Victory Capital Management Inc. Acquires 14,727 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Posted by Defense World Staff on Oct 28th, 2023

Victory Capital Management Inc. boosted its holdings in Skechers U.S.A., Inc. (NYSE:SKX – Free Report) by 65.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 37,236 shares of the textile maker’s stock after acquiring an additional 14,727 shares during the quarter. Victory Capital Management Inc.’s holdings in Skechers U.S.A. were worth $1,961,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its position in Skechers U.S.A. by 0.8% in the 1st quarter. Principal Financial Group Inc. now owns 531,344 shares of the textile maker’s stock valued at $25,249,000 after acquiring an additional 4,386 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in shares of Skechers U.S.A. by 18.6% during the 1st quarter. Treasurer of the State of North Carolina now owns 68,900 shares of the textile maker’s stock worth $3,274,000 after buying an additional 10,830 shares in the last quarter. CM Wealth Advisors LLC bought a new position in shares of Skechers U.S.A. during the 1st quarter worth approximately $860,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Skechers U.S.A. by 9.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,788 shares of the textile maker’s stock worth $988,000 after buying an additional 1,872 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its position in shares of Skechers U.S.A. by 10.1% during the 2nd quarter. Louisiana State Employees Retirement System now owns 39,200 shares of the textile maker’s stock worth $2,064,000 after buying an additional 3,600 shares in the last quarter. Institutional investors own 80.54% of the company’s stock.

Analysts Set New Price Targets

SKX has been the topic of several recent analyst reports. Raymond James lifted their target price on shares of Skechers U.S.A. from $58.00 to $59.00 and gave the stock an “outperform” rating in a research report on Friday, July 28th. StockNews.com began coverage on shares of Skechers U.S.A. in a research report on Thursday, October 5th. They set a “buy” rating on the stock. Stifel Nicolaus raised their price target on shares of Skechers U.S.A. from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, July 28th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Skechers U.S.A. from $57.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, July 28th. Finally, Wedbush restated an “outperform” rating and set a $59.00 price target on shares of Skechers U.S.A. in a research note on Thursday, August 10th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.33.

Get Our Latest Stock Analysis on Skechers U.S.A.

Skechers U.S.A. Stock Down 1.4 %

Skechers U.S.A. stock opened at $46.13 on Friday. Skechers U.S.A., Inc. has a 1-year low of $32.16 and a 1-year high of $56.53. The firm has a market capitalization of $7.14 billion, a price-to-earnings ratio of 15.22, a P/E/G ratio of 0.51 and a beta of 1.32. The company has a current ratio of 2.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.06. The firm has a 50 day simple moving average of $48.66 and a 200 day simple moving average of $50.95.

Skechers U.S.A. (NYSE:SKX – Get Free Report) last released its quarterly earnings data on Thursday, October 26th. The textile maker reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.15. Skechers U.S.A. had a net margin of 6.11% and a return on equity of 11.97%. The business had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same period in the previous year, the business earned $0.55 EPS. Skechers U.S.A.’s revenue was up 7.8% compared to the same quarter last year. On average, analysts predict that Skechers U.S.A., Inc. will post 3.4 earnings per share for the current year.

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.