Edgestream Partners L.P. Boosts Stock Position in Skechers U.S.A., Inc. (NYSE:SKX)

Edgestream Partners L.P. grew its holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 74.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 140,433 shares of the textile maker's stock after acquiring an additional 60,160 shares during the quarter. Edgestream Partners L.P. owned 0.09% of Skechers U.S.A. worth $7,974,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Reyes Financial Architecture Inc. boosted its holdings in Skechers U.S.A. by 23.3% in the first quarter. Reyes Financial Architecture Inc. now owns 1,825 shares of the textile maker's stock worth $104,000 after acquiring an additional 345 shares in the last quarter. Louisiana State Employees Retirement System boosted its holdings in Skechers U.S.A. by 1.1% in the first quarter. Louisiana State Employees Retirement System now owns 36,900 shares of the textile maker's stock worth $2,095,000 after acquiring an additional 400 shares in the last quarter. State of Michigan Retirement System boosted its holdings in Skechers U.S.A. by 1.3% in the first quarter. State of Michigan Retirement System now owns 31,544 shares of the textile maker's stock worth $1,791,000 after acquiring an additional 400 shares in the last quarter. Liberty One Investment Management LLC acquired a new stake in Skechers U.S.A. in the first quarter worth about $172,000. Finally, Abound Financial LLC acquired a new stake in shares of Skechers U.S.A. during the first quarter worth about $35,000. Institutional investors and hedge funds own 79.96% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on SKX. 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 report on Wednesday, May 28th. Raymond James Financial downgraded Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a report on Monday, May 5th. Morgan Stanley reaffirmed an "equal weight" rating and set a $63.00 target price (down previously from $73.00) on shares of Skechers U.S.A. in a report on Wednesday, May 7th. Wall Street Zen began coverage on Skechers U.S.A. in a report on Thursday, May 22nd. They set a "sell" rating for the company. Finally, Wells Fargo & Company lifted their target price on Skechers U.S.A. from $57.00 to $63.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $67.69.

Skechers U.S.A. Stock Performance

NYSE:SKX traded down $0.00 during trading hours on Thursday, reaching $63.07. The company had a trading volume of 1,630,512 shares, compared to its average volume of 3,583,488. The firm has a market cap of $9.43 billion, a PE ratio of 15.16 and a beta of 1.12. Skechers U.S.A., Inc. has a 1-year low of $44.50 and a 1-year high of $78.85. The business's 50 day moving average price is $62.53 and its 200-day moving average price is $61.31. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.13 and a quick ratio of 1.28.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The textile maker reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.17 by $0.17. The business had revenue of $2.41 billion during the quarter, compared to analysts' expectations of $2.43 billion. Skechers U.S.A. had a return on equity of 13.34% and a net margin of 6.96%. The business's revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.33 earnings per share. Research analysts forecast that Skechers U.S.A., Inc. will post 4.47 EPS 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.