Osterweis Capital Management Inc. Boosts Stock Position in Skechers U.S.A., Inc. $SKX

Key Points

• Osterweis Capital Management Inc. increased its stake in Skechers U.S.A. by 22.9%, owning 215,130 shares worth approximately $12.2 million as of the end of the last quarter.
• Other hedge funds have significantly increased their investments in Skechers, with Victory Capital Management's stake rising by an astonishing 15,774.3% and Two Sigma Investments increasing by 772.7%.
• Skechers reported $1.13 earnings per share for the last quarter, surpassing analysts' expectations of $0.86, and achieved a revenue of $2.44 billion, reflecting a 13.1% year-over-year increase.

Osterweis Capital Management Inc. raised its holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 22.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 215,130 shares of the textile maker's stock after buying 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. NewEdge Advisors LLC raised its stake 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 buying an additional 190 shares during the last quarter. Investment Management Corp VA ADV purchased a new stake in Skechers U.S.A. in the fourth quarter valued at about $32,000. Parallel Advisors LLC raised its stake in 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 last quarter. Golden State Wealth Management LLC purchased a new stake in Skechers U.S.A. in the first quarter valued at about $35,000. Finally, Abound Financial LLC purchased a new stake in Skechers U.S.A. in the first quarter valued at about $35,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on SKX. Morgan Stanley reiterated an "equal weight" rating and issued a $63.00 price target (down from $73.00) on shares of Skechers U.S.A. in a research note on Wednesday, May 7th. Monness Crespi & Hardt cut Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Barclays restated an "equal weight" rating and issued a $63.00 price objective (up from $53.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. Wall Street Zen initiated coverage on Skechers U.S.A. in a research note on Thursday, May 22nd. They issued a "sell" rating for the company. Finally, Raymond James Financial cut Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research note on Monday, May 5th. Five equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $66.75.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock traded down $0.0150 during midday trading on Monday, hitting $62.9850. 518,210 shares of the company were exchanged, compared to its average volume of 4,527,759. The firm has a market capitalization of $9.47 billion, a PE ratio of 14.38 and a beta of 1.16. Skechers U.S.A., Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $78.85. The business has a fifty day simple moving average of $63.01 and a two-hundred day simple moving average of $59.52. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 2.09.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last posted its quarterly earnings data on Friday, August 8th. The textile maker reported $1.13 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.27. The business had revenue of $2.44 billion during 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%.The business's revenue was up 13.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 earnings per share. On average, sell-side analysts forecast that Skechers U.S.A., Inc. will post 4.47 earnings per share 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.