Blueshift Asset Management LLC Purchases New 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 Skechers U.S.A., Inc. (NYSE:SKX - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 21,874 shares of the textile maker's stock, valued at approximately $1,242,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Victory Capital Management Inc. raised its position in shares of Skechers U.S.A. by 15,774.3% in the 1st quarter. Victory Capital Management Inc. now owns 3,949,844 shares of the textile maker's stock worth $224,272,000 after acquiring an additional 3,924,962 shares in the last quarter. Duquesne Family Office LLC bought a new stake in shares of Skechers U.S.A. during the fourth quarter valued at approximately $72,272,000. Two Sigma Investments LP grew its stake in Skechers U.S.A. by 772.7% in the fourth quarter. Two Sigma Investments LP now owns 1,176,488 shares of the textile maker's stock worth $79,107,000 after purchasing an additional 1,041,677 shares during the period. Anomaly Capital Management LP raised its holdings in Skechers U.S.A. by 51.2% in the fourth quarter. Anomaly Capital Management LP now owns 2,989,015 shares of the textile maker's stock worth $200,981,000 after purchasing an additional 1,011,815 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its position in Skechers U.S.A. by 381.0% during the fourth quarter. Two Sigma Advisers LP now owns 1,081,800 shares of the textile maker's stock valued at $72,740,000 after buying an additional 856,900 shares during the period. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Skechers U.S.A. Price Performance

Shares of NYSE SKX opened at $63.19 on Friday. The firm has a market cap of $9.45 billion, a P/E ratio of 15.19 and a beta of 1.12. Skechers U.S.A., Inc. has a twelve month low of $44.50 and a twelve month high of $78.85. 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 50 day moving average of $62.75 and a 200 day moving average of $60.91.

Analysts Set New Price Targets

SKX has been the topic of a number of research reports. UBS Group restated 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. Morgan Stanley reissued an "equal weight" rating and set a $63.00 price objective (down previously from $73.00) on shares of Skechers U.S.A. in a research note on Wednesday, May 7th. Evercore ISI cut their price objective 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. Raymond James Financial downgraded shares of Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research note on Monday, May 5th. Finally, Wells Fargo & Company boosted their price target on Skechers U.S.A. from $57.00 to $63.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $66.75.

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.

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