Letko Brosseau & Associates Inc. Lowers Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Letko Brosseau & Associates Inc. trimmed its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 7.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 654,800 shares of the textile maker's stock after selling 52,600 shares during the period. Letko Brosseau & Associates Inc. owned about 0.44% of Skechers U.S.A. worth $37,180,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its holdings 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 worth $224,272,000 after buying an additional 3,924,962 shares during the period. Anomaly Capital Management LP lifted its holdings in Skechers U.S.A. by 51.2% in the fourth quarter. Anomaly Capital Management LP now owns 2,989,015 shares of the textile maker's stock worth $200,981,000 after buying an additional 1,011,815 shares during the period. Bank of New York Mellon Corp lifted its holdings in Skechers U.S.A. by 7.6% in the first quarter. Bank of New York Mellon Corp now owns 2,482,980 shares of the textile maker's stock worth $140,984,000 after buying an additional 174,697 shares during the period. Geode Capital Management LLC increased its stake in shares of Skechers U.S.A. by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 2,294,976 shares of the textile maker's stock valued at $154,361,000 after purchasing an additional 78,071 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Skechers U.S.A. by 19.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,212,020 shares of the textile maker's stock valued at $148,743,000 after purchasing an additional 357,681 shares during the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Skechers U.S.A. Stock Performance

Shares of Skechers U.S.A. stock traded down $0.27 on Friday, hitting $62.98. 7,925,479 shares of the company's stock were exchanged, compared to its average volume of 4,741,216. The company has a 50-day simple moving average of $62.75 and a 200-day simple moving average of $60.91. The stock has a market capitalization of $9.42 billion, a PE ratio of 15.14 and a beta of 1.12. 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.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SKX shares. Morgan Stanley reaffirmed an "equal weight" rating and set a $63.00 price objective (down previously from $73.00) on shares of Skechers U.S.A. in a research report on Wednesday, May 7th. Raymond James Financial downgraded shares of Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research report on Monday, May 5th. 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. TD Cowen downgraded shares of 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 report on Wednesday, May 28th. Finally, Wells Fargo & Company raised their price target on shares of Skechers U.S.A. from $57.00 to $63.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Skechers U.S.A. presently has a consensus rating of "Hold" and a consensus price target of $66.75.

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.