Coronation Fund Managers Ltd. Buys 541,691 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Key Points

• Coronation Fund Managers Ltd. raised its stake in Skechers U.S.A., Inc. by 212.0%, acquiring 541,691 additional shares, bringing their total ownership to 797,248 shares, which represents 2.4% of their portfolio.
• Skechers U.S.A. reported earnings of $1.13 per share for the last quarter, exceeding analysts' expectations of $0.86 and marking a 13.1% increase in revenue year-over-year.
• The stock has a current market cap of $9.42 billion and has seen a price range this year between $44.50 and $78.85.

Coronation Fund Managers Ltd. increased its holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 212.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 797,248 shares of the textile maker's stock after purchasing an additional 541,691 shares during the period. Skechers U.S.A. accounts for 2.4% of Coronation Fund Managers Ltd.'s holdings, making the stock its 14th biggest holding. Coronation Fund Managers Ltd. owned 0.53% of Skechers U.S.A. worth $45,268,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Cynosure Group LLC lifted its holdings in Skechers U.S.A. by 30.4% in the 1st quarter. Cynosure Group LLC now owns 5,876 shares of the textile maker's stock worth $334,000 after purchasing an additional 1,371 shares in the last quarter. National Bank of Canada FI lifted its holdings in Skechers U.S.A. by 8.5% in the 1st quarter. National Bank of Canada FI now owns 2,400 shares of the textile maker's stock worth $136,000 after purchasing an additional 189 shares in the last quarter. Deutsche Bank AG lifted its holdings in Skechers U.S.A. by 24.9% in the 1st quarter. Deutsche Bank AG now owns 78,250 shares of the textile maker's stock worth $4,443,000 after purchasing an additional 15,615 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Skechers U.S.A. by 2.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,551 shares of the textile maker's stock worth $429,000 after purchasing an additional 204 shares in the last quarter. Finally, Blueshift Asset Management LLC purchased a new position in Skechers U.S.A. in the 1st quarter worth approximately $1,242,000. 79.96% of the stock is owned by hedge funds and other institutional investors.

Skechers U.S.A. Stock Performance

SKX stock opened at $62.96 on Friday. 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 business's fifty day simple moving average is $62.87 and its two-hundred day simple moving average is $60.50. Skechers U.S.A., Inc. has a twelve month low of $44.50 and a twelve month high of $78.85. The firm has a market cap of $9.42 billion, a price-to-earnings ratio of 14.37 and a beta of 1.16.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its earnings results on Friday, August 8th. The textile maker reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.27. Skechers U.S.A. had a return on equity of 13.34% and a net margin of 6.96%. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the firm posted $0.91 earnings per share. The business's revenue was up 13.1% compared to the same quarter last year. Analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on SKX. Monness Crespi & Hardt cut Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 7th. Wells Fargo & Company upped 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. Raymond James Financial cut Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a report on Monday, May 5th. UBS Group reaffirmed a "neutral" rating and set a $63.00 price objective (down from $64.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Skechers U.S.A. in a report on Tuesday, April 22nd. One equities 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. According to data from MarketBeat, Skechers U.S.A. currently has a consensus rating of "Hold" and a consensus price target 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.

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