Geode Capital Management LLC Grows Position in Skechers U.S.A., Inc. (NYSE:SKX)

Geode Capital Management LLC boosted its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 0.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,216,905 shares of the textile maker's stock after acquiring an additional 11,026 shares during the quarter. Geode Capital Management LLC owned 1.47% of Skechers U.S.A. worth $148,395,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SKX. UMB Bank n.a. grew its stake in shares of Skechers U.S.A. by 423.3% in the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker's stock worth $30,000 after purchasing an additional 364 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings in Skechers U.S.A. by 52.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker's stock worth $58,000 after buying an additional 299 shares during the period. Brooklyn Investment Group bought a new stake in shares of Skechers U.S.A. in the 3rd quarter valued at about $67,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Skechers U.S.A. in the second quarter valued at about $69,000. Finally, Blue Trust Inc. raised its position in shares of Skechers U.S.A. by 778.1% during the third quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker's stock worth $69,000 after acquiring an additional 887 shares during the last quarter. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SKX. Morgan Stanley increased their target price on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. Piper Sandler assumed coverage on shares of Skechers U.S.A. in a research note on Tuesday, December 10th. They issued a "neutral" rating and a $65.00 price objective on the stock. Barclays lifted their target price 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. Needham & Company LLC began coverage on shares of Skechers U.S.A. in a research report on Friday, November 22nd. They set a "hold" rating on the stock. Finally, Bank of America lowered their price objective on 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. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, Skechers U.S.A. currently has an average rating of "Moderate Buy" and an average price target of $77.00.

Skechers U.S.A. Stock Up 0.1 %

SKX stock traded up $0.05 during trading on Tuesday, reaching $68.28. 1,795,052 shares of the stock were exchanged, compared to its average volume of 1,884,686. The firm's 50 day moving average is $64.19 and its 200 day moving average is $66.13. The firm has a market cap of $10.31 billion, a P/E ratio of 16.82, a price-to-earnings-growth ratio of 0.98 and a beta of 1.22. 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 twelve month low of $55.67 and a twelve month high of $75.09.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.11. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same period in the prior year, the firm earned $0.93 earnings per share. Skechers U.S.A.'s revenue for the quarter was up 16.0% on a year-over-year basis. As a group, research analysts forecast that Skechers U.S.A., Inc. will post 4.24 EPS for the current year.

Skechers U.S.A. Company 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.