Allspring Global Investments Holdings LLC Purchases 30,053 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Allspring Global Investments Holdings LLC boosted its position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 49.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 90,309 shares of the textile maker's stock after purchasing an additional 30,053 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.06% of Skechers U.S.A. worth $5,192,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of SKX. Golden State Wealth Management LLC acquired a new position in shares of Skechers U.S.A. in the 1st quarter valued at $35,000. GHP Investment Advisors Inc. lifted its holdings in Skechers U.S.A. by 29.3% during the first quarter. GHP Investment Advisors Inc. now owns 26,402 shares of the textile maker's stock worth $1,499,000 after acquiring an additional 5,980 shares in the last quarter. Whalen Wealth Management Inc. grew its stake in Skechers U.S.A. by 74.0% in the first quarter. Whalen Wealth Management Inc. now owns 6,633 shares of the textile maker's stock valued at $377,000 after acquiring an additional 2,822 shares during the period. Intact Investment Management Inc. increased 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 in the last quarter. Finally, Praxis Investment Management Inc. bought a new stake in shares of Skechers U.S.A. in the first quarter worth about $232,000. Institutional investors own 79.96% of the company's stock.

Skechers U.S.A. Stock Performance

Shares of NYSE SKX traded up $0.05 during midday trading on Monday, hitting $63.35. 2,770,874 shares of the company's stock were exchanged, compared to its average volume of 3,550,950. The company has a quick ratio of 1.28, a current ratio of 2.13 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $9.48 billion, a PE ratio of 15.23 and a beta of 1.12. Skechers U.S.A., Inc. has a 12 month low of $44.50 and a 12 month high of $78.85. The company's 50 day moving average price is $60.91 and its 200 day moving average price is $61.51.

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

Wall Street Analyst Weigh In

SKX has been the subject of a number of research reports. Barclays reissued an "equal weight" rating and set a $63.00 target price (up from $53.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. Stifel Nicolaus dropped their price objective on shares of Skechers U.S.A. from $80.00 to $62.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Evercore ISI cut their price objective on shares of Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating on the stock in a research report on Thursday, April 17th. TD Cowen cut 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. Finally, Wells Fargo & Company lifted their price target on Skechers U.S.A. from $57.00 to $63.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $67.69.

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.