Allspring Global Investments Holdings LLC Boosts Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Allspring Global Investments Holdings LLC raised its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 49.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 90,309 shares of the textile maker's stock after purchasing an additional 30,053 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.06% of Skechers U.S.A. worth $5,192,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Golden State Wealth Management LLC purchased a new stake in Skechers U.S.A. during the 1st quarter valued at $35,000. GHP Investment Advisors Inc. boosted its stake in Skechers U.S.A. by 29.3% during the 1st quarter. GHP Investment Advisors Inc. now owns 26,402 shares of the textile maker's stock valued at $1,499,000 after purchasing an additional 5,980 shares during the last quarter. Whalen Wealth Management Inc. boosted its stake in Skechers U.S.A. by 74.0% during the 1st quarter. Whalen Wealth Management Inc. now owns 6,633 shares of the textile maker's stock valued at $377,000 after purchasing an additional 2,822 shares during the last quarter. Intact Investment Management Inc. grew its holdings in shares of Skechers U.S.A. by 23.4% in the first quarter. Intact Investment Management Inc. now owns 25,300 shares of the textile maker's stock worth $1,437,000 after acquiring an additional 4,800 shares during the period. Finally, Praxis Investment Management Inc. bought a new stake in shares of Skechers U.S.A. in the first quarter worth $232,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Skechers U.S.A. Price Performance

Shares of Skechers U.S.A. stock traded down $0.14 during trading hours on Wednesday, hitting $63.16. The company's stock had a trading volume of 3,372,669 shares, compared to its average volume of 3,560,995. The business has a 50 day moving average price of $61.81 and a two-hundred day moving average price of $61.50. Skechers U.S.A., Inc. has a 12-month low of $44.50 and a 12-month high of $78.85. The company has a market cap of $9.45 billion, a PE ratio of 15.18 and a beta of 1.12. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.28 and a current ratio of 2.13.

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

Analysts Set New Price Targets

Several brokerages recently commented 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. UBS Group reaffirmed a "neutral" rating and issued a $63.00 price objective (down previously from $64.00) 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. Evercore ISI cut their price objective on Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating for the company in a report on Thursday, April 17th. Finally, TD Cowen lowered Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price objective for the company. in a report on Wednesday, May 28th. 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $67.69.

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.