Bank of New York Mellon Corp increased its stake in Skechers U.S.A., Inc. (NYSE:SKX – Free Report) by 7.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,004,379 shares of the textile maker’s stock after buying an additional 131,030 shares during the period. Bank of New York Mellon Corp owned 1.29% of Skechers U.S.A. worth $95,248,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Quent Capital LLC raised its stake in Skechers U.S.A. by 122.4% in the first quarter. Quent Capital LLC now owns 585 shares of the textile maker’s stock worth $28,000 after buying an additional 322 shares in the last quarter. Covestor Ltd grew its holdings in Skechers U.S.A. by 88.9% in the first quarter. Covestor Ltd now owns 1,360 shares of the textile maker’s stock worth $55,000 after purchasing an additional 640 shares during the period. Quadrant Capital Group LLC grew its holdings in Skechers U.S.A. by 338.0% in the fourth quarter. Quadrant Capital Group LLC now owns 1,568 shares of the textile maker’s stock worth $66,000 after purchasing an additional 1,210 shares during the period. Compass Wealth Management LLC purchased a new stake in Skechers U.S.A. in the fourth quarter worth about $72,000. Finally, US Bancorp DE grew its holdings in Skechers U.S.A. by 71.1% in the first quarter. US Bancorp DE now owns 2,416 shares of the textile maker’s stock worth $98,000 after purchasing an additional 1,004 shares during the period. 80.21% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on SKX. StockNews.com began coverage on shares of Skechers U.S.A. in a report on Thursday. They issued a “buy” rating on the stock. Stifel Nicolaus upped their price objective on shares of Skechers U.S.A. from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, July 28th. Morgan Stanley upped their price objective on shares of Skechers U.S.A. from $46.00 to $48.00 in a report on Friday, April 28th. UBS Group increased their price target on shares of Skechers U.S.A. from $63.00 to $68.00 and gave the company a “buy” rating in a report on Friday, July 28th. Finally, Raymond James increased their price target on shares of Skechers U.S.A. from $58.00 to $59.00 and gave the company an “outperform” rating in a report on Friday, July 28th. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $58.83.
Skechers U.S.A. Stock Down 1.3 %
Shares of SKX stock opened at $51.06 on Friday. The company has a market capitalization of $7.90 billion, a price-to-earnings ratio of 16.85, a PEG ratio of 0.54 and a beta of 1.32. Skechers U.S.A., Inc. has a one year low of $31.28 and a one year high of $56.53. The company’s fifty day moving average price is $52.76 and its 200-day moving average price is $49.67. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.48 and a quick ratio of 1.48.
Skechers U.S.A. (NYSE:SKX – Get Free Report) last announced its quarterly earnings data on Thursday, July 27th. The textile maker reported $0.98 EPS for the quarter, beating the consensus estimate of $0.52 by $0.46. The firm had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.92 billion. Skechers U.S.A. had a net margin of 6.11% and a return on equity of 11.97%. The company’s revenue was up 7.7% on a year-over-year basis. During the same period last year, the firm earned $0.58 EPS. Sell-side analysts expect that Skechers U.S.A., Inc. will post 3.38 EPS 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 two segments, Wholesale and Direct-to-Consumer. It offers casual, casual athletic, sport athletic, trail, sandals, boots, and retro fashion footwear for men and women under the Skechers USA, Skechers Sport, Skechers Active, Modern Comfort, Skechers Street, Foamies, Mark Nason, and BOBS brands; sneakers, casuals, boots, and sandals for boys and girls under the S-Lights, Skech-Air, Foamies, Twinkle Toes, Skechers Stretch Fit, and Skechers Street brands; and technical footwear under the Skechers GOrun, Skechers GOwalk, Skechers GOtrain, Skechers GOtrail, and Skechers GO Golf brands, as well as Skechers Viper Court for pickleball.
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