Retirement Systems of Alabama Boosts Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Retirement Systems of Alabama increased its position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 127.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 363,493 shares of the textile maker's stock after buying an additional 203,487 shares during the period. Retirement Systems of Alabama owned 0.24% of Skechers U.S.A. worth $20,639,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in Skechers U.S.A. in the 4th quarter valued at $12,852,000. Hudson Bay Capital Management LP bought a new position in Skechers U.S.A. in the 4th quarter valued at about $5,804,000. Schroder Investment Management Group lifted its position in Skechers U.S.A. by 11.3% in the 4th quarter. Schroder Investment Management Group now owns 177,343 shares of the textile maker's stock valued at $12,010,000 after acquiring an additional 18,024 shares in the last quarter. Jefferies Financial Group Inc. acquired a new position in Skechers U.S.A. during the 4th quarter valued at about $1,110,000. Finally, Frontier Capital Management Co. LLC bought a new stake in Skechers U.S.A. during the 4th quarter worth approximately $17,589,000. 79.96% of the stock is owned by institutional investors.

Skechers U.S.A. Trading Up 0.1%

Shares of Skechers U.S.A. stock traded up $0.08 during midday trading on Wednesday, reaching $62.85. 4,654,463 shares of the company's stock traded hands, compared to its average volume of 3,468,160. The company has a market cap of $9.40 billion, a PE ratio of 15.09 and a beta of 1.13. The stock has a 50 day moving average of $58.49 and a 200-day moving average of $61.90. Skechers U.S.A., Inc. has a 12 month low of $44.50 and a 12 month high of $78.85. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.28 and a current ratio of 2.13.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The textile maker reported $1.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.17 by $0.17. Skechers U.S.A. had a net margin of 6.96% and a return on equity of 13.34%. The business had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the firm earned $1.33 EPS. The company's quarterly revenue was up 7.1% compared to the same quarter last year. As a group, equities analysts expect that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SKX. Monness Crespi & Hardt cut shares of Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 7th. Barclays reiterated an "equal weight" rating and set a $63.00 price target (up previously from $53.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. 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. 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. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Skechers U.S.A. in a report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $67.69.

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.