Bank of New York Mellon Corp Buys 174,697 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Bank of New York Mellon Corp lifted its holdings in shares of 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 Securities and Exchange Commission. The institutional investor owned 2,482,980 shares of the textile maker's stock after buying an additional 174,697 shares during the quarter. Bank of New York Mellon Corp owned about 1.66% of Skechers U.S.A. worth $140,984,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on SKX shares. Stifel Nicolaus reduced their target price on shares of Skechers U.S.A. from $80.00 to $62.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Evercore ISI reduced their target price on shares of Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating on the stock in a report on Thursday, April 17th. Bank of America reduced their target price on shares of Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating on the stock in a report on Monday, March 24th. UBS Group reaffirmed a "neutral" rating and set a $63.00 target price (down previously from $64.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Finally, Wall Street Zen started coverage on shares of Skechers U.S.A. in a report on Thursday, May 22nd. They set a "sell" rating on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $67.69.

Skechers U.S.A. Price Performance

Shares of NYSE:SKX remained flat at $63.15 on Friday. 2,336,835 shares of the stock traded hands, compared to its average volume of 3,557,594. 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 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., Inc. has a 12-month low of $44.50 and a 12-month high of $78.85. The stock's 50-day moving average is $62.12 and its 200-day moving average is $61.47.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its earnings results on Thursday, April 24th. The textile maker reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $2.43 billion. During the same period in the previous year, the company earned $1.33 earnings per share. The business's revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts anticipate that Skechers U.S.A., Inc. will post 4.47 EPS for the current year.

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.