Blueshift Asset Management LLC Takes Position in Skechers U.S.A., Inc. (NYSE:SKX)

Key Points

• Blueshift Asset Management LLC has acquired 21,874 shares of Skechers U.S.A., valued at approximately $1.24 million, marking a new investment in the company during the first quarter.
• Victory Capital Management Inc. significantly increased its stake in Skechers U.S.A. by 15,774.3%, resulting in ownership of nearly 3.95 million shares worth around $224.27 million.
• Current analysts rate Skechers U.S.A. stock with a consensus of "Hold" and a price target of $66.75, with UBS and Morgan Stanley revising their targets down to $63.00.

Blueshift Asset Management LLC purchased a new position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 21,874 shares of the textile maker's stock, valued at approximately $1,242,000.

Several other large investors have also made changes to their positions in the company. HB Wealth Management LLC boosted its position in shares of 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 worth $233,000 after acquiring an additional 168 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Skechers U.S.A. by 1.2% during the 4th quarter. Cerity Partners LLC now owns 14,090 shares of the textile maker's stock worth $947,000 after acquiring an additional 172 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of 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. SageView Advisory Group LLC boosted its position in shares of Skechers U.S.A. by 2.7% during the 4th quarter. SageView Advisory Group LLC now owns 8,496 shares of the textile maker's stock worth $571,000 after acquiring an additional 224 shares in the last quarter. Finally, Delphi Management Inc. MA boosted its position in shares of 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 worth $1,294,000 after acquiring an additional 236 shares in the last quarter. Institutional investors and hedge funds own 79.96% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SKX. UBS Group reiterated a "neutral" rating and set a $63.00 price objective (down from $64.00) on shares of Skechers U.S.A. in a research report on Tuesday, May 6th. Raymond James Financial cut shares of Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research report on Monday, May 5th. Wall Street Zen assumed coverage on shares of Skechers U.S.A. in a report on Thursday, May 22nd. They set a "sell" rating on the stock. TD Cowen lowered 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 Wednesday, May 28th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Skechers U.S.A. in a report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $66.75.

Skechers U.S.A. Stock Performance

NYSE:SKX traded down $0.01 during trading hours on Tuesday, reaching $63.07. The stock had a trading volume of 963,552 shares, compared to its average volume of 4,696,379. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.28 and a current ratio of 2.13. The stock has a 50 day simple moving average of $62.79 and a 200 day simple moving average of $60.68. Skechers U.S.A., Inc. has a 12-month low of $44.50 and a 12-month high of $78.85. The stock has a market cap of $9.43 billion, a P/E ratio of 15.16 and a beta of 1.16.

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.