Morton Capital Management LLC CA Sells 20,494 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Morton Capital Management LLC CA cut its position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 59.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,781 shares of the textile maker's stock after selling 20,494 shares during the quarter. Morton Capital Management LLC CA's holdings in Skechers U.S.A. were worth $782,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Byrne Asset Management LLC bought a new position in shares of Skechers U.S.A. in the first quarter valued at $39,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Skechers U.S.A. by 5.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,496 shares of the textile maker's stock valued at $482,000 after purchasing an additional 475 shares during the last quarter. Fort Washington Investment Advisors Inc. OH lifted its holdings in Skechers U.S.A. by 8.6% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 4,046 shares of the textile maker's stock valued at $230,000 after purchasing an additional 321 shares during the last quarter. Thompson Investment Management Inc. lifted its holdings in Skechers U.S.A. by 0.8% during the 1st quarter. Thompson Investment Management Inc. now owns 66,503 shares of the textile maker's stock valued at $3,776,000 after purchasing an additional 522 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in Skechers U.S.A. by 17.1% during the 1st quarter. Handelsbanken Fonder AB now owns 41,790 shares of the textile maker's stock valued at $2,373,000 after purchasing an additional 6,100 shares during the last quarter. 79.96% of the stock is owned by institutional investors.

Skechers U.S.A. Stock Down 0.3%

Shares of NYSE SKX opened at $62.50 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.12 and a current ratio of 1.97. 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 $9.35 billion, a P/E ratio of 15.06, a PEG ratio of 1.11 and a beta of 1.13. The stock's fifty day moving average is $56.57 and its 200 day moving average is $62.15.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The textile maker reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.17 by $0.17. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. The company had revenue of $2.41 billion for the quarter, compared to analysts' expectations of $2.43 billion. During the same quarter last year, the business earned $1.33 earnings per share. Skechers U.S.A.'s revenue was up 7.1% on a year-over-year basis. Sell-side analysts forecast that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on SKX. 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 report on Wednesday, May 28th. Wall Street Zen began coverage on Skechers U.S.A. in a report on Thursday, May 22nd. They set a "sell" rating for the company. Raymond James downgraded Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a report on Monday, May 5th. Stifel Nicolaus cut their price target on Skechers U.S.A. from $80.00 to $62.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Finally, Morgan Stanley reissued an "equal weight" rating and set a $63.00 target price (down previously from $73.00) on shares of Skechers U.S.A. in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $67.69.

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.

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