Skechers U.S.A., Inc. $SKX Shares Bought by Te Ahumairangi Investment Management Ltd

Key Points

• Te Ahumairangi Investment Management Ltd increased its stake in Skechers U.S.A. by 11.2%, owning approximately 82,612 shares valued at $4.69 million as of its latest SEC filing.
• Multiple other hedge funds have also adjusted their holdings in Skechers U.S.A., with institutional investors collectively owning 79.96% of the company.
• Skechers U.S.A. reported a quarterly earnings update, exceeding analysts' expectations with $1.13 earnings per share and showing a 13.1% increase in revenue year-over-year.

Te Ahumairangi Investment Management Ltd grew its position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 11.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 82,612 shares of the textile maker's stock after acquiring an additional 8,325 shares during the period. Te Ahumairangi Investment Management Ltd owned about 0.06% of Skechers U.S.A. worth $4,691,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. grew its holdings in shares of Skechers U.S.A. by 15,774.3% during the first quarter. Victory Capital Management Inc. now owns 3,949,844 shares of the textile maker's stock valued at $224,272,000 after buying an additional 3,924,962 shares during the last quarter. Duquesne Family Office LLC purchased a new position in shares of Skechers U.S.A. during the 4th quarter worth approximately $72,272,000. Two Sigma Investments LP lifted its holdings in Skechers U.S.A. by 772.7% during the 4th quarter. Two Sigma Investments LP now owns 1,176,488 shares of the textile maker's stock worth $79,107,000 after buying an additional 1,041,677 shares in the last quarter. Two Sigma Advisers LP grew its position in shares of Skechers U.S.A. by 381.0% in the 4th quarter. Two Sigma Advisers LP now owns 1,081,800 shares of the textile maker's stock valued at $72,740,000 after buying an additional 856,900 shares during the last quarter. Finally, Nuveen LLC purchased a new position in Skechers U.S.A. during the 1st quarter worth $34,525,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on SKX shares. Wall Street Zen raised shares of Skechers U.S.A. to a "hold" rating in a research report on Saturday. Zacks Research upgraded Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Morgan Stanley restated an "equal weight" rating and issued a $63.00 price objective (down previously from $73.00) on shares of Skechers U.S.A. in a research note on Wednesday, May 7th. 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 note on Tuesday, August 26th. Finally, Wells Fargo & Company boosted 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. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $66.46.

Skechers U.S.A. Trading Up 0.1%

SKX stock traded up $0.08 during trading on Tuesday, hitting $63.16. The company had a trading volume of 2,647,664 shares, compared to its average volume of 4,470,666. The company has a current ratio of 2.09, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02. The stock has a market cap of $9.49 billion, a PE ratio of 14.42 and a beta of 1.19. Skechers U.S.A., Inc. has a one year low of $44.50 and a one year high of $78.85. The business has a 50-day moving average of $63.08 and a 200-day moving average of $59.47.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced its quarterly earnings results on Friday, August 8th. The textile maker reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.27. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates 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 revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.91 EPS. Research analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal 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.