Commerce Bank Increases Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Key Points

• Commerce Bank increased its position in Skechers U.S.A., Inc. by 33.1%, now owning 597,228 shares valued at $33.91 million.
• Institutional investors and hedge funds own approximately 79.96% of Skechers' stock, indicating strong support from large financial entities.
• Skechers' stock currently has a price target of $66.75 and an average rating of "Hold," with various analysts weighing in from sell to buy ratings.

Commerce Bank lifted its position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 33.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 597,228 shares of the textile maker's stock after buying an additional 148,411 shares during the period. Commerce Bank owned about 0.40% of Skechers U.S.A. worth $33,911,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of SKX. LPL Financial LLC increased its stake in Skechers U.S.A. by 29.6% in the 4th quarter. LPL Financial LLC now owns 77,976 shares of the textile maker's stock worth $5,243,000 after purchasing an additional 17,791 shares during the period. Pictet Asset Management Holding SA increased its stake in Skechers U.S.A. by 11.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 105,929 shares of the textile maker's stock worth $7,123,000 after purchasing an additional 10,668 shares during the period. Schroder Investment Management Group increased its stake in Skechers U.S.A. by 11.3% in the 4th quarter. Schroder Investment Management Group now owns 177,343 shares of the textile maker's stock worth $12,010,000 after purchasing an additional 18,024 shares during the period. Wellington Management Group LLP increased its stake in Skechers U.S.A. by 6.3% in the 4th quarter. Wellington Management Group LLP now owns 1,090,413 shares of the textile maker's stock worth $73,319,000 after purchasing an additional 64,857 shares during the period. Finally, Franklin Resources Inc. increased its stake in Skechers U.S.A. by 7.5% in the 4th quarter. Franklin Resources Inc. now owns 177,663 shares of the textile maker's stock worth $11,946,000 after purchasing an additional 12,449 shares during the period. 79.96% of the stock is owned by hedge funds and other institutional investors.

Skechers U.S.A. Stock Down 0.4%

Shares of NYSE SKX traded down $0.27 during mid-day trading on Friday, hitting $62.98. 7,925,479 shares of the stock traded hands, compared to its average volume of 2,850,975. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.28 and a current ratio of 2.13. 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 market cap of $9.42 billion, a price-to-earnings ratio of 15.14 and a beta of 1.16. The stock has a fifty day moving average price of $62.77 and a 200-day moving average price of $60.73.

Wall Street Analysts Forecast Growth

SKX has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price target on Skechers U.S.A. from $57.00 to $63.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Wall Street Zen started coverage on Skechers U.S.A. in a research report on Thursday, May 22nd. They issued a "sell" rating on the stock. Stifel Nicolaus cut their price objective on Skechers U.S.A. from $80.00 to $62.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Needham & Company LLC reiterated a "hold" rating on shares of Skechers U.S.A. in a research report on Tuesday, April 22nd. Finally, Morgan Stanley reiterated an "equal weight" rating and issued a $63.00 price objective (down from $73.00) on shares of Skechers U.S.A. in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, Skechers U.S.A. 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.