Praxis Investment Management Inc. Buys New Shares in Skechers U.S.A., Inc. (NYSE:SKX)

Praxis Investment Management Inc. bought a new stake in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 4,080 shares of the textile maker's stock, valued at approximately $232,000.

Several other large investors have also recently made changes to their positions in the company. NewEdge Advisors LLC grew its holdings in Skechers U.S.A. by 85.2% in the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock valued at $28,000 after purchasing an additional 190 shares during the period. TD Private Client Wealth LLC lifted its position in shares of Skechers U.S.A. by 534.3% during the 4th quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker's stock valued at $29,000 after buying an additional 358 shares in the last quarter. Investment Management Corp VA ADV purchased a new position in shares of Skechers U.S.A. during the 4th quarter valued at approximately $32,000. Parallel Advisors LLC grew its stake in Skechers U.S.A. by 183.0% in the 1st quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock valued at $35,000 after acquiring an additional 399 shares during the period. Finally, Byrne Asset Management LLC purchased a new stake in Skechers U.S.A. in the 1st quarter worth $39,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have issued reports on SKX shares. Morgan Stanley reaffirmed an "equal weight" rating and set a $63.00 price objective (down from $73.00) on shares of Skechers U.S.A. in a report on Wednesday, May 7th. Wall Street Zen assumed coverage on shares of Skechers U.S.A. in a research report on Thursday, May 22nd. They set a "sell" rating for the company. Evercore ISI lowered their price objective on Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating on the stock in a report on Thursday, April 17th. Needham & Company LLC reiterated a "hold" rating on shares of Skechers U.S.A. in a research note on Tuesday, April 22nd. Finally, TD Cowen cut Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 target price for the company. in a report on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $67.69.

Skechers U.S.A. Price Performance

Shares of NYSE:SKX traded up $0.08 during midday trading on Wednesday, hitting $62.85. The company had a trading volume of 4,654,463 shares, compared to its average volume of 3,468,160. Skechers U.S.A., Inc. has a twelve month low of $44.50 and a twelve month high of $78.85. The stock has a market cap of $9.40 billion, a price-to-earnings ratio of 15.11 and a beta of 1.13. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.13 and a quick ratio of 1.28. The business's 50-day simple moving average is $58.81 and its 200-day simple moving average is $61.91.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its earnings results on Thursday, April 24th. The textile maker reported $1.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.17 by $0.17. The business had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.43 billion. Skechers U.S.A. had a return on equity of 13.34% and a net margin of 6.96%. The company's revenue for the quarter was up 7.1% on a year-over-year basis. During the same period last year, the company earned $1.33 EPS. On average, research analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

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.