Russell Investments Group Ltd. Raises Stock Holdings 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% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 119,654 shares of the textile maker's stock after buying an additional 15,136 shares during the quarter. Russell Investments Group Ltd. owned 0.08% of Skechers U.S.A. worth $6,794,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its stake 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 buying an additional 190 shares during the last quarter. Investment Management Corp VA ADV purchased a new position in Skechers U.S.A. during the 4th quarter worth $32,000. Parallel Advisors LLC grew its stake 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 last quarter. Golden State Wealth Management LLC purchased a new position in Skechers U.S.A. during the 1st quarter worth $35,000. Finally, Abound Financial LLC purchased a new position in Skechers U.S.A. during the 1st quarter worth $35,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SKX. Raymond James Financial lowered Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a report on Monday, May 5th. Wall Street Zen began coverage on Skechers U.S.A. in a report on Thursday, May 22nd. They issued a "sell" rating on the stock. Barclays reissued an "equal weight" rating and issued a $63.00 price objective (up from $53.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Monness Crespi & Hardt lowered Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 7th. Finally, TD Cowen lowered Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price objective on the stock. in a report on Wednesday, May 28th. Five equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $66.75.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock traded down $0.0050 during midday trading on Friday, hitting $62.9950. 2,202,344 shares of the company were exchanged, compared to its average volume of 3,062,563. The firm has a market capitalization of $9.47 billion, a PE ratio of 14.38 and a beta of 1.16. Skechers U.S.A., Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $78.85. The business has a fifty day simple moving average of $63.01 and a two-hundred day simple moving average of $59.63. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 2.09.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last posted its earnings results on Friday, August 8th. The textile maker reported $1.13 EPS for the quarter, topping the consensus estimate of $0.86 by $0.27. The firm 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% compared to the same quarter last year. During the same period last year, the company earned $0.91 earnings per share. On average, sell-side analysts forecast 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.