Maverick Capital Ltd. Trims Position in Skechers U.S.A., Inc. (NYSE:SKX)

Maverick Capital Ltd. decreased its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 72.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 7,336 shares of the textile maker’s stock after selling 19,761 shares during the period. Maverick Capital Ltd.’s holdings in Skechers U.S.A. were worth $491,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SKX. Pacer Advisors Inc. lifted its stake in shares of Skechers U.S.A. by 5,780.6% during the third quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock valued at $176,628,000 after buying an additional 2,594,507 shares during the period. Commerce Bank lifted its stake in shares of Skechers U.S.A. by 949.5% during the third quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock valued at $31,303,000 after buying an additional 423,204 shares during the period. Coronation Fund Managers Ltd. lifted its stake in shares of Skechers U.S.A. by 378.6% during the third quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock valued at $33,382,000 after buying an additional 394,618 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Skechers U.S.A. during the second quarter valued at approximately $22,425,000. Finally, Teachers Retirement System of The State of Kentucky lifted its stake in shares of Skechers U.S.A. by 646.3% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker’s stock valued at $22,348,000 after buying an additional 280,000 shares during the period. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SKX shares. Needham & Company LLC began coverage on shares of Skechers U.S.A. in a research note on Friday, November 22nd. They set a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft increased their price target on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Bank of America cut their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, October 25th. 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 research note on Monday, October 14th. Finally, Morgan Stanley increased their price target on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Skechers U.S.A. currently has an average rating of “Moderate Buy” and a consensus target price of $78.09.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock opened at $63.82 on Monday. Skechers U.S.A., Inc. has a 52-week low of $55.67 and a 52-week high of $75.09. The firm has a fifty day moving average of $63.39 and a 200-day moving average of $66.06. The firm has a market capitalization of $9.64 billion, a P/E ratio of 15.72, a PEG ratio of 0.89 and a beta of 1.23. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01.

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