Redwood Investment Management LLC Buys Shares of 23,163 Skechers U.S.A., Inc. $SKX

Key Points

• Redwood Investment Management LLC has acquired a new stake in Skechers U.S.A., purchasing 23,163 shares valued at approximately $1,315,000 during the first quarter.
• Analysts have issued a mix of ratings on Skechers U.S.A., with five rating it as a Buy and nine as a Hold, and the average target price currently set at $66.46.
• Skechers U.S.A. reported a 13.1% year-over-year increase in revenue, with earnings per share of $1.13 for the last quarter, exceeding expectations of $0.86.

Redwood Investment Management LLC acquired a new stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,163 shares of the textile maker's stock, valued at approximately $1,315,000.

Several other large investors also recently bought and sold shares of the stock. HB Wealth Management LLC boosted its stake in Skechers U.S.A. by 4.3% in the first quarter. HB Wealth Management LLC now owns 4,107 shares of the textile maker's stock valued at $233,000 after acquiring an additional 168 shares in the last quarter. National Bank of Canada FI boosted its stake in Skechers U.S.A. by 8.5% in the first quarter. National Bank of Canada FI now owns 2,400 shares of the textile maker's stock valued at $136,000 after acquiring an additional 189 shares in the last quarter. NewEdge Advisors LLC boosted its stake 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 acquiring an additional 190 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of 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 buying an additional 204 shares during the period. Finally, Delphi Management Inc. MA boosted its stake in shares of Skechers U.S.A. by 1.0% during the first quarter. Delphi Management Inc. MA now owns 22,797 shares of the textile maker's stock worth $1,294,000 after buying an additional 236 shares during the period. Institutional investors and hedge funds own 79.96% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SKX shares. Needham & Company LLC reiterated a "hold" rating on shares of Skechers U.S.A. in a research note on Wednesday. Wells Fargo & Company increased their target price on shares of Skechers U.S.A. from $57.00 to $63.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Raymond James Financial downgraded shares of Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research note on Monday, May 5th. TD Cowen downgraded 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. Finally, Wall Street Zen upgraded shares of Skechers U.S.A. to a "hold" rating in a research note on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $66.46.

Skechers U.S.A. Stock Performance

NYSE SKX traded up $0.02 during trading hours on Friday, hitting $63.10. 3,582,042 shares of the stock were exchanged, compared to its average volume of 2,857,099. The company has a market cap of $9.48 billion, a price-to-earnings ratio of 14.41 and a beta of 1.16. Skechers U.S.A., Inc. has a 12-month low of $44.50 and a 12-month high of $78.85. The stock has a 50-day moving average of $63.07 and a 200 day moving average of $59.53. 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. (NYSE:SKX - Get Free Report) last posted its quarterly earnings results on Friday, August 8th. The textile maker reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.27. The firm had revenue of $2.44 billion during the quarter, compared to analysts' expectations 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 for the quarter was up 13.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.91 earnings per share. As a group, equities research analysts forecast that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current 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.