Maverick Capital Ltd. Reduces Position in Skechers U.S.A., Inc. $SKX

Key Points

• Maverick Capital Ltd. significantly reduced its stake in Skechers U.S.A. by 81% in Q1, ultimately holding just 12,121 shares valued at $688,000 after selling 51,724 shares.
• The firm reported a 13.1% increase in revenue to $2.44 billion for the last quarter, with earnings per share of $1.13, exceeding analysts' expectations.
• As of now, 79.96% of Skechers U.S.A.'s stock is owned by hedge funds and institutional investors, indicating substantial institutional interest in the company.

Maverick Capital Ltd. trimmed its holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 81.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,121 shares of the textile maker's stock after selling 51,724 shares during the period. Maverick Capital Ltd.'s holdings in Skechers U.S.A. were worth $688,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in SKX. Victory Capital Management Inc. boosted its stake in Skechers U.S.A. by 15,774.3% in the 1st quarter. Victory Capital Management Inc. now owns 3,949,844 shares of the textile maker's stock worth $224,272,000 after purchasing an additional 3,924,962 shares during the period. Duquesne Family Office LLC bought a new stake in shares of Skechers U.S.A. during the fourth quarter valued at approximately $72,272,000. Two Sigma Investments LP lifted its holdings in shares of Skechers U.S.A. by 772.7% in the fourth quarter. Two Sigma Investments LP now owns 1,176,488 shares of the textile maker's stock worth $79,107,000 after buying an additional 1,041,677 shares in the last quarter. Two Sigma Advisers LP boosted its position in shares of Skechers U.S.A. by 381.0% during the fourth quarter. Two Sigma Advisers LP now owns 1,081,800 shares of the textile maker's stock worth $72,740,000 after acquiring an additional 856,900 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of Skechers U.S.A. during the first quarter worth $34,525,000. Institutional investors own 79.96% of the company's stock.

Skechers U.S.A. Trading Down 0.0%

SKX stock traded down $0.02 during midday trading on Friday, reaching $63.22. 3,003,301 shares of the company traded hands, compared to its average volume of 4,450,620. The firm has a market capitalization of $9.50 billion, a price-to-earnings ratio of 14.43 and a beta of 1.19. Skechers U.S.A., Inc. has a 52-week low of $44.50 and a 52-week high of $78.85. The business has a 50 day moving average of $63.10 and a 200-day moving average of $59.49. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 2.09.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its earnings results on Friday, August 8th. The textile maker reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.27. Skechers U.S.A. had a return on equity of 13.44% and a net margin of 7.07%.The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the company posted $0.91 EPS. The company's revenue for the quarter was up 13.1% compared to the same quarter last year. As a group, sell-side analysts expect that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SKX has been the topic of a number of research reports. Argus downgraded shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price target on the stock. in a report on Tuesday, August 26th. Zacks Research upgraded Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Needham & Company LLC reaffirmed a "hold" rating on shares of Skechers U.S.A. in a report on Wednesday, August 27th. Wall Street Zen raised Skechers U.S.A. to a "hold" rating in a research note on Saturday, August 30th. Finally, TD Cowen cut Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price target for the company. in a report on Wednesday, May 28th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $66.46.

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.