United Services Automobile Association Invests $498,000 in Skechers U.S.A., Inc. $SKX

Key Points

• United Services Automobile Association acquired 8,741 shares of Skechers U.S.A., Inc., valued at approximately $498,000, in the first quarter.
• Several institutional investors, including HB Wealth Management LLC and National Bank of Canada, have recently increased their holdings in Skechers, reflecting a growing interest in the company.
• Skechers reported $1.13 EPS for the last quarter, exceeding analyst expectations of $0.86, with revenue of $2.44 billion, indicating a year-over-year increase of 13.1%.

United Services Automobile Association acquired a new stake in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,741 shares of the textile maker's stock, valued at approximately $498,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. raised its stake 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 acquiring an additional 3,924,962 shares during the last quarter. Fiduciary Management Inc. WI raised its stake in Skechers U.S.A. by 12.9% in the first quarter. Fiduciary Management Inc. WI now owns 2,833,785 shares of the textile maker's stock worth $160,902,000 after buying an additional 324,007 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Skechers U.S.A. by 26.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,795,753 shares of the textile maker's stock worth $158,739,000 after buying an additional 583,733 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Skechers U.S.A. by 7.6% in the first quarter. Bank of New York Mellon Corp now owns 2,482,980 shares of the textile maker's stock worth $140,984,000 after buying an additional 174,697 shares in the last quarter. Finally, Two Sigma Investments LP raised its stake in Skechers U.S.A. by 772.7% in the fourth 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. 79.96% of the stock is owned by institutional investors.

Skechers U.S.A. Stock Performance

Shares of NYSE:SKX remained flat at $63.13 during trading on Tuesday. The company's 50-day moving average price is $63.10 and its 200-day moving average price is $59.45. 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 current ratio of 2.09, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02. The firm 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 posted its quarterly earnings results 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 net margin of 7.07% and a return on equity of 13.44%. The firm had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter in the prior year, the company posted $0.91 earnings per share. The business's revenue for the quarter was up 13.1% on a year-over-year basis. Equities research analysts forecast 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 recently 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 downgraded 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. Wall Street Zen raised shares of Skechers U.S.A. to a "hold" rating in a research note on Saturday, August 30th. Argus downgraded shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 target price for the company. in a research note on Tuesday, August 26th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $66.46.

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.