Osterweis Capital Management Inc. Buys 40,155 Shares of Skechers U.S.A., Inc. $SKX

Key Points

• Osterweis Capital Management Inc. increased its stake in Skechers U.S.A. by 22.9% during the first quarter, owning 0.14% of the company valued at approximately $12.2 million.
• Several institutional investors significantly expanded their holdings in Skechers U.S.A., with Victory Capital Management increasing its stake by an astonishing 15,774.3%, now holding shares worth $224.3 million.
• Skechers reported earnings per share of $1.13 for the last quarter, surpassing analysts' expectations and showing a revenue increase of 13.1% compared to the same period last year.

Osterweis Capital Management Inc. raised its position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 22.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 215,130 shares of the textile maker's stock after purchasing an additional 40,155 shares during the quarter. Osterweis Capital Management Inc. owned about 0.14% of Skechers U.S.A. worth $12,215,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of SKX. HB Wealth Management LLC grew its holdings in Skechers U.S.A. by 4.3% during the first quarter. HB Wealth Management LLC now owns 4,107 shares of the textile maker's stock worth $233,000 after acquiring an additional 168 shares during the period. National Bank of Canada FI increased its holdings in shares of Skechers U.S.A. by 8.5% in the first quarter. National Bank of Canada FI now owns 2,400 shares of the textile maker's stock valued at $136,000 after buying an additional 189 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Skechers U.S.A. by 2.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,551 shares of the textile maker's stock worth $429,000 after acquiring an additional 204 shares in the last quarter. SageView Advisory Group LLC grew its holdings in shares of Skechers U.S.A. by 2.6% in the 1st quarter. SageView Advisory Group LLC now owns 8,720 shares of the textile maker's stock worth $495,000 after acquiring an additional 224 shares during the last quarter. Finally, Delphi Management Inc. MA raised its position in shares of Skechers U.S.A. by 1.0% during the first quarter. Delphi Management Inc. MA now owns 22,797 shares of the textile maker's stock worth $1,294,000 after purchasing an additional 236 shares during the period. Institutional investors own 79.96% of the company's stock.

Wall Street Analysts Forecast Growth

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

Skechers U.S.A. Price Performance

Shares of NYSE SKX remained flat at $63.13 during trading hours on Wednesday. Skechers U.S.A., Inc. has a 1-year low of $44.50 and a 1-year high of $78.85. The firm has a 50 day moving average of $63.10 and a 200-day moving average of $59.47. 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 company has a market cap of $9.49 billion, a P/E ratio of 14.41 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.27. Skechers U.S.A. had a return on equity of 13.44% and a net margin of 7.07%.The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period last year, the business posted $0.91 earnings per share. The firm's revenue was up 13.1% compared to the same quarter last year. On average, equities research analysts anticipate that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal 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.