Cerity Partners LLC Decreases Stock Position in Skechers U.S.A., Inc. (NYSE:SKX)

Key Points

• Cerity Partners LLC reduced its stake in Skechers U.S.A. by 56.9% during the first quarter, holding 6,075 shares worth $345,000 after selling 8,015 shares.
• Analysts have varied opinions on Skechers U.S.A., with a consensus rating of "Hold" and a price target averaging $66.75, while Barclays recently upgraded its price target to $63.00.
• Skechers U.S.A. reported a 7.1% year-over-year increase in quarterly revenue, achieving earnings of $1.34 per share, exceeding analyst estimates by $0.17.

Cerity Partners LLC cut its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 56.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,075 shares of the textile maker's stock after selling 8,015 shares during the quarter. Cerity Partners LLC's holdings in Skechers U.S.A. were worth $345,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of SKX. LPL Financial LLC increased its stake in shares of Skechers U.S.A. by 29.6% in the fourth quarter. LPL Financial LLC now owns 77,976 shares of the textile maker's stock worth $5,243,000 after buying an additional 17,791 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Skechers U.S.A. by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 12,544,233 shares of the textile maker's stock worth $843,474,000 after purchasing an additional 82,143 shares during the period. Prudential Financial Inc. grew its stake in shares of Skechers U.S.A. by 47.8% in the fourth quarter. Prudential Financial Inc. now owns 131,915 shares of the textile maker's stock worth $8,870,000 after purchasing an additional 42,662 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Skechers U.S.A. by 15.6% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 31,389 shares of the textile maker's stock worth $2,111,000 after purchasing an additional 4,247 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Skechers U.S.A. in the 4th quarter worth approximately $105,741,000. 79.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SKX shares. Barclays reiterated an "equal weight" rating and issued a $63.00 price target (up previously from $53.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Wells Fargo & Company raised their target price on Skechers U.S.A. from $57.00 to $63.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Stifel Nicolaus reduced their price target on Skechers U.S.A. from $80.00 to $62.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. 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, Wall Street Zen started coverage on shares of Skechers U.S.A. in a research report on Thursday, May 22nd. They set a "sell" rating for the company. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Skechers U.S.A. presently has a consensus rating of "Hold" and a consensus price target of $66.75.

Skechers U.S.A. Trading Down 0.1%

Shares of NYSE SKX opened at $63.08 on Friday. The firm's 50 day moving average price is $62.66 and its 200-day moving average price is $61.04. Skechers U.S.A., Inc. has a 52-week low of $44.50 and a 52-week high of $78.85. 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 company has a market cap of $9.44 billion, a PE ratio of 15.16 and a beta of 1.12.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last posted its earnings results 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 business had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.43 billion. Skechers U.S.A. had a return on equity of 13.34% and a net margin of 6.96%. The company's quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.33 EPS. On average, equities research analysts expect that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal 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.

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