Fiduciary Management Inc. WI Boosts Stake in Skechers U.S.A., Inc. $SKX

Key Points

• Fiduciary Management Inc. WI increased its holdings of Skechers U.S.A. by 12.9% in Q1, reaching a total of approximately 2.83 million shares, making Skechers 1.6% of its portfolio.
• Other institutional investors significantly boosted their positions in Skechers, with Victory Capital Management Inc. increasing its stake by 15,774.3%, now owning nearly 3.95 million shares.
• Skechers reported a strong Q2 earnings result, posting an EPS of $1.13, exceeding expectations of $0.86, along with a revenue of $2.44 billion, up by 13.1% year-over-year.

Fiduciary Management Inc. WI grew its position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 12.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,833,785 shares of the textile maker's stock after acquiring an additional 324,007 shares during the quarter. Skechers U.S.A. accounts for about 1.6% of Fiduciary Management Inc. WI's holdings, making the stock its 28th largest position. Fiduciary Management Inc. WI owned 1.89% of Skechers U.S.A. worth $160,902,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in SKX. HB Wealth Management LLC boosted its holdings in Skechers U.S.A. by 4.3% in the 1st quarter. HB Wealth Management LLC now owns 4,107 shares of the textile maker's stock valued at $233,000 after purchasing an additional 168 shares during the period. National Bank of Canada FI increased its holdings in 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 purchasing an additional 189 shares during the period. NewEdge Advisors LLC boosted its holdings in Skechers U.S.A. by 85.2% in the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock valued at $28,000 after acquiring an additional 190 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Skechers U.S.A. by 2.8% during the first quarter. PNC Financial Services Group Inc. now owns 7,551 shares of the textile maker's stock worth $429,000 after buying an additional 204 shares during the period. Finally, Delphi Management Inc. MA raised its stake in 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 buying an additional 236 shares during the last quarter. Institutional investors own 79.96% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. TD Cowen cut shares of 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. Monness Crespi & Hardt lowered Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. Raymond James Financial downgraded Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a report on Monday, May 5th. Wells Fargo & Company lifted 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. Finally, Argus downgraded shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 target price on the stock. in a research report on Tuesday. Five analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $66.46.

Skechers U.S.A. Stock Up 0.0%

Shares of Skechers U.S.A. stock traded up $0.01 on Wednesday, hitting $63.04. The company had a trading volume of 758,301 shares, compared to its average volume of 4,503,198. Skechers U.S.A., Inc. has a 1 year low of $44.50 and a 1 year high of $78.85. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 2.09. The stock has a 50 day moving average of $63.04 and a 200-day moving average of $59.53. The stock has a market capitalization of $9.47 billion, a price-to-earnings ratio of 14.39 and a beta of 1.16.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced its 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. The company 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 quarter in the previous year, the firm earned $0.91 earnings per share. As a group, sell-side analysts forecast that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current 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.