Skechers U.S.A., Inc. (NYSE:SKX) Stock Position Decreased by Swiss National Bank

Key Points

• Swiss National Bank reduced its stake in Skechers U.S.A. by 2.5%, owning 254,900 shares worth approximately $14.5 million after selling 6,600 shares.
• A number of analysts recently downgraded Skechers U.S.A. ratings, with the consensus now reflecting a "Hold" rating and a price target of $66.75.
• Skechers U.S.A. reported earnings of $1.13 per share, exceeding expectations, with a revenue of $2.44 billion for the last quarter, marking a 13.1% year-over-year increase.

Swiss National Bank cut its position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 2.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 254,900 shares of the textile maker's stock after selling 6,600 shares during the period. Swiss National Bank owned 0.17% of Skechers U.S.A. worth $14,473,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SKX. NewEdge Advisors LLC raised its stake in shares of Skechers U.S.A. by 85.2% during the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock worth $28,000 after purchasing an additional 190 shares in the last quarter. Investment Management Corp VA ADV purchased a new stake in shares of Skechers U.S.A. during the 4th quarter worth about $32,000. Parallel Advisors LLC raised its stake in shares of Skechers U.S.A. by 183.0% during the 1st quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock worth $35,000 after purchasing an additional 399 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Skechers U.S.A. during the 1st quarter valued at about $35,000. Finally, Abound Financial LLC acquired a new position in shares of Skechers U.S.A. during the 1st quarter valued at about $35,000. 79.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on SKX shares. Monness Crespi & Hardt lowered Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 7th. UBS Group reissued a "neutral" rating and set a $63.00 price objective (down previously from $64.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Raymond James Financial lowered Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a report on Monday, May 5th. Evercore ISI lowered their price objective on Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating on the stock in a report on Thursday, April 17th. Finally, Morgan Stanley reissued an "equal weight" rating and set a $63.00 price objective (down previously from $73.00) on shares of Skechers U.S.A. in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $66.75.

Skechers U.S.A. Stock Performance

Shares of NYSE SKX opened at $63.02 on Thursday. The company has a market cap of $9.43 billion, a P/E ratio of 14.39 and a beta of 1.16. The company has a quick ratio of 1.28, a current ratio of 2.09 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 business's 50 day moving average is $62.93 and its two-hundred day moving average is $60.34.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its quarterly earnings data on Friday, August 8th. The textile maker reported $1.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.27. The business had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.35 billion. Skechers U.S.A. had a return on equity of 13.44% and a net margin of 7.07%. Skechers U.S.A.'s quarterly revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.91 earnings per share. On average, equities analysts expect that Skechers U.S.A., Inc. will post 4.47 EPS for the current year.

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.

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