Envestnet Asset Management Inc. Decreases Stock Position in Skechers U.S.A., Inc. (NYSE:SKX)

Envestnet Asset Management Inc. lessened its position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 63.1% during the 1st quarter, according to the company in its most recent disclosure 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 as of its most recent SEC filing.

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

Skechers U.S.A. Price Performance

SKX stock opened at $63.08 on Friday. The business has a fifty day moving average of $62.66 and a two-hundred day moving average of $61.04. 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 stock has a market cap of $9.44 billion, a price-to-earnings ratio of 15.16 and a beta of 1.12. Skechers U.S.A., Inc. has a 52-week low of $44.50 and a 52-week high of $78.85.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The textile maker reported $1.34 earnings per share for the quarter, beating analysts' consensus estimates of $1.17 by $0.17. Skechers U.S.A. had a return on equity of 13.34% and a net margin of 6.96%. The business had revenue of $2.41 billion during the quarter, compared to analysts' expectations of $2.43 billion. During the same period in the previous year, the firm posted $1.33 earnings per share. The company's revenue was up 7.1% on a year-over-year basis. As a group, research analysts anticipate that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SKX shares. UBS Group reaffirmed a "neutral" rating and issued a $63.00 price target (down previously from $64.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Wells Fargo & Company increased their price target on Skechers U.S.A. from $57.00 to $63.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Wall Street Zen started coverage on Skechers U.S.A. in a report on Thursday, May 22nd. They issued a "sell" rating for the company. TD Cowen cut 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 Wednesday, May 28th. Finally, Raymond James Financial cut Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research note on Monday, May 5th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price 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.

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