Foundations Investment Advisors LLC Raises Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Key Points

• Foundations Investment Advisors LLC increased its stake in Skechers U.S.A., Inc. by 153.4% during the first quarter, owning 8,341 shares valued at $474,000.
• Other institutional investors have also significantly raised their positions, with hedge funds collectively owning 79.96% of Skechers' stock.
• Skechers has received various analyst ratings, with one "sell" rating, eight "hold" ratings, and five "buy" ratings, leading to a consensus rating of "Hold" and an average target price of $66.75.

Foundations Investment Advisors LLC grew its position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 153.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,341 shares of the textile maker's stock after acquiring an additional 5,049 shares during the period. Foundations Investment Advisors LLC's holdings in Skechers U.S.A. were worth $474,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors 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% in the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock valued at $28,000 after acquiring an additional 190 shares in the last quarter. Investment Management Corp VA ADV purchased a new stake in shares of Skechers U.S.A. in the fourth quarter valued at about $32,000. Parallel Advisors LLC boosted 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 acquiring an additional 399 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Skechers U.S.A. in the first quarter valued at about $35,000. Finally, Abound Financial LLC purchased a new stake in shares of Skechers U.S.A. in the first quarter valued at about $35,000. Hedge funds and other institutional investors own 79.96% of the company's stock.

Skechers U.S.A. Stock Performance

Shares of SKX opened at $63.19 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.28 and a debt-to-equity ratio of 0.02. The stock has a market cap of $9.45 billion, a P/E ratio of 15.19 and a beta of 1.12. The company has a 50-day moving average of $62.75 and a two-hundred day moving average of $60.91. Skechers U.S.A., Inc. has a 12-month low of $44.50 and a 12-month high of $78.85.

Analyst Ratings Changes

SKX has been the topic of several analyst reports. Wall Street Zen initiated coverage on shares of Skechers U.S.A. in a report on Thursday, May 22nd. They issued a "sell" rating on the stock. Barclays reaffirmed an "equal weight" rating and issued a $63.00 target price (up previously from $53.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Stifel Nicolaus decreased their price objective on shares of Skechers U.S.A. from $80.00 to $62.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Wells Fargo & Company boosted their price objective on shares of Skechers U.S.A. from $57.00 to $63.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Finally, Morgan Stanley reissued an "equal weight" rating and set a $63.00 price objective (down previously from $73.00) on shares of Skechers U.S.A. in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus 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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