Massachusetts Financial Services Co. MA Lowers Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Massachusetts Financial Services Co. MA reduced its position in Skechers U.S.A., Inc. (NYSE:SKX) by 0.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,363,390 shares of the textile maker’s stock after selling 22,674 shares during the quarter. Massachusetts Financial Services Co. MA owned 2.89% of Skechers U.S.A. worth $291,998,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Commerce Bank lifted its stake in Skechers U.S.A. by 949.5% in the third quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock worth $31,303,000 after purchasing an additional 423,204 shares during the last quarter. Coronation Fund Managers Ltd. lifted its stake 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 valued at $33,382,000 after acquiring an additional 394,618 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Skechers U.S.A. during the 2nd quarter valued at about $22,425,000. Teachers Retirement System of The State of Kentucky grew its position in Skechers U.S.A. by 646.3% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker’s stock worth $22,348,000 after acquiring an additional 280,000 shares during the last quarter. Finally, Adams Diversified Equity Fund Inc. purchased a new position in Skechers U.S.A. in the 3rd quarter worth approximately $16,790,000. 79.96% of the stock is currently owned by institutional investors.

Skechers U.S.A. Stock Performance

Shares of Skechers U.S.A. stock opened at $61.69 on Friday. The business has a fifty day simple moving average of $63.61 and a two-hundred day simple moving average of $66.24. The firm has a market capitalization of $9.31 billion, a P/E ratio of 15.19, a P/E/G ratio of 0.85 and a beta of 1.23. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. Skechers U.S.A., Inc. has a 12 month low of $54.95 and a 12 month high of $75.09.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same period last year, the company posted $0.93 EPS. Skechers U.S.A.’s revenue was up 16.0% on a year-over-year basis. On average, equities analysts forecast that Skechers U.S.A., Inc. will post 4.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SKX. Needham & Company LLC began coverage on Skechers U.S.A. in a research note on Friday. They set a “hold” rating for the company. TD Cowen cut their price target on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Stifel Nicolaus boosted their price objective on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Wedbush increased their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, Bank of America reduced their price target on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Skechers U.S.A. has a consensus rating of “Moderate Buy” and a consensus target price of $78.09.

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.