Intech Investment Management LLC Lowers Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Intech Investment Management LLC reduced its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 53.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,366 shares of the textile maker’s stock after selling 20,740 shares during the period. Intech Investment Management LLC’s holdings in Skechers U.S.A. were worth $1,229,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of SKX. Dimensional Fund Advisors LP raised its stake in Skechers U.S.A. by 3.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker’s stock worth $130,350,000 after purchasing an additional 55,095 shares during the period. Coronation Fund Managers Ltd. raised its position in shares of Skechers U.S.A. by 378.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock worth $33,382,000 after buying an additional 394,618 shares during the period. Commerce Bank raised its position in shares of Skechers U.S.A. by 949.5% in the 3rd quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock worth $31,303,000 after buying an additional 423,204 shares during the period. American Century Companies Inc. boosted its holdings in Skechers U.S.A. by 38.6% in the second quarter. American Century Companies Inc. now owns 330,769 shares of the textile maker’s stock valued at $22,863,000 after acquiring an additional 92,093 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in Skechers U.S.A. during the second quarter valued at about $22,425,000. 79.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. StockNews.com lowered Skechers U.S.A. from a “buy” rating to a “hold” rating in a research note on Monday. Barclays boosted their price objective on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. TD Cowen cut their target price on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Bank of America decreased their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, October 25th. Finally, Needham & Company LLC began coverage on Skechers U.S.A. in a research report on Friday, November 22nd. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $78.09.

Skechers U.S.A. Trading Down 0.8 %

Shares of SKX opened at $62.96 on Wednesday. Skechers U.S.A., Inc. has a one year low of $55.51 and a one year high of $75.09. The stock has a 50-day moving average price of $63.42 and a 200 day moving average price of $66.17. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The company has a market capitalization of $9.51 billion, a P/E ratio of 15.51, a P/E/G ratio of 0.86 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.15 by $0.11. The company had revenue of $2.35 billion during 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 business’s revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.93 EPS. Sell-side analysts forecast that Skechers U.S.A., Inc. will post 4.25 EPS for the current fiscal year.

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.