Pallas Capital Advisors LLC Has $1.37 Million Holdings in 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 boosted its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 509.6% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 21,684 shares of the textile maker's stock after buying 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 filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of SKX. Osterweis Capital Management Inc. increased its position in shares of Skechers U.S.A. by 22.9% during the first quarter. Osterweis Capital Management Inc. now owns 215,130 shares of the textile maker's stock worth $12,215,000 after acquiring an additional 40,155 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Skechers U.S.A. by 49.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 90,309 shares of the textile maker's stock worth $5,192,000 after purchasing an additional 30,053 shares during the period. Vontobel Holding Ltd. increased its holdings in Skechers U.S.A. by 130.5% during the 1st quarter. Vontobel Holding Ltd. now owns 11,190 shares of the textile maker's stock worth $635,000 after purchasing an additional 6,335 shares in the last quarter. Praxis Investment Management Inc. bought a new position in Skechers U.S.A. during the 1st quarter worth about $232,000. Finally, Amundi raised its stake in shares of Skechers U.S.A. by 9.1% in the 1st quarter. Amundi now owns 254,117 shares of the textile maker's stock valued at $14,429,000 after purchasing an additional 21,275 shares during the period. Institutional investors own 79.96% of the company's stock.

Wall Street Analyst Weigh In

SKX has been the subject of several recent research reports. TD Cowen cut Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price objective for the company. in a research report on Wednesday, May 28th. Argus 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 research report on Tuesday, August 26th. Needham & Company LLC reaffirmed a "hold" rating on shares of Skechers U.S.A. in a research note on Wednesday, August 27th. Wall Street Zen upgraded shares of Skechers U.S.A. to a "hold" rating in a report on Saturday, August 30th. Finally, Zacks Research upgraded shares of Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. One 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. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $66.46.

Skechers U.S.A. Stock Performance

Shares of NYSE:SKX remained flat at $63.13 during trading on Monday. Skechers U.S.A., Inc. has a one year low of $44.50 and a one year high of $78.85. The firm has a market capitalization of $9.49 billion, a price-to-earnings ratio of 14.41 and a beta of 1.19. The company has a quick ratio of 1.29, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. The firm has a fifty day simple moving average of $63.09 and a 200 day simple moving average of $59.60.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its quarterly earnings data on Friday, August 8th. The textile maker reported $1.13 EPS 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 company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the firm posted $0.91 EPS. The firm's revenue for the quarter was up 13.1% compared to the same quarter last year. On average, research analysts expect that Skechers U.S.A., Inc. will post 4.47 EPS 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.