Empowered Funds LLC Acquires 15,723 Shares of Skechers U.S.A., Inc. $SKX

Key Points

• Empowered Funds LLC increased its stake in Skechers U.S.A. by 13.5%, holding a total of 132,461 shares worth $7.5 million after purchasing an additional 15,723 shares.
• Institutional investors own 79.96% of Skechers U.S.A., with significant stake increases reported by Allspring Global Investments and Vontobel Holding Ltd., among others.
• Skechers U.S.A. reported earnings per share of $1.13, exceeding expectations and reflecting a 13.1% year-over-year revenue growth for the quarter.

Empowered Funds LLC lifted its position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 13.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 132,461 shares of the textile maker's stock after buying an additional 15,723 shares during the period. Empowered Funds LLC owned about 0.09% of Skechers U.S.A. worth $7,521,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Dean Capital Management lifted its stake in shares of Skechers U.S.A. by 2.1% in the first quarter. Dean Capital Management now owns 19,352 shares of the textile maker's stock worth $1,099,000 after buying an additional 404 shares in the last quarter. United Services Automobile Association bought a new position in shares of Skechers U.S.A. in the first quarter worth approximately $498,000. Kestra Investment Management LLC lifted its stake in shares of Skechers U.S.A. by 59.8% in the first quarter. Kestra Investment Management LLC now owns 29,743 shares of the textile maker's stock worth $1,689,000 after buying an additional 11,134 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Skechers U.S.A. in the first quarter worth approximately $1,110,000. Finally, Petrus Trust Company LTA lifted its stake in shares of Skechers U.S.A. by 26.7% in the first quarter. Petrus Trust Company LTA now owns 6,778 shares of the textile maker's stock worth $385,000 after buying an additional 1,427 shares in the last quarter. Institutional investors own 79.96% of the company's stock.

Skechers U.S.A. Stock Performance

SKX remained flat at $63.13 during trading on Tuesday. The company has a quick ratio of 1.29, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. Skechers U.S.A., Inc. has a 12 month low of $44.50 and a 12 month high of $78.85. The stock has a market cap of $9.49 billion, a PE ratio of 14.41 and a beta of 1.19. The business's fifty day moving average is $63.10 and its two-hundred day moving average is $59.45.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The textile maker reported $1.13 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.27. Skechers U.S.A. had a net margin of 7.07% and a return on equity of 13.44%. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period last year, the firm earned $0.91 earnings per share. The company's quarterly revenue was up 13.1% on a year-over-year basis. On average, analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. TD Cowen downgraded shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price objective on the stock. in a research report on Wednesday, May 28th. Argus downgraded shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price objective on the stock. in a research report on Tuesday, August 26th. Needham & Company LLC restated a "hold" rating on shares of Skechers U.S.A. in a research report on Wednesday, August 27th. Wall Street Zen upgraded shares of Skechers U.S.A. to a "hold" rating in a research report on Saturday, August 30th. Finally, Zacks Research upgraded shares of Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $66.46.

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.