private Investment Counsel Inc. purchased a new position in shares of Skechers U.S.A. during the first quarter valued at approximately $2,083,000. Principal Financial Group Inc. lifted its holdings in shares of Skechers U.S.A. by 0.4% during the first quarter. Principal Financial Group Inc. now owns 303,212 shares of the textile maker's stock valued at $17,216,000 after purchasing an additional 1,081 shares during the last quarter. Harbour Trust & Investment Management Co increased its position in shares of Skechers U.S.A. by 8.6% during the first quarter. Harbour Trust & Investment Management Co now owns 76,573 shares of the textile maker's stock valued at $4,348,000 after acquiring an additional 6,045 shares in the last quarter. Finally, Vontobel Holding Ltd. increased its position in shares of Skechers U.S.A. by 130.5% during the first quarter. Vontobel Holding Ltd. now owns 11,190 shares of the textile maker's stock valued at $635,000 after acquiring an additional 6,335 shares in the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Skechers U.S.A. Stock Performance

Shares of SKX stock remained flat at $63.15 during mid-day trading on Friday. 2,336,837 shares of the stock were exchanged, compared to its average volume of 3,573,124. Skechers U.S.A., Inc. has a 12-month low of $44.50 and a 12-month high of $78.85. The firm's 50 day moving average price is $62.40 and its 200 day moving average price is $61.44. The company has a quick ratio of 1.28, a current ratio of 2.13 and a debt-to-equity ratio of 0.02. The stock 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 (EPS) 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 firm had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the previous year, the firm posted $1.33 EPS. The company's revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, equities analysts expect that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SKX. 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. Morgan Stanley reissued an "equal weight" rating and set a $63.00 price target (down previously from $73.00) on shares of Skechers U.S.A. in a research report on Wednesday, May 7th. Bank of America reduced their price target on shares of Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Raymond James Financial downgraded shares of Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research report on Monday, May 5th. 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 sell rating, eight have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $67.69.

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.