Empowered Funds LLC Purchases 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 holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 13.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 132,461 shares of the textile maker's stock after acquiring an additional 15,723 shares during the quarter. Empowered Funds LLC owned approximately 0.09% of Skechers U.S.A. worth $7,521,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. boosted its stake in Skechers U.S.A. by 15,774.3% in the first quarter. Victory Capital Management Inc. now owns 3,949,844 shares of the textile maker's stock worth $224,272,000 after purchasing an additional 3,924,962 shares in the last quarter. Fiduciary Management Inc. WI grew its holdings in Skechers U.S.A. by 12.9% during the 1st quarter. Fiduciary Management Inc. WI now owns 2,833,785 shares of the textile maker's stock worth $160,902,000 after acquiring an additional 324,007 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Skechers U.S.A. by 26.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,795,753 shares of the textile maker's stock worth $158,739,000 after acquiring an additional 583,733 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Skechers U.S.A. by 7.6% in the first quarter. Bank of New York Mellon Corp now owns 2,482,980 shares of the textile maker's stock worth $140,984,000 after acquiring an additional 174,697 shares during the last quarter. Finally, Two Sigma Investments LP lifted its position in shares of Skechers U.S.A. by 772.7% during the fourth quarter. Two Sigma Investments LP now owns 1,176,488 shares of the textile maker's stock worth $79,107,000 after purchasing an additional 1,041,677 shares in the last quarter. 79.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SKX has been the subject of a number of research reports. Argus lowered shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price target for the company. in a report on Tuesday, August 26th. Wall Street Zen raised Skechers U.S.A. to a "hold" rating in a research note on Saturday, August 30th. TD Cowen lowered Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price target on the stock. in a research note on Wednesday, May 28th. Zacks Research upgraded Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Skechers U.S.A. in a report on Wednesday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $66.46.

Skechers U.S.A. Price Performance

Shares of SKX stock remained flat at $63.13 during trading hours on Friday. Skechers U.S.A., Inc. has a 1-year low of $44.50 and a 1-year high of $78.85. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 2.09. The company has a market capitalization of $9.49 billion, a price-to-earnings ratio of 14.41 and a beta of 1.19. The business has a 50-day simple moving average of $63.10 and a 200 day simple moving average of $59.44.

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

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.