Skechers U.S.A., Inc. $SKX Shares Sold by HighTower Advisors LLC

Key Points

• HighTower Advisors LLC reduced its stake in Skechers U.S.A. by 13.3%, selling 46,658 shares, and now holds 303,010 shares valued at approximately $17.2 million.
• Wall Street analysts have a mixed outlook on Skechers U.S.A., with price targets generally set around $63, while maintaining various ratings from "buy" to "hold."
• Skechers U.S.A. recently reported earnings of $1.13 per share, exceeding expectations, with revenue of $2.44 billion—up 13.1% year-over-year.

HighTower Advisors LLC cut its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 13.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 303,010 shares of the textile maker's stock after selling 46,658 shares during the quarter. HighTower Advisors LLC owned about 0.20% of Skechers U.S.A. worth $17,205,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in SKX. NewEdge Advisors LLC boosted its stake in shares of Skechers U.S.A. by 85.2% during the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock worth $28,000 after acquiring an additional 190 shares in the last quarter. Investment Management Corp VA ADV acquired a new position in Skechers U.S.A. during the fourth quarter worth $32,000. Parallel Advisors LLC boosted its position in Skechers U.S.A. by 183.0% during the first quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock worth $35,000 after purchasing an additional 399 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in Skechers U.S.A. during the first quarter worth $35,000. Finally, Abound Financial LLC acquired a new stake in Skechers U.S.A. in the first quarter valued at $35,000. Hedge funds and other institutional investors own 79.96% of the company's stock.

Skechers U.S.A. Trading Down 0.3%

Shares of SKX stock traded down $0.1650 during mid-day trading on Wednesday, hitting $62.8950. 1,709,471 shares of the company's stock were exchanged, compared to its average volume of 4,575,966. The stock has a market cap of $9.45 billion, a price-to-earnings ratio of 14.36 and a beta of 1.16. The company has a quick ratio of 1.29, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. Skechers U.S.A., Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $78.85. The stock has a 50-day simple moving average of $62.99 and a two-hundred day simple moving average of $59.86.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its earnings results on Friday, August 8th. The textile maker reported $1.13 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the firm posted $0.91 earnings per share. The business's quarterly revenue was up 13.1% compared to the same quarter last year. Equities analysts expect that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SKX shares. 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. Barclays reaffirmed an "equal weight" rating and issued a $63.00 price target (up previously from $53.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Wall Street Zen initiated coverage on shares of Skechers U.S.A. in a research note on Thursday, May 22nd. They set a "sell" rating for the company. Needham & Company LLC reiterated a "hold" rating on shares of Skechers U.S.A. in a report on Tuesday, April 22nd. Finally, UBS Group reissued a "neutral" rating and issued a $63.00 price target (down from $64.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Five equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, Skechers U.S.A. presently has a consensus rating of "Hold" and a consensus target price of $66.75.

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.