Zacks Investment Management Decreases Stock Position in Skechers U.S.A., Inc. (NYSE:SKX)

Zacks Investment Management lessened its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 84.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,488 shares of the textile maker’s stock after selling 24,918 shares during the period. Zacks Investment Management’s holdings in Skechers U.S.A. were worth $300,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SKX. Pacer Advisors Inc. increased its holdings in Skechers U.S.A. by 5,780.6% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock valued at $176,628,000 after purchasing an additional 2,594,507 shares during the period. Commerce Bank increased its holdings in Skechers U.S.A. by 949.5% during the 3rd quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock valued at $31,303,000 after purchasing an additional 423,204 shares during the period. Coronation Fund Managers Ltd. increased its holdings in Skechers U.S.A. by 378.6% during the 3rd quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock valued at $33,382,000 after purchasing an additional 394,618 shares during the period. Acadian Asset Management LLC purchased a new position in Skechers U.S.A. during the 2nd quarter valued at about $22,425,000. Finally, Wellington Management Group LLP increased its holdings in Skechers U.S.A. by 39.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock valued at $68,630,000 after purchasing an additional 287,939 shares during the period. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Wall Street Analyst Weigh In

SKX has been the topic of a number of research analyst reports. Barclays boosted their price target on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 25th. TD Cowen cut their price objective on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. StockNews.com cut Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Monday, November 25th. Piper Sandler assumed coverage on Skechers U.S.A. in a research report on Tuesday. They set a “neutral” rating and a $65.00 price objective on the stock. Finally, Bank of America cut their price objective on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, October 25th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.00.

Skechers U.S.A. Stock Performance

SKX stock opened at $70.37 on Wednesday. The stock has a market capitalization of $10.62 billion, a PE ratio of 17.33, a price-to-earnings-growth ratio of 0.99 and a beta of 1.22. Skechers U.S.A., Inc. has a 12-month low of $55.67 and a 12-month high of $75.09. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The stock’s 50 day simple moving average is $63.81 and its 200 day simple moving average is $66.13.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.11. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.93 EPS. As a group, research analysts forecast that Skechers U.S.A., Inc. will post 4.25 earnings per share for the current fiscal year.

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.