Cerity Partners LLC Sells 8,015 Shares of 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 holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 56.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund 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 SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in Skechers U.S.A. during the fourth quarter worth about $105,741,000. Duquesne Family Office LLC bought a new stake in shares of Skechers U.S.A. during the 4th quarter worth approximately $72,272,000. Two Sigma Investments LP grew its position in shares of Skechers U.S.A. by 772.7% in the 4th quarter. Two Sigma Investments LP now owns 1,176,488 shares of the textile maker's stock valued at $79,107,000 after acquiring an additional 1,041,677 shares during the period. Anomaly Capital Management LP raised its stake 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 valued at $200,981,000 after buying an additional 1,011,815 shares during the period. Finally, Two Sigma Advisers LP raised its stake in Skechers U.S.A. by 381.0% in the 4th quarter. Two Sigma Advisers LP now owns 1,081,800 shares of the textile maker's stock valued at $72,740,000 after acquiring an additional 856,900 shares during the period. Institutional investors own 79.96% of the company's stock.

Skechers U.S.A. Price Performance

Shares of NYSE:SKX traded up $0.01 during midday trading on Wednesday, hitting $63.19. The stock had a trading volume of 2,888,007 shares, compared to its average volume of 2,598,488. The company's 50-day moving average price is $62.73 and its 200-day moving average price is $60.96. The company has a quick ratio of 1.28, a current ratio of 2.13 and a debt-to-equity ratio of 0.02. Skechers U.S.A., Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $78.85. The company has a market capitalization of $9.45 billion, a P/E ratio of 15.19 and a beta of 1.12.

Analysts Set New Price Targets

Several analysts recently commented on SKX shares. Monness Crespi & Hardt downgraded shares of Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 7th. Wells Fargo & Company boosted their price objective on Skechers U.S.A. from $57.00 to $63.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Barclays reiterated an "equal weight" rating and set a $63.00 target price (up previously from $53.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. Raymond James Financial downgraded Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research note on Monday, May 5th. Finally, Wall Street Zen assumed coverage on Skechers U.S.A. in a report on Thursday, May 22nd. They issued a "sell" rating on the stock. 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $66.75.

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.