Rhumbline Advisers Reduces Position in Skechers U.S.A., Inc. (NYSE:SKX)

Rhumbline Advisers cut its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 2.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 369,144 shares of the textile maker's stock after selling 9,325 shares during the quarter. Rhumbline Advisers owned about 0.25% of Skechers U.S.A. worth $20,960,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SKX. NewEdge Advisors LLC lifted its holdings in shares of Skechers U.S.A. by 85.2% during the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock worth $28,000 after acquiring an additional 190 shares during the period. TD Private Client Wealth LLC grew its position in Skechers U.S.A. by 534.3% in the fourth 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 fourth quarter valued at approximately $32,000. Parallel Advisors LLC grew its position in Skechers U.S.A. by 183.0% in the first quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock valued at $35,000 after acquiring an additional 399 shares in the last quarter. Finally, IFP Advisors Inc grew its position in shares of Skechers U.S.A. by 62.4% during the fourth quarter. IFP Advisors Inc now owns 825 shares of the textile maker's stock worth $55,000 after buying an additional 317 shares in the last quarter. 79.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SKX. Monness Crespi & Hardt cut Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a research note 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 issued a "sell" rating on the stock. Morgan Stanley reissued an "equal weight" rating and issued a $63.00 price target (down previously from $73.00) on shares of Skechers U.S.A. in a research note on Wednesday, May 7th. Needham & Company LLC reissued a "hold" rating on shares of Skechers U.S.A. in a research note on Tuesday, April 22nd. Finally, Barclays reaffirmed an "equal weight" rating and set a $63.00 target price (up previously from $53.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $67.69.

Skechers U.S.A. Price Performance

SKX stock traded down $0.03 during mid-day trading on Friday, reaching $62.11. 4,384,671 shares of the company traded hands, compared to its average volume of 3,304,918. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12. The company has a market capitalization of $9.29 billion, a P/E ratio of 14.97, a P/E/G ratio of 1.11 and a beta of 1.13. Skechers U.S.A., Inc. has a 52-week low of $44.50 and a 52-week high of $78.85. The company has a fifty day moving average price of $55.36 and a 200-day moving average price of $62.14.

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 the consensus estimate of $1.17 by $0.17. The business had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.43 billion. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. Skechers U.S.A.'s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.33 earnings per share. As a group, analysts anticipate 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.