Covea Finance Has $2.04 Million Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Covea Finance grew its stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 38.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,000 shares of the textile maker's stock after acquiring an additional 10,000 shares during the quarter. Covea Finance's holdings in Skechers U.S.A. were worth $2,044,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Advisor Resource Council acquired a new position in Skechers U.S.A. during the first quarter valued at approximately $1,376,000. Riverwater Partners LLC boosted its position in shares of Skechers U.S.A. by 8.1% during the first quarter. Riverwater Partners LLC now owns 5,567 shares of the textile maker's stock worth $316,000 after purchasing an additional 416 shares in the last quarter. Retirement Systems of Alabama grew its holdings in shares of Skechers U.S.A. by 127.2% in the 1st quarter. Retirement Systems of Alabama now owns 363,493 shares of the textile maker's stock valued at $20,639,000 after buying an additional 203,487 shares during the period. State of Alaska Department of Revenue increased its position in shares of Skechers U.S.A. by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 39,020 shares of the textile maker's stock valued at $2,215,000 after buying an additional 1,015 shares in the last quarter. Finally, QRG Capital Management Inc. raised its stake in Skechers U.S.A. by 6.0% during the 1st quarter. QRG Capital Management Inc. now owns 11,160 shares of the textile maker's stock worth $634,000 after buying an additional 636 shares during the period. 79.96% of the stock is owned by institutional investors.

Skechers U.S.A. Stock Up 0.1%

NYSE:SKX traded up $0.09 on Tuesday, hitting $62.76. 7,585,208 shares of the company's stock were exchanged, compared to its average volume of 3,449,637. The firm has a 50-day moving average price of $58.19 and a 200-day moving average price of $61.89. Skechers U.S.A., Inc. has a 52 week low of $44.50 and a 52 week high of $78.85. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.13 and a quick ratio of 1.28. The company has a market cap of $9.39 billion, a P/E ratio of 15.09 and a beta of 1.13.

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

Analysts Set New Price Targets

A number of research analysts have issued reports on SKX shares. Evercore ISI decreased their target price on Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating for the company in a research note on Thursday, April 17th. Morgan Stanley reiterated an "equal weight" rating and issued a $63.00 price objective (down from $73.00) on shares of Skechers U.S.A. in a research report on Wednesday, May 7th. Wall Street Zen assumed coverage on shares of Skechers U.S.A. in a report on Thursday, May 22nd. They set a "sell" rating on the stock. UBS Group reaffirmed a "neutral" rating and issued a $63.00 price target (down previously from $64.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. Finally, Monness Crespi & Hardt downgraded shares of Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average 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.