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 purchased a new position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 23,397 shares of the textile maker's stock, valued at approximately $1,328,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its stake in Skechers U.S.A. by 49.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 90,309 shares of the textile maker's stock valued at $5,192,000 after purchasing an additional 30,053 shares during the period. Vontobel Holding Ltd. boosted its stake in Skechers U.S.A. by 130.5% during the 1st quarter. Vontobel Holding Ltd. now owns 11,190 shares of the textile maker's stock valued at $635,000 after purchasing an additional 6,335 shares during the period. Praxis Investment Management Inc. acquired a new position in Skechers U.S.A. during the 1st quarter valued at about $232,000. Amundi boosted its stake in Skechers U.S.A. by 9.1% during the 1st quarter. Amundi now owns 254,117 shares of the textile maker's stock valued at $14,429,000 after purchasing an additional 21,275 shares during the period. Finally, Jefferies Financial Group Inc. acquired a new position in Skechers U.S.A. during the 4th quarter valued at about $1,110,000. 79.96% of the stock is owned by institutional investors and hedge funds.

Skechers U.S.A. Stock Performance

Shares of NYSE SKX remained flat at $63.13 during midday trading on Friday. 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 stock's 50 day moving average is $63.09 and its two-hundred day moving average is $59.57. Skechers U.S.A., Inc. has a one year low of $44.50 and a one year high of $78.85. The company has a market capitalization of $9.49 billion, a PE ratio of 14.41 and a beta of 1.19.

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on SKX. Needham & Company LLC reissued a "hold" rating on shares of Skechers U.S.A. in a research note on Wednesday, August 27th. TD Cowen 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 note on Wednesday, May 28th. 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 note on Tuesday, August 26th. Zacks Research raised shares of Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. Finally, Wall Street Zen raised shares of Skechers U.S.A. to a "hold" rating in a research note on Saturday, August 30th. 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.com, the company has an average rating of "Hold" and an average price target of $66.46.

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.