Bwcp LP Purchases 61,197 Shares of Skechers U.S.A., Inc. $SKX

Key Points

• Bwcp LP increased its stake in Skechers U.S.A., Inc. by 16.2% in the first quarter, making it the company's 5th largest position with 438,221 shares.
• Skechers reported earnings of $1.13 EPS for the quarter, exceeding analyst estimates of $0.86, alongside a revenue of $2.44 billion, which is a 13.1% year-over-year increase.
• The average price target for Skechers stock is $66.46, with a consensus rating of "Hold" from analysts following the company.

Bwcp LP lifted its holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 16.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 438,221 shares of the textile maker's stock after acquiring an additional 61,197 shares during the period. Skechers U.S.A. makes up approximately 5.0% of Bwcp LP's investment portfolio, making the stock its 5th largest position. Bwcp LP owned about 0.29% of Skechers U.S.A. worth $24,882,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of SKX. Investment Management Corp VA ADV bought a new position in shares of Skechers U.S.A. during the fourth quarter worth approximately $32,000. Parallel Advisors LLC boosted its stake in shares of Skechers U.S.A. by 183.0% in the first quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock valued at $35,000 after buying an additional 399 shares during the period. Golden State Wealth Management LLC acquired a new stake in Skechers U.S.A. during the first quarter worth approximately $35,000. Abound Financial LLC bought a new position in Skechers U.S.A. during the 1st quarter worth $35,000. Finally, Olde Wealth Management LLC acquired a new position in Skechers U.S.A. in the 1st quarter valued at $37,000. Institutional investors and hedge funds own 79.96% of the company's stock.

Skechers U.S.A. Price Performance

SKX stock traded down $0.02 during midday trading on Friday, reaching $63.22. 3,003,301 shares of the stock were exchanged, compared to its average volume of 2,738,177. 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 fifty day moving average price of $63.10 and a 200 day moving average price of $59.49. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 1.29. The stock has a market capitalization of $9.50 billion, a PE ratio of 14.43 and a beta of 1.19.

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

Several research firms have recently issued reports on SKX. TD Cowen lowered Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 target price on the stock. in a report on Wednesday, May 28th. Needham & Company LLC reaffirmed a "hold" rating on shares of Skechers U.S.A. in a research report on Wednesday, August 27th. Wall Street Zen raised shares of Skechers U.S.A. to a "hold" rating in a report on Saturday, August 30th. Argus cut shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 target price for the company. in a research report on Tuesday, August 26th. Finally, Zacks Research raised shares of Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, Skechers U.S.A. currently has an average rating of "Hold" and a consensus target price of $66.46.

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.