Retirement Systems of Alabama Grows Stock Position in Skechers U.S.A., Inc. (NYSE:SKX)

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

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. NewEdge Advisors LLC raised its position in shares of 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 buying an additional 190 shares during the last quarter. TD Private Client Wealth LLC grew its stake in 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 acquiring an additional 358 shares in the last quarter. Investment Management Corp VA ADV acquired a new stake in Skechers U.S.A. in the 4th quarter valued at about $32,000. Parallel Advisors LLC lifted 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 worth $35,000 after purchasing an additional 399 shares in the last quarter. Finally, Byrne Asset Management LLC purchased a new position in Skechers U.S.A. in the 1st quarter worth approximately $39,000. 79.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on SKX. TD Cowen cut shares of 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. Barclays reaffirmed 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 report on Tuesday, May 6th. Evercore ISI lowered their price objective on Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating for the company in a research report on Thursday, April 17th. Monness Crespi & Hardt downgraded Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. Finally, UBS Group reaffirmed a "neutral" rating and issued a $63.00 price target (down previously from $64.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $67.69.

Skechers U.S.A. Trading Up 0.3%

Shares of SKX stock traded up $0.20 on Monday, hitting $62.70. The stock had a trading volume of 3,048,941 shares, compared to its average volume of 3,426,581. The company's 50 day moving average price is $57.92 and its 200-day moving average price is $61.95. 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 debt-to-equity ratio of 0.02, a current ratio of 2.13 and a quick ratio of 1.28. The firm has a market capitalization of $9.38 billion, a P/E ratio of 15.07 and a beta of 1.13.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its earnings results on Thursday, April 24th. The textile maker reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.17. The company 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%. Skechers U.S.A.'s revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.33 EPS. Analysts anticipate 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.