Royal Bank of Canada Acquires 225,536 Shares of Skechers U.S.A., Inc. $SKX

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

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. HB Wealth Management LLC grew its holdings in Skechers U.S.A. by 4.3% in the 1st quarter. HB Wealth Management LLC now owns 4,107 shares of the textile maker's stock valued at $233,000 after buying an additional 168 shares in the last quarter. National Bank of Canada FI grew its holdings in Skechers U.S.A. by 8.5% in the 1st quarter. National Bank of Canada FI now owns 2,400 shares of the textile maker's stock valued at $136,000 after buying an additional 189 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Skechers U.S.A. by 2.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,551 shares of the textile maker's stock valued at $429,000 after buying an additional 204 shares in the last quarter. Delphi Management Inc. MA grew its holdings in Skechers U.S.A. by 1.0% in the 1st quarter. Delphi Management Inc. MA now owns 22,797 shares of the textile maker's stock valued at $1,294,000 after buying an additional 236 shares in the last quarter. Finally, Cim LLC grew its holdings in Skechers U.S.A. by 1.7% in the 4th quarter. Cim LLC now owns 19,271 shares of the textile maker's stock valued at $1,296,000 after buying an additional 316 shares in the last quarter. 79.96% of the stock is owned by institutional investors and hedge funds.

Skechers U.S.A. Price Performance

Shares of NYSE:SKX traded down $0.03 during trading on Friday, reaching $63.18. 41,053,579 shares of the company traded hands, compared to its average volume of 4,614,775. The company's 50 day moving average is $63.10 and its two-hundred day moving average is $59.47. The firm has a market capitalization of $9.49 billion, a PE ratio of 14.42 and a beta of 1.19. The company has a quick ratio of 1.29, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. 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 released its earnings results on Friday, August 8th. The textile maker reported $1.13 earnings per share 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 firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the prior year, the company posted $0.91 EPS. The company's revenue was up 13.1% compared to the same quarter last year. As a group, sell-side analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Needham & Company LLC reaffirmed a "hold" rating on shares of Skechers U.S.A. in a report on Wednesday, August 27th. 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 report on Wednesday, May 28th. 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 report on Tuesday, August 26th. Wall Street Zen upgraded Skechers U.S.A. to a "hold" rating in a research report on Saturday, August 30th. Finally, Zacks Research upgraded Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Skechers U.S.A. presently has a consensus rating of "Hold" and a consensus target price 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.