Envestnet Asset Management Inc. Sells 114,779 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Key Points

• Envestnet Asset Management Inc. reduced its holdings in Skechers U.S.A. by 63.1% in the first quarter, now owning 66,984 shares valued at approximately $3.8 million.
• Despite the reduction by Envestnet, other institutional investors have been increasing their stakes in Skechers, with NewEdge Advisors LLC boosting its holdings by 85.2%.
• Skechers reported a quarterly earnings per share of $1.34, exceeding analysts' expectations, while also achieving a revenue of $2.41 billion for the same period.

Envestnet Asset Management Inc. decreased its position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 63.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,984 shares of the textile maker's stock after selling 114,779 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Skechers U.S.A. were worth $3,803,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. NewEdge Advisors LLC boosted its holdings in shares of Skechers U.S.A. by 85.2% during the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock worth $28,000 after purchasing an additional 190 shares during the last quarter. Investment Management Corp VA ADV purchased a new stake in Skechers U.S.A. during the 4th quarter worth $32,000. Parallel Advisors LLC increased its stake in shares of Skechers U.S.A. by 183.0% in the first quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock worth $35,000 after buying an additional 399 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in Skechers U.S.A. in the first quarter worth about $35,000. Finally, Olde Wealth Management LLC bought a new position in Skechers U.S.A. during the first quarter worth $37,000. Hedge funds and other institutional investors own 79.96% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on SKX. Wells Fargo & Company increased their target price on Skechers U.S.A. from $57.00 to $63.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $63.00 price target (down previously from $73.00) on shares of Skechers U.S.A. in a report on Wednesday, May 7th. Wall Street Zen began coverage on shares of Skechers U.S.A. in a research report on Thursday, May 22nd. They set a "sell" rating on the stock. Monness Crespi & Hardt cut shares of Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 7th. Finally, TD Cowen downgraded Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price target for the company. in a research note on Wednesday, May 28th. 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 MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $66.75.

Skechers U.S.A. Stock Performance

NYSE:SKX traded up $0.01 during trading hours on Wednesday, hitting $63.19. 2,888,007 shares of the company traded hands, compared to its average volume of 2,598,488. The firm has a 50-day moving average of $62.73 and a 200 day moving average of $60.96. The stock has a market capitalization of $9.45 billion, a price-to-earnings ratio of 15.19 and a beta of 1.12. The company has a current ratio of 2.13, a quick ratio of 1.28 and a debt-to-equity ratio of 0.02. Skechers U.S.A., Inc. has a twelve month low of $44.50 and a twelve month high of $78.85.

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.