Heartland Advisors Inc. Acquires 19,500 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Key Points

• Heartland Advisors Inc. increased its stake in Skechers U.S.A., Inc. by 10.8%, owning 200,152 shares valued at approximately $11.36 million as of the latest filing.
• Several institutional investors significantly boosted their holdings in Skechers, with TD Private Client Wealth LLC increasing its stake by 534.3% during the fourth quarter.
• Many analysts have revised their price targets for the stock, with estimates dropping from as high as $80 to a new average target of $67.69, reflecting a cautious outlook among experts.

Heartland Advisors Inc. grew its holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 10.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 200,152 shares of the textile maker's stock after acquiring an additional 19,500 shares during the period. Heartland Advisors Inc. owned about 0.13% of Skechers U.S.A. worth $11,365,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in SKX. Allspring Global Investments Holdings LLC boosted its stake in Skechers U.S.A. by 49.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 90,309 shares of the textile maker's stock worth $5,192,000 after purchasing an additional 30,053 shares during the period. Vontobel Holding Ltd. lifted its holdings in shares of Skechers U.S.A. by 130.5% in the first quarter. Vontobel Holding Ltd. now owns 11,190 shares of the textile maker's stock worth $635,000 after buying an additional 6,335 shares in the last quarter. Hudson Bay Capital Management LP purchased a new position in shares of Skechers U.S.A. in the fourth quarter worth $5,804,000. Praxis Investment Management Inc. bought a new position in shares of Skechers U.S.A. during the first quarter worth $232,000. Finally, Schroder Investment Management Group grew its stake in Skechers U.S.A. by 11.3% during the fourth quarter. Schroder Investment Management Group now owns 177,343 shares of the textile maker's stock valued at $12,010,000 after acquiring an additional 18,024 shares in the last quarter. Institutional investors own 79.96% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on SKX. TD Cowen cut shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price target on the stock. in a research note on Wednesday, May 28th. Raymond James Financial cut Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a report on Monday, May 5th. Wells Fargo & Company increased 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. 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, UBS Group reaffirmed a "neutral" rating and set a $63.00 price objective (down from $64.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $66.75.

Skechers U.S.A. Trading Down 0.0%

Shares of SKX stock traded down $0.02 during trading hours on Tuesday, reaching $63.09. 1,427,945 shares of the stock were exchanged, compared to its average volume of 4,730,849. The company has a current ratio of 2.13, a quick ratio of 1.28 and a debt-to-equity ratio of 0.02. Skechers U.S.A., Inc. has a 12-month low of $44.50 and a 12-month high of $78.85. The firm has a market capitalization of $9.44 billion, a price-to-earnings ratio of 15.16 and a beta of 1.12. The company's 50-day moving average price is $62.68 and its 200-day moving average price is $60.93.

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.