Nuveen LLC Buys Shares of 608,057 Skechers U.S.A., Inc. $SKX

Key Points

• Nuveen LLC invested approximately $34.53 million in Skechers U.S.A., acquiring 608,057 shares during the 1st quarter, representing about 0.41% ownership post-investment.
• Skechers U.S.A. reported earnings of $1.13 per share for the latest quarter, surpassing analyst estimates of $0.86, with year-over-year revenue growth of **13.1%**.
• While Skechers U.S.A. holds an average rating of "Hold" among analysts, price targets range from $57 to $66.75, indicating mixed views on the company's future performance.

Nuveen LLC bought a new position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 608,057 shares of the textile maker's stock, valued at approximately $34,525,000. Nuveen LLC owned about 0.41% of Skechers U.S.A. at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Coronation Fund Managers Ltd. grew its holdings in Skechers U.S.A. by 212.0% during the first quarter. Coronation Fund Managers Ltd. now owns 797,248 shares of the textile maker's stock valued at $45,268,000 after purchasing an additional 541,691 shares during the period. Cynosure Group LLC boosted its holdings in shares of Skechers U.S.A. by 30.4% in the first quarter. Cynosure Group LLC now owns 5,876 shares of the textile maker's stock valued at $334,000 after buying an additional 1,371 shares during the period. National Bank of Canada FI boosted its holdings in Skechers U.S.A. by 8.5% during the first quarter. National Bank of Canada FI now owns 2,400 shares of the textile maker's stock worth $136,000 after purchasing an additional 189 shares during the last quarter. Deutsche Bank AG boosted its holdings in Skechers U.S.A. by 24.9% during the first quarter. Deutsche Bank AG now owns 78,250 shares of the textile maker's stock worth $4,443,000 after purchasing an additional 15,615 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in Skechers U.S.A. by 2.8% during the first quarter. PNC Financial Services Group Inc. now owns 7,551 shares of the textile maker's stock worth $429,000 after purchasing an additional 204 shares during the last quarter. 79.96% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on SKX shares. Barclays reaffirmed an "equal weight" rating and set a $63.00 price target (up from $53.00) on shares of Skechers U.S.A. in a research report on Tuesday, May 6th. Wall Street Zen started coverage on shares of Skechers U.S.A. in a research report on Thursday, May 22nd. They set a "sell" rating on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Skechers U.S.A. in a research report on Tuesday, April 22nd. Raymond James Financial lowered shares of Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research report on Monday, May 5th. Finally, Wells Fargo & Company increased their price objective 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. Five analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Skechers U.S.A. currently has an average rating of "Hold" and a consensus price target of $66.75.

Skechers U.S.A. Stock Down 0.2%

SKX stock traded down $0.1550 during midday trading on Wednesday, reaching $62.9050. 1,664,098 shares of the company's stock traded hands, compared to its average volume of 4,575,540. The company has a market cap of $9.45 billion, a price-to-earnings ratio of 14.36 and a beta of 1.16. The firm's fifty day moving average price is $62.99 and its 200-day moving average price is $59.86. The company has a quick ratio of 1.29, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. Skechers U.S.A., Inc. has a 52 week low of $44.50 and a 52 week high of $78.85.

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

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.