Teacher Retirement System of Texas Sells 8,331 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Teacher Retirement System of Texas reduced its holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 14.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,595 shares of the textile maker's stock after selling 8,331 shares during the period. Teacher Retirement System of Texas' holdings in Skechers U.S.A. were worth $2,816,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. NewEdge Advisors LLC lifted its stake 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 acquiring an additional 190 shares in the last quarter. TD Private Client Wealth LLC lifted its stake in Skechers U.S.A. by 534.3% in the 4th quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker's stock worth $29,000 after acquiring an additional 358 shares in the last quarter. Investment Management Corp VA ADV purchased a new stake in Skechers U.S.A. in the 4th quarter worth about $32,000. Parallel Advisors LLC lifted its stake in Skechers U.S.A. by 183.0% in the 1st quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock worth $35,000 after acquiring an additional 399 shares in the last quarter. Finally, Golden State Wealth Management LLC purchased a new stake in Skechers U.S.A. in the 1st quarter worth about $35,000. 79.96% of the stock is owned by hedge funds and other institutional investors.

Skechers U.S.A. Price Performance

Shares of SKX stock remained flat at $63.15 during trading on Friday. The company had a trading volume of 2,336,837 shares, compared to its average volume of 3,573,124. The company has a quick ratio of 1.28, a current ratio of 2.13 and a debt-to-equity ratio of 0.02. The stock has a 50 day moving average price of $62.40 and a 200 day moving average price of $61.40. The firm has a market cap of $9.45 billion, a P/E ratio of 15.18 and a beta of 1.12. Skechers U.S.A., Inc. has a 1-year low of $44.50 and a 1-year high of $78.85.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The textile maker reported $1.34 EPS for the quarter, topping the consensus estimate of $1.17 by $0.17. The company had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.43 billion. Skechers U.S.A. had a return on equity of 13.34% and a net margin of 6.96%. The company's revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.33 EPS. Analysts forecast that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SKX shares. TD Cowen downgraded Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price objective for the company. in a research note on Wednesday, May 28th. Monness Crespi & Hardt downgraded Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Morgan Stanley reaffirmed an "equal weight" rating and set a $63.00 price target (down from $73.00) on shares of Skechers U.S.A. in a research note on Wednesday, May 7th. Wall Street Zen initiated coverage on Skechers U.S.A. in a research note on Thursday, May 22nd. They set a "sell" rating for the company. Finally, Evercore ISI cut their price target on Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating for the company in a research note on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Skechers U.S.A. has an average rating of "Hold" and an average target price of $67.69.

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.