Cetera Investment Advisers Lowers Stock Position in Skechers U.S.A., Inc. $SKX

Key Points

• Cetera Investment Advisers reduced its stake in Skechers U.S.A. by 67.7%, selling 22,443 shares in the first quarter, leaving them with a holding valued at $609,000.
• Several hedge funds, including NewEdge Advisors LLC and Parallel Advisors LLC, have increased their positions in Skechers U.S.A., indicating varying confidence among institutional investors.
• Analysts have recently issued mixed ratings on Skechers U.S.A., with a consensus rating of "Hold" and an average target price of $66.75, reflecting a cautious outlook for the stock.

Cetera Investment Advisers lowered its stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 67.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,723 shares of the textile maker's stock after selling 22,443 shares during the quarter. Cetera Investment Advisers' holdings in Skechers U.S.A. were worth $609,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC increased its stake in Skechers U.S.A. by 49.9% during the first 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. boosted its stake 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 valued at $635,000 after purchasing an additional 6,335 shares during the period. Hudson Bay Capital Management LP purchased a new position in shares of Skechers U.S.A. in the fourth quarter valued at approximately $5,804,000. Praxis Investment Management Inc. purchased a new position in shares of Skechers U.S.A. in the first quarter valued at approximately $232,000. Finally, Jefferies Financial Group Inc. purchased a new position in shares of Skechers U.S.A. in the fourth quarter valued at approximately $1,110,000. Institutional investors and hedge funds own 79.96% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on SKX. Morgan Stanley reissued an "equal weight" rating and issued a $63.00 price objective (down previously from $73.00) on shares of Skechers U.S.A. in a research note on Wednesday, May 7th. UBS Group reissued a "neutral" rating and issued a $63.00 price objective (down previously from $64.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. Wells Fargo & Company raised their price objective on shares of 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. TD Cowen lowered shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price objective for the company. in a research note on Wednesday, May 28th. Finally, Barclays restated 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. Five equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, Skechers U.S.A. has a consensus rating of "Hold" and an average target price of $66.75.

Skechers U.S.A. Stock Down 0.2%

Shares of NYSE:SKX traded down $0.1550 during trading on Wednesday, hitting $62.9050. 601,613 shares of the company were exchanged, compared to its average volume of 4,568,586. The stock has a market capitalization of $9.45 billion, a P/E ratio of 14.37 and a beta of 1.16. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 1.29. Skechers U.S.A., Inc. has a 12-month low of $44.50 and a 12-month high of $78.85. The firm's 50 day moving average price is $62.99 and its 200-day moving average price is $59.86.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its quarterly earnings data on Friday, August 8th. The textile maker reported $1.13 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.27. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.35 billion. Skechers U.S.A. had a net margin of 7.07% and a return on equity of 13.44%. The company's revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.91 EPS. On average, research analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

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.