Riggs Asset Managment Co. Inc. Lowers Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Riggs Asset Managment Co. Inc. reduced its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 99.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 627 shares of the textile maker's stock after selling 85,814 shares during the quarter. Riggs Asset Managment Co. Inc.'s holdings in Skechers U.S.A. were worth $36,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. NewEdge Advisors LLC grew its holdings in 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 last quarter. TD Private Client Wealth LLC raised its position in shares of Skechers U.S.A. by 534.3% in 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 during the period. Investment Management Corp VA ADV acquired a new stake in Skechers U.S.A. during the 4th quarter worth approximately $32,000. Parallel Advisors LLC raised its holdings in Skechers U.S.A. by 183.0% during the 1st quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock worth $35,000 after buying an additional 399 shares during the period. Finally, Golden State Wealth Management LLC acquired a new stake in Skechers U.S.A. during the 1st quarter worth approximately $35,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SKX shares. Monness Crespi & Hardt cut shares of Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. Evercore ISI decreased their target price on shares of 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. Morgan Stanley restated an "equal weight" rating and set a $63.00 price target (down from $73.00) on shares of Skechers U.S.A. in a report on Wednesday, May 7th. Needham & Company LLC reiterated a "hold" rating on shares of Skechers U.S.A. in a report on Tuesday, April 22nd. Finally, Stifel Nicolaus decreased their price objective on shares of Skechers U.S.A. from $80.00 to $62.00 and set a "buy" rating for the company in a report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six 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 a consensus target price of $67.69.

Skechers U.S.A. Stock Performance

Shares of SKX stock traded down $0.14 during midday trading on Wednesday, hitting $63.16. The company had a trading volume of 3,372,435 shares, compared to its average volume of 3,552,417. 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 company's 50 day simple moving average is $61.51 and its 200 day simple moving average is $61.49. The stock has a market cap of $9.45 billion, a price-to-earnings ratio of 15.18 and a beta of 1.12. Skechers U.S.A., Inc. has a 52-week low of $44.50 and a 52-week high of $78.85.

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, topping the consensus estimate of $1.17 by $0.17. Skechers U.S.A. had a return on equity of 13.34% and a net margin of 6.96%. The firm had revenue of $2.41 billion during the quarter, compared to analysts' expectations of $2.43 billion. During the same period in the previous year, the firm posted $1.33 earnings per share. Skechers U.S.A.'s revenue was up 7.1% on a year-over-year basis. Research analysts anticipate that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal 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.