GAMMA Investing LLC Buys 185,266 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

GAMMA Investing LLC lifted its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 9,033.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 187,317 shares of the textile maker's stock after acquiring an additional 185,266 shares during the quarter. GAMMA Investing LLC owned approximately 0.13% of Skechers U.S.A. worth $10,636,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SKX. NewEdge Advisors LLC boosted its position in 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 period. TD Private Client Wealth LLC raised its position in shares of Skechers U.S.A. by 534.3% in the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker's stock valued at $29,000 after purchasing an additional 358 shares during the period. Investment Management Corp VA ADV acquired a new stake in shares of Skechers U.S.A. during the 4th quarter worth about $32,000. IFP Advisors Inc boosted its holdings in shares of Skechers U.S.A. by 62.4% during the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker's stock worth $55,000 after buying an additional 317 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Skechers U.S.A. during the 4th quarter worth about $65,000. 79.96% of the stock is owned by institutional investors and hedge funds.

Skechers U.S.A. Price Performance

SKX stock traded down $0.03 during mid-day trading on Friday, hitting $62.11. The stock had a trading volume of 4,384,671 shares, compared to its average volume of 3,306,750. The firm has a fifty day simple moving average of $55.36 and a 200 day simple moving average of $62.15. The firm has a market capitalization of $9.29 billion, a P/E ratio of 14.97, a P/E/G ratio of 1.11 and a beta of 1.13. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01. 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 announced its quarterly earnings data on Thursday, April 24th. The textile maker reported $1.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.17 by $0.17. Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. The business had revenue of $2.41 billion for the quarter, compared to analysts' expectations of $2.43 billion. During the same period last year, the firm posted $1.33 earnings per share. The firm's quarterly revenue was up 7.1% compared to the same quarter last year. As a group, research analysts forecast that Skechers U.S.A., Inc. will post 4.47 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SKX. Evercore ISI cut their price objective on shares of Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating for the company in a research report on Thursday, April 17th. Monness Crespi & Hardt cut Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 7th. 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. Wells Fargo & Company increased their price objective 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. Finally, Bank of America dropped their target price on Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating for the company in a report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $67.69.

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.