Skechers U.S.A., Inc. $SKX Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP has sold 474,025 shares of Skechers U.S.A., reducing its stake by 43.5% to 616,388 shares, worth approximately $34.99 million as of the latest reporting period.
• Skechers U.S.A. reported $1.13 earnings per share for the latest quarter, exceeding analysts' estimates of $0.86 and showing a 13.1% year-over-year revenue growth.
• Market analysts have mixed ratings for Skechers U.S.A., with an average rating of "Hold" and a consensus target price of $66.75 despite some downgrades to hold from buy ratings.

Wellington Management Group LLP trimmed its position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 43.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 616,388 shares of the textile maker's stock after selling 474,025 shares during the period. Wellington Management Group LLP owned about 0.41% of Skechers U.S.A. worth $34,999,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SKX. Mariner LLC lifted its holdings in Skechers U.S.A. by 39.7% in the 4th quarter. Mariner LLC now owns 7,200 shares of the textile maker's stock valued at $484,000 after purchasing an additional 2,045 shares in the last quarter. NewEdge Advisors LLC lifted its holdings 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 valued at $28,000 after purchasing an additional 190 shares in the last quarter. First Trust Advisors LP lifted its holdings in Skechers U.S.A. by 13.2% in the 4th quarter. First Trust Advisors LP now owns 313,992 shares of the textile maker's stock valued at $21,113,000 after purchasing an additional 36,498 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Skechers U.S.A. by 139.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,459 shares of the textile maker's stock valued at $771,000 after purchasing an additional 6,668 shares in the last quarter. Finally, Stifel Financial Corp lifted its holdings in Skechers U.S.A. by 0.6% in the 4th quarter. Stifel Financial Corp now owns 73,257 shares of the textile maker's stock valued at $4,926,000 after purchasing an additional 449 shares in the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Skechers U.S.A. Trading Up 0.0%

NYSE SKX traded up $0.01 during mid-day trading on Friday, hitting $63.09. The company's stock had a trading volume of 2,036,466 shares, compared to its average volume of 4,475,994. Skechers U.S.A., Inc. has a 52-week low of $44.50 and a 52-week high of $78.85. The stock's fifty day simple moving average is $63.06 and its two-hundred day simple moving average is $59.54. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 1.29. The firm has a market capitalization of $9.48 billion, a P/E ratio of 14.40 and a beta of 1.16.

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 the consensus estimate 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 analyst estimates of $2.35 billion. During the same quarter last year, the firm posted $0.91 earnings per share. Skechers U.S.A.'s revenue for the quarter was up 13.1% compared to the same quarter last year. Research analysts expect that Skechers U.S.A., Inc. will post 4.47 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on SKX shares. Barclays restated an "equal weight" rating and issued a $63.00 target price (up from $53.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Morgan Stanley reiterated an "equal weight" rating and set a $63.00 price objective (down from $73.00) on shares of Skechers U.S.A. in a report on Wednesday, May 7th. Raymond James Financial lowered shares of Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a report on Monday, May 5th. Monness Crespi & Hardt lowered shares of Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 7th. Finally, Zacks Research upgraded shares of Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price 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.