Neo Ivy Capital Management Takes Position in Skechers U.S.A., Inc. (NYSE:SKX)

Key Points

• Neo Ivy Capital Management acquired a new stake in Skechers U.S.A. by purchasing 10,920 shares valued at approximately $620,000 in the first quarter.
• The stock currently has a consensus rating of "Hold" from analysts, with a price target averaging $67.69 per share.
• Skechers reported a quarterly earnings per share of $1.34, exceeding estimates, and experienced a year-over-year revenue increase of 7.1% during the same period.

Neo Ivy Capital Management bought a new stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 10,920 shares of the textile maker's stock, valued at approximately $620,000.

Other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of Skechers U.S.A. by 49.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 90,309 shares of the textile maker's stock valued at $5,192,000 after purchasing an additional 30,053 shares during the last quarter. Vontobel Holding Ltd. grew its position in Skechers U.S.A. by 130.5% in the first quarter. Vontobel Holding Ltd. now owns 11,190 shares of the textile maker's stock valued at $635,000 after purchasing an additional 6,335 shares in the last quarter. Hudson Bay Capital Management LP acquired a new stake in Skechers U.S.A. in the 4th quarter valued at $5,804,000. Praxis Investment Management Inc. acquired a new stake in Skechers U.S.A. in the 1st quarter valued at $232,000. Finally, Schroder Investment Management Group lifted its position in Skechers U.S.A. by 11.3% during the 4th quarter. Schroder Investment Management Group now owns 177,343 shares of the textile maker's stock worth $12,010,000 after buying an additional 18,024 shares in the last quarter. Institutional investors own 79.96% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Monness Crespi & Hardt cut Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 7th. Morgan Stanley reissued an "equal weight" rating and set a $63.00 price target (down from $73.00) on shares of Skechers U.S.A. in a research report on Wednesday, May 7th. Evercore ISI decreased their price target on Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating for the company in a research note on Thursday, April 17th. Raymond James Financial cut Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research note on Monday, May 5th. Finally, Stifel Nicolaus cut their price objective 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. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Skechers U.S.A. has a consensus rating of "Hold" and an average target price of $66.75.

Skechers U.S.A. Stock Performance

Shares of NYSE:SKX traded down $0.02 on Wednesday, hitting $63.17. The company had a trading volume of 641,877 shares, compared to its average volume of 4,712,554. The stock has a market cap of $9.45 billion, a price-to-earnings ratio of 15.18 and a beta of 1.12. The stock has a 50 day moving average price of $62.70 and a 200 day moving average price of $60.95. 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 current ratio of 2.13, a quick ratio of 1.28 and a debt-to-equity ratio of 0.02.

Skechers U.S.A. 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.