Skechers U.S.A., Inc. (NYSE:SKX) Shares Acquired by Ranmore Fund Management Ltd

Key Points

• Ranmore Fund Management Ltd increased its stake in Skechers U.S.A., Inc. by 17.9% during the first quarter, owning 178,000 shares valued at approximately $10.1 million.
• Other institutional investors, such as Wells Fargo and Envestnet Asset Management, also raised their stakes in Skechers, contributing to total institutional ownership of 79.96% of the company's stock.
• Skechers reported $1.13 earnings per share (EPS) for the latest quarter, exceeding analysts' expectations and reflecting a 13.1% revenue increase compared to the same period last year.

Ranmore Fund Management Ltd increased its position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 17.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 178,000 shares of the textile maker's stock after acquiring an additional 27,000 shares during the quarter. Skechers U.S.A. makes up about 6.0% of Ranmore Fund Management Ltd's portfolio, making the stock its 9th biggest holding. Ranmore Fund Management Ltd owned approximately 0.12% of Skechers U.S.A. worth $10,107,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. HB Wealth Management LLC increased its holdings in Skechers U.S.A. by 4.3% in the 1st quarter. HB Wealth Management LLC now owns 4,107 shares of the textile maker's stock valued at $233,000 after purchasing an additional 168 shares during the last quarter. Cerity Partners LLC increased its holdings in Skechers U.S.A. by 1.2% in the 4th quarter. Cerity Partners LLC now owns 14,090 shares of the textile maker's stock valued at $947,000 after purchasing an additional 172 shares during the last quarter. National Bank of Canada FI increased its holdings in Skechers U.S.A. by 8.5% in the 1st quarter. National Bank of Canada FI now owns 2,400 shares of the textile maker's stock valued at $136,000 after purchasing an additional 189 shares during the last quarter. NewEdge Advisors LLC increased its holdings in Skechers U.S.A. by 85.2% in the 4th 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 last quarter. Finally, PNC Financial Services Group Inc. increased its stake 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 period. Institutional investors and hedge funds own 79.96% of the company's stock.

Analysts Set New Price Targets

SKX has been the topic of a number of recent research reports. Wall Street Zen initiated coverage on shares of Skechers U.S.A. in a research note on Thursday, May 22nd. They set a "sell" rating on the stock. TD Cowen lowered shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price target on the stock. in a research note on Wednesday, May 28th. Monness Crespi & Hardt lowered shares of Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. UBS Group reiterated a "neutral" rating and set a $63.00 price target (down from $64.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. Finally, Barclays reiterated 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 note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Skechers U.S.A. presently has a consensus rating of "Hold" and an average target price of $66.75.

Skechers U.S.A. Stock Up 0.1%

Skechers U.S.A. stock traded up $0.04 during mid-day trading on Thursday, hitting $63.06. The company had a trading volume of 2,457,849 shares, compared to its average volume of 2,548,102. The stock has a market cap of $9.43 billion, a price-to-earnings ratio of 14.39 and a beta of 1.16. 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 quick ratio of 1.28, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. The business has a fifty day moving average of $62.95 and a 200 day moving average of $60.26.

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 the consensus estimate of $0.86 by $0.27. The company had revenue of $2.44 billion for 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%. The firm's revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 earnings per share. On average, sell-side analysts expect 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.