PNC Financial Services Group Inc. Increases Stake in Skechers U.S.A., Inc. (NYSE:SKX)

PNC Financial Services Group Inc. grew its position in Skechers U.S.A., Inc. (NYSE:SKX) by 2.8% during the 1st quarter, HoldingsChannel reports. The fund owned 7,551 shares of the textile maker’s stock after purchasing an additional 204 shares during the period. PNC Financial Services Group Inc.’s holdings in Skechers U.S.A. were worth $429,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its stake in Skechers U.S.A. by 49.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 90,309 shares of the textile maker’s stock worth $5,192,000 after buying an additional 30,053 shares during the period. Vontobel Holding Ltd. boosted its stake in Skechers U.S.A. by 130.5% in the 1st quarter. Vontobel Holding Ltd. now owns 11,190 shares of the textile maker’s stock worth $635,000 after purchasing an additional 6,335 shares in the last quarter. Hudson Bay Capital Management LP acquired a new stake in Skechers U.S.A. in the 4th quarter worth approximately $5,804,000. Praxis Investment Management Inc. acquired a new stake in Skechers U.S.A. in the 1st quarter worth approximately $232,000. Finally, Jefferies Financial Group Inc. acquired a new stake in Skechers U.S.A. during the 4th quarter valued at approximately $1,110,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on SKX shares. Wall Street Zen initiated coverage on shares of Skechers U.S.A. in a research note on Thursday, May 22nd. They set a “sell” rating for the company. TD Cowen lowered shares of Skechers U.S.A. from a “buy” rating to a “hold” rating and set a $63.00 target price for the company. in a report on Wednesday, May 28th. Raymond James Financial lowered shares of Skechers U.S.A. from a “moderate buy” rating to a “hold” rating in a report on Monday, May 5th. UBS Group reissued a “neutral” rating and set a $63.00 price target (down previously from $64.00) on shares of Skechers U.S.A. in a research report on Tuesday, May 6th. Finally, Barclays reaffirmed an “equal weight” rating and issued a $63.00 target price (up previously from $53.00) on shares of Skechers U.S.A. in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $66.75.

Skechers U.S.A. Stock Up 0.1%

Shares of NYSE:SKX opened at $63.06 on Friday. The firm’s 50 day moving average price is $62.95 and its 200 day moving average price is $60.26. The stock has a market cap of $9.43 billion, a price-to-earnings ratio of 14.40 and a beta of 1.16. Skechers U.S.A., Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $78.85. The company has a quick ratio of 1.28, a current ratio of 2.09 and a debt-to-equity ratio of 0.02.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Friday, August 8th. The textile maker reported $1.13 EPS for the quarter, beating the consensus estimate of $0.86 by $0.27. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.35 billion. Skechers U.S.A. had a net margin of 7.07% and a return on equity of 13.44%. The firm’s revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 earnings per share. As a group, equities research analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

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.