Benedetti & Gucer Inc. cut its stake in Skechers U.S.A., Inc. (NYSE:SKX – Free Report) by 14.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,817 shares of the textile maker’s stock after selling 2,458 shares during the quarter. Benedetti & Gucer Inc.’s holdings in Skechers U.S.A. were worth $780,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Advisors Asset Management Inc. purchased a new position in shares of Skechers U.S.A. in the 1st quarter valued at $25,000. Fred Alger Management LLC purchased a new position in shares of Skechers U.S.A. in the 1st quarter valued at $26,000. Quent Capital LLC increased its holdings in shares of Skechers U.S.A. by 122.4% in the 1st quarter. Quent Capital LLC now owns 585 shares of the textile maker’s stock valued at $28,000 after acquiring an additional 322 shares during the period. Exchange Traded Concepts LLC purchased a new position in shares of Skechers U.S.A. in the 2nd quarter valued at $35,000. Finally, Spire Wealth Management increased its holdings in shares of Skechers U.S.A. by 133.6% in the 1st quarter. Spire Wealth Management now owns 785 shares of the textile maker’s stock valued at $37,000 after acquiring an additional 449 shares during the period. 80.54% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on SKX. Deutsche Bank Aktiengesellschaft lifted their price target on Skechers U.S.A. from $57.00 to $62.00 and gave the company a “buy” rating in a report on Friday, July 28th. Piper Sandler upgraded Skechers U.S.A. from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $54.00 to $59.00 in a research note on Monday, September 18th. Wedbush restated an “outperform” rating and set a $59.00 target price on shares of Skechers U.S.A. in a research note on Thursday, August 10th. Stifel Nicolaus boosted their target price on Skechers U.S.A. from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, July 28th. Finally, Morgan Stanley boosted their target price on Skechers U.S.A. from $48.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 29th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $59.33.
Check Out Our Latest Report on SKX
Skechers U.S.A. Stock Performance
Shares of SKX stock traded up $1.09 on Friday, hitting $48.95. The company had a trading volume of 2,332,854 shares, compared to its average volume of 1,846,414. The firm has a market cap of $7.58 billion, a P/E ratio of 16.16, a price-to-earnings-growth ratio of 0.51 and a beta of 1.33. The company has a 50-day moving average price of $50.70 and a 200-day moving average price of $50.59. The company has a quick ratio of 1.48, a current ratio of 2.48 and a debt-to-equity ratio of 0.06. Skechers U.S.A., Inc. has a twelve month low of $31.28 and a twelve month high of $56.53.
Skechers U.S.A. (NYSE:SKX – Get Free Report) last issued its quarterly earnings data on Thursday, July 27th. The textile maker reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.46. The business had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.92 billion. Skechers U.S.A. had a return on equity of 11.97% and a net margin of 6.11%. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.58 EPS. As a group, equities research analysts predict that Skechers U.S.A., Inc. will post 3.39 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 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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