LPL Financial LLC Sells 39,349 Shares of Skechers U.S.A., Inc. $SKX

Key Points

• LPL Financial LLC has reduced its holdings in Skechers U.S.A., Inc. by 50.5% during the 1st quarter, now owning 38,627 shares valued at approximately $2.19 million.
• Institutional ownership of Skechers U.S.A. shares is significant, with 79.96% of the stock held by various institutional investors and hedge funds.
• Skechers reported a 13.1% year-over-year increase in quarterly revenue, totaling $2.44 billion, and an earnings per share (EPS) of $1.13, surpassing analyst expectations.

LPL Financial LLC lessened its holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 50.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,627 shares of the textile maker's stock after selling 39,349 shares during the quarter. LPL Financial LLC's holdings in Skechers U.S.A. were worth $2,193,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. HB Wealth Management LLC raised its stake in Skechers U.S.A. by 4.3% in the first quarter. HB Wealth Management LLC now owns 4,107 shares of the textile maker's stock valued at $233,000 after purchasing an additional 168 shares in the last quarter. Heartland Advisors Inc. raised its stake in Skechers U.S.A. by 10.8% in the first quarter. Heartland Advisors Inc. now owns 200,152 shares of the textile maker's stock valued at $11,365,000 after purchasing an additional 19,500 shares in the last quarter. Neo Ivy Capital Management acquired a new position in Skechers U.S.A. in the first quarter valued at about $620,000. AE Wealth Management LLC acquired a new position in Skechers U.S.A. in the first quarter valued at about $264,000. Finally, KLP Kapitalforvaltning AS raised its stake in Skechers U.S.A. by 3.3% in the first quarter. KLP Kapitalforvaltning AS now owns 28,200 shares of the textile maker's stock valued at $1,601,000 after purchasing an additional 900 shares in the last quarter. Institutional investors and hedge funds own 79.96% of the company's stock.

Skechers U.S.A. Stock Down 0.0%

NYSE SKX traded down $0.0050 on Friday, reaching $62.9950. The company had a trading volume of 2,202,342 shares, compared to its average volume of 4,552,863. Skechers U.S.A., Inc. has a 52-week low of $44.50 and a 52-week high of $78.85. The stock has a market capitalization of $9.47 billion, a P/E ratio of 14.38 and a beta of 1.16. The company's fifty day moving average is $63.00 and its 200 day moving average is $59.81. 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. (NYSE:SKX - Get Free Report) last announced its earnings results on Friday, August 8th. The textile maker reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.27. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.35 billion. Skechers U.S.A. had a return on equity of 13.44% and a net margin of 7.07%.The business's revenue was up 13.1% compared to the same quarter last year. During the same period last year, the firm posted $0.91 EPS. Sell-side analysts anticipate that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. 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. Monness Crespi & Hardt downgraded Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. UBS Group reissued a "neutral" rating and set a $63.00 target price (down previously from $64.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. Raymond James Financial downgraded Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research note on Monday, May 5th. Finally, Barclays reissued an "equal weight" rating and set a $63.00 target price (up previously from $53.00) on shares of Skechers U.S.A. in a research report on Tuesday, May 6th. Five analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target 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.