Covea Finance Grows Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Covea Finance lifted its position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 38.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,000 shares of the textile maker's stock after acquiring an additional 10,000 shares during the period. Covea Finance's holdings in Skechers U.S.A. were worth $2,044,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. NewEdge Advisors LLC increased its position in shares of Skechers U.S.A. by 85.2% during the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock valued at $28,000 after acquiring an additional 190 shares in the last quarter. TD Private Client Wealth LLC increased its position in shares of Skechers U.S.A. by 534.3% during the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker's stock valued at $29,000 after acquiring an additional 358 shares in the last quarter. Investment Management Corp VA ADV bought a new stake in shares of Skechers U.S.A. during the fourth quarter valued at approximately $32,000. Parallel Advisors LLC increased its position in shares of Skechers U.S.A. by 183.0% during the first quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock valued at $35,000 after acquiring an additional 399 shares in the last quarter. Finally, Byrne Asset Management LLC bought a new stake in shares of Skechers U.S.A. during the first quarter valued at approximately $39,000. Institutional investors own 79.96% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SKX. TD Cowen downgraded shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price target for the company. in a research report on Wednesday, May 28th. Needham & Company LLC reissued a "hold" rating on shares of Skechers U.S.A. in a research report on Tuesday, April 22nd. Bank of America reduced their price target on shares of Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Wells Fargo & Company lifted their target price on shares of Skechers U.S.A. from $57.00 to $63.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. Finally, Barclays reaffirmed an "equal weight" rating and issued a $63.00 target price (up previously from $53.00) on shares of Skechers U.S.A. in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Skechers U.S.A. currently has an average rating of "Hold" and an average price target of $67.69.

Skechers U.S.A. Stock Performance

Shares of Skechers U.S.A. stock traded up $0.09 on Friday, hitting $62.53. 6,350,119 shares of the company's stock were exchanged, compared to its average volume of 3,442,202. The company has a 50-day simple moving average of $57.92 and a 200-day simple moving average of $62.07. The stock has a market capitalization of $9.35 billion, a PE ratio of 15.03 and a beta of 1.13. Skechers U.S.A., Inc. has a 1 year low of $44.50 and a 1 year high of $78.85. 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 issued its quarterly earnings results on Thursday, April 24th. The textile maker reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.17. The business had revenue of $2.41 billion for the quarter, compared to analysts' expectations 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 revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.33 EPS. As a group, equities analysts anticipate that Skechers U.S.A., Inc. will post 4.47 EPS for the current year.

Skechers U.S.A. 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.