Mackenzie Financial Corp Purchases 20,698 Shares of 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 grew its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 6.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 367,452 shares of the textile maker's stock after buying an additional 20,698 shares during the quarter. Mackenzie Financial Corp owned 0.25% of Skechers U.S.A. worth $20,864,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SKX. LPL Financial LLC boosted its holdings in Skechers U.S.A. by 29.6% during the fourth quarter. LPL Financial LLC now owns 77,976 shares of the textile maker's stock worth $5,243,000 after purchasing an additional 17,791 shares during the last quarter. Norges Bank purchased a new position in Skechers U.S.A. during the fourth quarter worth about $105,741,000. Pictet Asset Management Holding SA boosted its holdings in 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 last quarter. Schroder Investment Management Group boosted its holdings in Skechers U.S.A. by 11.3% during the fourth quarter. Schroder Investment Management Group now owns 177,343 shares of the textile maker's stock worth $12,010,000 after purchasing an additional 18,024 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Skechers U.S.A. by 6.3% during the fourth quarter. Wellington Management Group LLP now owns 1,090,413 shares of the textile maker's stock worth $73,319,000 after purchasing an additional 64,857 shares during the last quarter. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SKX has been the topic of several analyst reports. Raymond James Financial cut shares of Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a report on Monday, May 5th. Morgan Stanley reissued 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. Wells Fargo & Company increased their target price 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. Wall Street Zen began coverage on shares of Skechers U.S.A. in a research report on Thursday, May 22nd. They set a "sell" rating for the company. Finally, Needham & Company LLC reissued a "hold" rating on shares of Skechers U.S.A. in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Skechers U.S.A. presently has a consensus rating of "Hold" and an average target price of $66.75.

Skechers U.S.A. Stock Performance

SKX traded down $0.27 on Friday, hitting $62.98. The company's stock had a trading volume of 7,925,479 shares, compared to its average volume of 2,454,696. The company's 50 day simple moving average is $62.77 and its 200-day simple moving average is $60.79. The firm has a market cap of $9.42 billion, a P/E ratio of 15.14 and a beta of 1.16. Skechers U.S.A., Inc. has a 12 month low of $44.50 and a 12 month high of $78.85. The company has a quick ratio of 1.28, a current ratio of 2.13 and a debt-to-equity ratio of 0.02.

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.