Pallas Capital Advisors LLC Buys 18,127 Shares of Skechers U.S.A., Inc. $SKX

Key Points

• Pallas Capital Advisors LLC significantly increased its stake in Skechers U.S.A., Inc. by 509.6%, acquiring an additional 18,127 shares during the second quarter, bringing their total holdings to 21,684 shares valued at approximately $1.37 million.
• Skechers reported a quarterly earnings per share (EPS) of $1.13, which exceeded analysts' expectations of $0.86, alongside a revenue increase of 13.1% year-over-year, totaling $2.44 billion.
• The stock currently has an average rating of "Hold" with a consensus price target of $66.46, following various rating changes from analysts.

Pallas Capital Advisors LLC increased its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 509.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,684 shares of the textile maker's stock after acquiring an additional 18,127 shares during the period. Pallas Capital Advisors LLC's holdings in Skechers U.S.A. were worth $1,368,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Banque Transatlantique SA bought a new position in Skechers U.S.A. during the 1st quarter worth about $26,000. Investment Management Corp VA ADV bought a new stake in Skechers U.S.A. in the 4th quarter valued at approximately $32,000. Parallel Advisors LLC raised its holdings in shares of Skechers U.S.A. by 183.0% in the first quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock valued at $35,000 after purchasing an additional 399 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of Skechers U.S.A. in the first quarter valued at approximately $35,000. Finally, Abound Financial LLC bought a new position in Skechers U.S.A. in the first quarter valued at $35,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Skechers U.S.A. Stock Performance

SKX stock opened at $63.13 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 2.09. The company's 50-day simple moving average is $63.10 and its 200 day simple moving average is $59.53. Skechers U.S.A., Inc. has a 52 week low of $44.50 and a 52 week high of $78.85. The company has a market capitalization of $9.49 billion, a PE ratio of 14.41 and a beta of 1.19.

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

Analyst Ratings Changes

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

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.

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