Strs Ohio Takes Position in Skechers U.S.A., Inc. $SKX

Key Points

• Strs Ohio has purchased a new stake in Skechers U.S.A., acquiring 23,397 shares valued at approximately $1,328,000 in the first quarter, according to its recent SEC filing.
• The stock performance of Skechers U.S.A. has shown significant momentum, with a 12-month revenue increase of 13.1% year-over-year and earnings per share surpassing analyst estimates.
• Institutional investors own 79.96% of Skechers' shares, indicating strong institutional confidence in the company.

Strs Ohio bought a new position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 23,397 shares of the textile maker's stock, valued at approximately $1,328,000.

Other institutional investors have also recently modified their holdings of the company. HB Wealth Management LLC boosted its position 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 worth $233,000 after buying an additional 168 shares during the period. National Bank of Canada FI lifted its stake in Skechers U.S.A. by 8.5% during the first quarter. National Bank of Canada FI now owns 2,400 shares of the textile maker's stock worth $136,000 after purchasing an additional 189 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in 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 lifted its stake in Skechers U.S.A. by 2.6% in the first quarter. SageView Advisory Group LLC now owns 8,720 shares of the textile maker's stock valued at $495,000 after buying an additional 224 shares during the last quarter. Finally, Delphi Management Inc. MA boosted its stake 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 buying an additional 236 shares during the period. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Skechers U.S.A. Price Performance

Shares of SKX remained flat at $63.13 during trading hours on Friday. The company has a 50-day simple moving average of $63.09 and a 200 day simple moving average of $59.57. The company has a market cap of $9.49 billion, a price-to-earnings ratio of 14.41 and a beta of 1.19. 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., Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $78.85.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last posted its earnings results on Friday, August 8th. The textile maker reported $1.13 EPS for the quarter, topping the consensus estimate of $0.86 by $0.27. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.35 billion. Skechers U.S.A. had a net margin of 7.07% and a return on equity of 13.44%. The firm's revenue was up 13.1% compared to the same quarter last year. During the same period last year, the company earned $0.91 EPS. On average, equities analysts predict that Skechers U.S.A., Inc. will post 4.47 EPS for the current 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.