Skechers U.S.A., Inc. (NYSE:SKX) Shares Sold by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. reduced its stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 7.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 654,800 shares of the textile maker's stock after selling 52,600 shares during the quarter. Letko Brosseau & Associates Inc. owned about 0.44% of Skechers U.S.A. worth $37,180,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. LPL Financial LLC raised its holdings in shares of Skechers U.S.A. by 29.6% in the fourth quarter. LPL Financial LLC now owns 77,976 shares of the textile maker's stock worth $5,243,000 after buying an additional 17,791 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Skechers U.S.A. by 15.6% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 31,389 shares of the textile maker's stock valued at $2,111,000 after purchasing an additional 4,247 shares during the period. Norges Bank purchased a new position in shares of Skechers U.S.A. in the fourth quarter worth about $105,741,000. Pictet Asset Management Holding SA lifted its holdings in shares of Skechers U.S.A. by 11.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 105,929 shares of the textile maker's stock worth $7,123,000 after purchasing an additional 10,668 shares during the period. Finally, Schroder Investment Management Group boosted its position in Skechers U.S.A. by 11.3% in the fourth quarter. Schroder Investment Management Group now owns 177,343 shares of the textile maker's stock valued at $12,010,000 after buying an additional 18,024 shares during the last quarter. Hedge funds and other institutional investors own 79.96% of the company's stock.

Skechers U.S.A. Price Performance

Shares of NYSE SKX traded down $0.27 during mid-day trading on Friday, reaching $62.98. The company's stock had a trading volume of 7,925,479 shares, compared to its average volume of 2,454,696. Skechers U.S.A., Inc. has a 1-year low of $44.50 and a 1-year 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. The stock has a market capitalization of $9.42 billion, a P/E ratio of 15.14 and a beta of 1.16. The stock has a 50-day moving average of $62.77 and a two-hundred day moving average of $60.85.

Analysts Set New Price Targets

A number of research firms have issued reports on SKX. Evercore ISI reduced their price target 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. Wall Street Zen started coverage on shares of Skechers U.S.A. in a report on Thursday, May 22nd. They set a "sell" rating for the company. Needham & Company LLC reaffirmed a "hold" rating on shares of Skechers U.S.A. in a report on Tuesday, April 22nd. Barclays reiterated an "equal weight" rating and set a $63.00 price objective (up previously from $53.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. Finally, Morgan Stanley restated an "equal weight" rating and set a $63.00 target price (down from $73.00) on shares of Skechers U.S.A. in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Skechers U.S.A. currently has an average rating of "Hold" and an average target price of $66.75.

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.