Skechers U.S.A., Inc. $SKX Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp has reduced its stake in Skechers U.S.A. by 0.4%, now holding approximately 1.17 million shares valued at about $66.2 million.
• Institutional investors and hedge funds collectively own 79.96% of Skechers U.S.A.'s stock, indicating strong institutional interest.
• Skechers U.S.A. reported a 13.1% year-over-year increase in revenue, posting $2.44 billion for the quarter, surpassing analysts' expectations.

Northern Trust Corp decreased its holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 0.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,165,919 shares of the textile maker's stock after selling 5,187 shares during the quarter. Northern Trust Corp owned approximately 0.78% of Skechers U.S.A. worth $66,201,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. HB Wealth Management LLC grew its holdings in shares of 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 valued at $233,000 after purchasing an additional 168 shares during the last quarter. National Bank of Canada FI grew its holdings in Skechers U.S.A. by 8.5% in the 1st quarter. National Bank of Canada FI now owns 2,400 shares of the textile maker's stock worth $136,000 after buying an additional 189 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Skechers U.S.A. by 85.2% in the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock worth $28,000 after buying an additional 190 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Skechers U.S.A. by 2.8% in the 1st 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 in the last quarter. Finally, Delphi Management Inc. MA grew its holdings in Skechers U.S.A. by 1.0% in the 1st 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 in the last quarter. Institutional investors and hedge funds own 79.96% of the company's stock.

Wall Street Analyst Weigh In

SKX has been the subject of a number of recent analyst reports. Monness Crespi & Hardt lowered Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 7th. Wells Fargo & Company increased their price objective on Skechers U.S.A. from $57.00 to $63.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Argus lowered Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price objective for the company. in a report on Tuesday. TD Cowen lowered Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price objective for the company. in a report on Wednesday, May 28th. Finally, Raymond James Financial lowered Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research note on Monday, May 5th. 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. According to MarketBeat, Skechers U.S.A. presently has an average rating of "Hold" and an average target price of $66.46.

Skechers U.S.A. Price Performance

NYSE SKX traded up $0.02 on Friday, reaching $63.10. 3,582,041 shares of the stock traded hands, compared to its average volume of 4,486,507. The firm's fifty day simple moving average is $63.06 and its 200 day simple moving average is $59.54. The company has a quick ratio of 1.29, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. The company has a market cap of $9.48 billion, a price-to-earnings ratio of 14.41 and a beta of 1.16. Skechers U.S.A., Inc. has a 12 month low of $44.50 and a 12 month high of $78.85.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced 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. 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 during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the firm earned $0.91 EPS. The company's quarterly revenue was up 13.1% compared to the same quarter last year. As a group, research analysts predict that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal 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.