Intact Investment Management Inc. Grows Position in Skechers U.S.A., Inc. (NYSE:SKX)

Intact Investment Management Inc. increased its holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 23.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,300 shares of the textile maker's stock after acquiring an additional 4,800 shares during the quarter. Intact Investment Management Inc.'s holdings in Skechers U.S.A. were worth $1,437,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in SKX. Blue Trust Inc. raised its holdings in Skechers U.S.A. by 20.7% in the fourth quarter. Blue Trust Inc. now owns 1,208 shares of the textile maker's stock worth $81,000 after purchasing an additional 207 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in Skechers U.S.A. by 2.9% in the fourth quarter. Sanctuary Advisors LLC now owns 30,396 shares of the textile maker's stock worth $2,044,000 after purchasing an additional 858 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Skechers U.S.A. by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 4,166 shares of the textile maker's stock worth $280,000 after purchasing an additional 213 shares in the last quarter. Venturi Wealth Management LLC raised its holdings in Skechers U.S.A. by 296.1% in the fourth quarter. Venturi Wealth Management LLC now owns 3,422 shares of the textile maker's stock worth $230,000 after purchasing an additional 2,558 shares in the last quarter. Finally, Alberta Investment Management Corp raised its holdings in Skechers U.S.A. by 9.3% in the fourth quarter. Alberta Investment Management Corp now owns 15,794 shares of the textile maker's stock worth $1,062,000 after purchasing an additional 1,341 shares in the last quarter. 79.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Barclays reiterated an "equal weight" rating and issued a $63.00 target price (up from $53.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. TD Cowen downgraded shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 target price for the company. in a report on Wednesday, May 28th. Bank of America reduced their target price on shares of 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. Wells Fargo & Company boosted their target price 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, Stifel Nicolaus cut 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. 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 company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $67.69.

Skechers U.S.A. Stock Performance

NYSE SKX traded up $0.09 during trading hours on Friday, reaching $62.53. The stock had a trading volume of 6,350,119 shares, compared to its average volume of 3,426,512. The stock has a fifty day moving average of $57.92 and a 200 day moving average of $61.95. The stock has a market cap of $9.35 billion, a P/E ratio of 15.03 and a beta of 1.13. Skechers U.S.A., Inc. has a 52-week low of $44.50 and a 52-week high of $78.85. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.28 and a current ratio of 2.13.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its earnings results on Thursday, April 24th. The textile maker reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.17 by $0.17. The firm had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.43 billion. Skechers U.S.A. had a return on equity of 13.34% and a net margin of 6.96%. Skechers U.S.A.'s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.33 earnings per share. Sell-side analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

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.