Intech Investment Management LLC Sells 15,061 Shares of Skechers U.S.A., Inc. $SKX

Key Points

• Intech Investment Management LLC reduced its stake in Skechers U.S.A., Inc. by 24.1%, selling 15,061 shares and holding a total of 47,472 shares valued at approximately $2.7 million.
• Skechers reported a quarterly earnings per share (EPS) of $1.13, exceeding analysts' expectations of $0.86, alongside a year-over-year revenue increase of 13.1% to $2.44 billion.
• The stock has a consensus rating of "Hold" among analysts, with a target price of $66.46 based on a mixture of ratings, including Strong Buy and Buy classifications.

Intech Investment Management LLC lowered its stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 24.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 47,472 shares of the textile maker's stock after selling 15,061 shares during the quarter. Intech Investment Management LLC's holdings in Skechers U.S.A. were worth $2,695,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SKX. Victory Capital Management Inc. lifted its position in Skechers U.S.A. by 15,774.3% in the first quarter. Victory Capital Management Inc. now owns 3,949,844 shares of the textile maker's stock valued at $224,272,000 after purchasing an additional 3,924,962 shares during the last quarter. Two Sigma Investments LP lifted its position in Skechers U.S.A. by 772.7% in the fourth quarter. Two Sigma Investments LP now owns 1,176,488 shares of the textile maker's stock valued at $79,107,000 after purchasing an additional 1,041,677 shares during the last quarter. Two Sigma Advisers LP lifted its position in Skechers U.S.A. by 381.0% in the fourth quarter. Two Sigma Advisers LP now owns 1,081,800 shares of the textile maker's stock valued at $72,740,000 after purchasing an additional 856,900 shares during the last quarter. Nuveen LLC bought a new stake in Skechers U.S.A. in the first quarter valued at approximately $34,525,000. Finally, Dimensional Fund Advisors LP lifted its position in Skechers U.S.A. by 26.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,795,753 shares of the textile maker's stock valued at $158,739,000 after purchasing an additional 583,733 shares during the last quarter. Institutional investors own 79.96% of the company's stock.

Skechers U.S.A. Price Performance

SKX stock remained flat at $63.13 during midday trading on Friday. The firm has a market capitalization of $9.49 billion, a PE ratio of 14.41 and a beta of 1.19. The stock has a 50 day moving average price of $63.09 and a 200-day moving average price of $59.57. Skechers U.S.A., Inc. has a twelve month low of $44.50 and a twelve month high of $78.85. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 1.29.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its quarterly earnings results on Friday, August 8th. The textile maker reported $1.13 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.27. The company had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.35 billion. Skechers U.S.A. had a return on equity of 13.44% and a net margin of 7.07%.The firm's revenue for the quarter was up 13.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. Equities analysts anticipate that Skechers U.S.A., Inc. will post 4.47 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Wall Street Zen upgraded Skechers U.S.A. to a "hold" rating in a research report on Saturday, August 30th. TD Cowen cut Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 target price on the stock. in a research note on Wednesday, May 28th. Zacks Research raised Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. Needham & Company LLC reissued a "hold" rating on shares of Skechers U.S.A. in a research note on Wednesday, August 27th. Finally, Argus cut Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 target price on the stock. in a research note on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $66.46.

Skechers U.S.A. 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.