Exchange Traded Concepts LLC Makes New $35,000 Investment in Skechers U.S.A., Inc. (NYSE:SKX)

Posted by on Oct 12th, 2023

Exchange Traded Concepts LLC bought a new position in Skechers U.S.A., Inc. (NYSE:SKX – Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 662 shares of the textile maker’s stock, valued at approximately $35,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Advisors Asset Management Inc. purchased a new position in Skechers U.S.A. during the first quarter valued at approximately $25,000. Fred Alger Management LLC purchased a new position in Skechers U.S.A. during the first quarter valued at approximately $26,000. Quent Capital LLC increased its holdings in Skechers U.S.A. by 122.4% during the first quarter. Quent Capital LLC now owns 585 shares of the textile maker’s stock valued at $28,000 after buying an additional 322 shares during the period. Spire Wealth Management increased its holdings in Skechers U.S.A. by 133.6% during the first quarter. Spire Wealth Management now owns 785 shares of the textile maker’s stock valued at $37,000 after buying an additional 449 shares during the period. Finally, Belpointe Asset Management LLC increased its holdings in Skechers U.S.A. by 100.7% during the first quarter. Belpointe Asset Management LLC now owns 913 shares of the textile maker’s stock valued at $43,000 after buying an additional 458 shares during the period. 80.54% of the stock is currently owned by institutional investors.

Skechers U.S.A. Trading Down 0.4 %

NYSE SKX opened at $48.48 on Thursday. The company has a market capitalization of $7.50 billion, a PE ratio of 16.00, a P/E/G ratio of 0.50 and a beta of 1.32. The company has a fifty day moving average of $49.84 and a 200 day moving average of $50.82. Skechers U.S.A., Inc. has a 1 year low of $32.01 and a 1 year high of $56.53. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.48 and a quick ratio of 1.48.

Skechers U.S.A. (NYSE:SKX – Get Free Report) last posted its earnings results on Thursday, July 27th. The textile maker reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.46. The company had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $1.92 billion. Skechers U.S.A. had a net margin of 6.11% and a return on equity of 11.97%. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.58 earnings per share. Research analysts forecast that Skechers U.S.A., Inc. will post 3.39 earnings per share for the current year.

Analysts Set New Price Targets

SKX has been the subject of several recent analyst reports. Morgan Stanley raised their target price on shares of Skechers U.S.A. from $48.00 to $49.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 29th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Skechers U.S.A. from $57.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, July 28th. TD Cowen raised their target price on shares of Skechers U.S.A. from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, July 28th. Wedbush restated an “outperform” rating and issued a $59.00 target price on shares of Skechers U.S.A. in a research note on Thursday, August 10th. Finally, Raymond James raised their target price on shares of Skechers U.S.A. from $58.00 to $59.00 and gave the company an “outperform” rating in a research note on Friday, July 28th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Skechers U.S.A. has a consensus rating of “Moderate Buy” and a consensus price target of $59.33.

Get Our Latest Report on Skechers U.S.A.

Skechers U.S.A. Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Skechers U.S.A. (NYSE:SKX)

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