Coatue Management LLC reduced its holdings in shares of Skechers USA Inc (NYSE:SKX) by 25.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,127 shares of the textile maker’s stock after selling 2,495 shares during the quarter. Coatue Management LLC’s holdings in Skechers USA were worth $224,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cerebellum GP LLC purchased a new stake in Skechers USA during the second quarter worth approximately $63,000. Hanseatic Management Services Inc. grew its stake in Skechers USA by 31.2% during the second quarter. Hanseatic Management Services Inc. now owns 1,808 shares of the textile maker’s stock worth $57,000 after buying an additional 430 shares during the period. Parkside Financial Bank & Trust grew its stake in Skechers USA by 29.7% during the second quarter. Parkside Financial Bank & Trust now owns 1,835 shares of the textile maker’s stock worth $58,000 after buying an additional 420 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in shares of Skechers USA in the second quarter valued at $61,000. Finally, Fifth Third Bancorp boosted its stake in shares of Skechers USA by 16.1% in the first quarter. Fifth Third Bancorp now owns 2,901 shares of the textile maker’s stock valued at $69,000 after purchasing an additional 403 shares during the period. Institutional investors own 77.22% of the company’s stock.
SKX traded up $0.01 during trading on Friday, hitting $29.72. The company had a trading volume of 1,156,989 shares, compared to its average volume of 1,153,356. The business has a 50-day moving average of $29.69 and a 200-day moving average of $29.08. The company has a market cap of $4.69 billion, a PE ratio of 31.62 and a beta of 1.11. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.91 and a quick ratio of 1.96. Skechers USA Inc has a 1-year low of $17.06 and a 1-year high of $44.50.
Skechers USA (NYSE:SKX) last announced its earnings results on Thursday, July 23rd. The textile maker reported ($0.44) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.67) by $0.23. The firm had revenue of $729.47 million during the quarter, compared to analyst estimates of $676.69 million. Skechers USA had a net margin of 3.08% and a return on equity of 6.24%. Research analysts forecast that Skechers USA Inc will post 0.59 earnings per share for the current year.
Several research analysts have recently weighed in on SKX shares. Susquehanna Bancshares upped their target price on shares of Skechers USA from $32.00 to $39.00 in a research note on Friday, July 10th. Wedbush upped their target price on shares of Skechers USA from $28.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Monness Crespi & Hardt restated a “buy” rating and issued a $40.00 target price on shares of Skechers USA in a research note on Monday, July 20th. Deutsche Bank upped their target price on shares of Skechers USA from $34.00 to $39.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Finally, Wells Fargo & Co restated a “buy” rating on shares of Skechers USA in a research note on Thursday, May 14th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $38.68.
Skechers USA Profile
Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.
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