Allspring Global Investments Holdings LLC Grows Stock Position in Skechers U.S.A., Inc. (NYSE:SKX)

Allspring Global Investments Holdings LLC lifted its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 19.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,391 shares of the textile maker’s stock after purchasing an additional 5,716 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Skechers U.S.A. were worth $2,107,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SKX. PNC Financial Services Group Inc. raised its holdings in Skechers U.S.A. by 7.9% in the third quarter. PNC Financial Services Group Inc. now owns 5,225 shares of the textile maker’s stock valued at $256,000 after acquiring an additional 381 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in Skechers U.S.A. by 56.8% in the third quarter. Envestnet Asset Management Inc. now owns 96,433 shares of the textile maker’s stock worth $4,720,000 after acquiring an additional 34,926 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Skechers U.S.A. by 43.0% during the third quarter. Tower Research Capital LLC TRC now owns 18,729 shares of the textile maker’s stock valued at $917,000 after purchasing an additional 5,633 shares during the last quarter. Bank of Nova Scotia bought a new stake in shares of Skechers U.S.A. in the 3rd quarter worth approximately $445,000. Finally, Glenmede Trust Co. NA bought a new position in Skechers U.S.A. during the 3rd quarter worth $752,000. 79.96% of the stock is owned by institutional investors and hedge funds.

Skechers U.S.A. Trading Down 0.9 %

Shares of Skechers U.S.A. stock traded down $0.59 on Tuesday, reaching $66.94. 269,397 shares of the company were exchanged, compared to its average volume of 1,706,263. Skechers U.S.A., Inc. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09. The firm has a market capitalization of $10.21 billion, a price-to-earnings ratio of 17.77, a price-to-earnings-growth ratio of 0.99 and a beta of 1.25. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02. The stock has a fifty day moving average price of $68.94 and a 200-day moving average price of $63.62.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, April 25th. The textile maker reported $1.33 EPS for the quarter, topping the consensus estimate of $1.10 by $0.23. The company had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.56%. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period last year, the company posted $1.02 earnings per share. On average, analysts expect that Skechers U.S.A., Inc. will post 4.08 EPS for the current year.

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 423 shares of Skechers U.S.A. stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total transaction of $29,377.35. Following the transaction, the general counsel now owns 35,000 shares of the company’s stock, valued at approximately $2,430,750. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 24.75% of the stock is owned by insiders.

Analysts Set New Price Targets

SKX has been the subject of several analyst reports. Wedbush reissued an “outperform” rating and set a $76.00 price target on shares of Skechers U.S.A. in a report on Friday, May 17th. Bank of America raised Skechers U.S.A. from a “neutral” rating to a “buy” rating and lifted their price target for the company from $71.00 to $87.00 in a report on Friday, June 7th. Wells Fargo & Company initiated coverage on Skechers U.S.A. in a report on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 price objective for the company. Stifel Nicolaus boosted their price target on Skechers U.S.A. from $74.00 to $81.00 and gave the stock a “buy” rating in a research report on Tuesday, May 28th. Finally, Barclays initiated coverage on Skechers U.S.A. in a report on Monday, April 1st. They set an “overweight” rating and a $71.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $72.00.

Skechers U.S.A. 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.