Russell Investments Group Ltd. Has $6.79 Million Stock Position in Skechers U.S.A., Inc. $SKX

Key Points

• Russell Investments Group Ltd. increased its stake in Skechers U.S.A., raising ownership by 14.5% to approximately 119,654 shares, valued at about $6.79 million.
• Skechers U.S.A. reported a quarterly earnings per share (EPS) of $1.13, surpassing analyst expectations of $0.86 and indicating a 13.1% revenue increase year-over-year.
• Brokerage firms have revised their price targets for Skechers U.S.A., with Barclays and UBS maintaining an "equal weight" rating but adjusting price targets to $63.00.

Russell Investments Group Ltd. increased its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 14.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 119,654 shares of the textile maker's stock after purchasing an additional 15,136 shares during the period. Russell Investments Group Ltd. owned approximately 0.08% of Skechers U.S.A. worth $6,794,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Todd Asset Management LLC lifted its position in shares of Skechers U.S.A. by 8.3% during the 1st quarter. Todd Asset Management LLC now owns 456,653 shares of the textile maker's stock worth $25,929,000 after purchasing an additional 35,021 shares during the last quarter. Motley Fool Asset Management LLC lifted its position in shares of Skechers U.S.A. by 14.8% during the 1st quarter. Motley Fool Asset Management LLC now owns 3,829 shares of the textile maker's stock worth $217,000 after purchasing an additional 494 shares during the last quarter. Nuveen LLC acquired a new position in shares of Skechers U.S.A. during the 1st quarter worth about $34,525,000. Coronation Fund Managers Ltd. lifted its position in shares of Skechers U.S.A. by 212.0% during the 1st quarter. Coronation Fund Managers Ltd. now owns 797,248 shares of the textile maker's stock worth $45,268,000 after purchasing an additional 541,691 shares during the last quarter. Finally, Cynosure Group LLC lifted its position in shares of Skechers U.S.A. by 30.4% during the 1st quarter. Cynosure Group LLC now owns 5,876 shares of the textile maker's stock worth $334,000 after purchasing an additional 1,371 shares during the last quarter. Institutional investors and hedge funds own 79.96% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. 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 report on Tuesday, May 6th. Argus cut Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price target for the company. in a report on Tuesday. Wells Fargo & Company upped their price target on Skechers U.S.A. from $57.00 to $63.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Morgan Stanley reaffirmed 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 report on Wednesday, May 7th. Finally, TD Cowen cut Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price target for the company. in a report on Wednesday, May 28th. Five analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $66.46.

Skechers U.S.A. Price Performance

NYSE SKX traded up $0.04 during trading hours on Tuesday, reaching $63.04. 3,048,127 shares of the company's stock were exchanged, compared to its average volume of 2,993,715. The stock has a market cap of $9.47 billion, a PE ratio of 14.39 and a beta of 1.16. Skechers U.S.A., Inc. has a one year low of $44.50 and a one year high of $78.85. The firm has a fifty day moving average of $63.04 and a 200-day moving average of $59.53. The company has a current ratio of 2.09, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The textile maker reported $1.13 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.27. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.35 billion. Skechers U.S.A. had a return on equity of 13.44% and a net margin of 7.07%.Skechers U.S.A.'s revenue for the quarter was up 13.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.91 EPS. On average, equities research analysts predict 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.