Mackenzie Financial Corp Has $20.86 Million Stock Position in Skechers U.S.A., Inc. (NYSE:SKX)

Key Points

• Mackenzie Financial Corp increased its stake in Skechers U.S.A. by 6.0%, holding approximately $20.86 million in shares after acquiring an additional 20,698 shares in the first quarter.
• Institutional investors and hedge funds own nearly 80% of Skechers U.S.A. stock, indicating strong institutional interest in the company.
• Several brokerages have lowered their ratings for Skechers U.S.A. recently, with TD Cowen downgrading it from "buy" to "hold" and setting a price target of $63.00.

Mackenzie Financial Corp increased its position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 6.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 367,452 shares of the textile maker's stock after acquiring an additional 20,698 shares during the period. Mackenzie Financial Corp owned approximately 0.25% of Skechers U.S.A. worth $20,864,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. LPL Financial LLC raised its stake in Skechers U.S.A. by 29.6% during the 4th quarter. LPL Financial LLC now owns 77,976 shares of the textile maker's stock valued at $5,243,000 after acquiring an additional 17,791 shares in the last quarter. Norges Bank acquired a new stake in Skechers U.S.A. in the fourth quarter worth about $105,741,000. Pictet Asset Management Holding SA lifted its holdings in Skechers U.S.A. by 11.2% in 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. Schroder Investment Management Group grew its position in Skechers U.S.A. by 11.3% in the 4th 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 in the last quarter. Finally, Wellington Management Group LLP increased its stake in Skechers U.S.A. by 6.3% during the 4th quarter. Wellington Management Group LLP now owns 1,090,413 shares of the textile maker's stock valued at $73,319,000 after buying an additional 64,857 shares during the period. Institutional investors and hedge funds own 79.96% of the company's stock.

Wall Street Analyst Weigh In

SKX has been the subject of a number of research analyst reports. Raymond James Financial downgraded shares of Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a report on Monday, May 5th. UBS Group restated a "neutral" rating and set a $63.00 target price (down from $64.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Wells Fargo & Company upped their price target on Skechers U.S.A. from $57.00 to $63.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. 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 report on Tuesday, May 6th. Finally, Morgan Stanley restated an "equal weight" rating and issued a $63.00 target price (down from $73.00) on shares of Skechers U.S.A. in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $66.75.

Skechers U.S.A. Stock Down 0.4%

SKX stock traded down $0.27 during mid-day trading on Friday, hitting $62.98. The stock had a trading volume of 7,925,479 shares, compared to its average volume of 2,454,696. The stock has a market capitalization of $9.42 billion, a price-to-earnings ratio of 15.14 and a beta of 1.16. The company has a current ratio of 2.13, a quick ratio of 1.28 and a debt-to-equity ratio of 0.02. 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 fifty day moving average of $62.75 and a 200 day moving average of $60.91.

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.