Skechers U.S.A., Inc. $SKX Shares Bought by Royal Bank of Canada

Royal Bank of Canada raised its stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 90.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 476,107 shares of the textile maker's stock after purchasing an additional 225,536 shares during the quarter. Royal Bank of Canada owned about 0.32% of Skechers U.S.A. worth $27,033,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in SKX. Armistice Capital LLC grew its stake in shares of Skechers U.S.A. by 0.9% during the first quarter. Armistice Capital LLC now owns 295,340 shares of the textile maker's stock valued at $16,769,000 after acquiring an additional 2,707 shares in the last quarter. Junto Capital Management LP acquired a new stake in shares of Skechers U.S.A. during the first quarter valued at about $24,740,000. Baird Financial Group Inc. grew its stake in shares of Skechers U.S.A. by 2.5% during the first quarter. Baird Financial Group Inc. now owns 98,800 shares of the textile maker's stock valued at $5,610,000 after acquiring an additional 2,367 shares in the last quarter. Vident Advisory LLC grew its stake in shares of Skechers U.S.A. by 33.6% during the first quarter. Vident Advisory LLC now owns 5,758 shares of the textile maker's stock valued at $327,000 after acquiring an additional 1,447 shares in the last quarter. Finally, GKV Capital Management Co. Inc. grew its stake in shares of Skechers U.S.A. by 18.2% during the first quarter. GKV Capital Management Co. Inc. now owns 3,250 shares of the textile maker's stock valued at $185,000 after acquiring an additional 500 shares in the last quarter. 79.96% of the stock is owned by hedge funds and other institutional investors.

Skechers U.S.A. Stock Performance

SKX stock traded down $0.06 during midday trading on Wednesday, reaching $63.21. The company had a trading volume of 1,417,853 shares, compared to its average volume of 4,409,553. The company has a quick ratio of 1.29, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. The stock has a 50 day moving average price of $63.11 and a 200 day moving average price of $59.42. Skechers U.S.A., Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $78.85. The firm has a market capitalization of $9.50 billion, a PE ratio of 14.43 and a beta of 1.19.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its earnings results on Friday, August 8th. The textile maker reported $1.13 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.27. Skechers U.S.A. had a return on equity of 13.44% and a net margin of 7.07%.The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. Skechers U.S.A.'s quarterly revenue was up 13.1% compared to the same quarter last year. Analysts anticipate that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

Wall Street Analyst Weigh In

SKX has been the subject of several recent analyst reports. TD Cowen downgraded 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 upgraded Skechers U.S.A. to a "hold" rating in a research note on Saturday, August 30th. Zacks Research upgraded Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. Argus downgraded 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 Tuesday, August 26th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Skechers U.S.A. in a report on Wednesday, August 27th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $66.46.

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.