PNC Financial Services Group Inc. Has $429,000 Stock Position in Skechers U.S.A., Inc. (NYSE:SKX)

PNC Financial Services Group Inc. increased its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 2.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,551 shares of the textile maker’s stock after purchasing an additional 204 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Skechers U.S.A. were worth $429,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. NewEdge Advisors LLC boosted its stake in Skechers U.S.A. by 85.2% in the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker’s stock valued at $28,000 after acquiring an additional 190 shares during the last quarter. Investment Management Corp VA ADV purchased a new stake in Skechers U.S.A. in the 4th quarter worth approximately $32,000. Parallel Advisors LLC lifted its stake in Skechers U.S.A. by 183.0% in the 1st quarter. Parallel Advisors LLC now owns 617 shares of the textile maker’s stock worth $35,000 after purchasing an additional 399 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in shares of Skechers U.S.A. during the first quarter worth about $35,000. Finally, Abound Financial LLC purchased a new stake in shares of Skechers U.S.A. during the 1st quarter valued at $35,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Skechers U.S.A. Stock Performance

SKX opened at $63.06 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 1.28. The company has a 50 day simple moving average of $62.95 and a two-hundred day simple moving average of $60.26. Skechers U.S.A., Inc. has a 1-year low of $44.50 and a 1-year high of $78.85. The firm has a market cap of $9.43 billion, a P/E ratio of 14.40 and a beta of 1.16.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Friday, August 8th. The textile maker reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.27. Skechers U.S.A. had a net margin of 7.07% and a return on equity of 13.44%. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the business earned $0.91 earnings per share. Skechers U.S.A.’s revenue for the quarter was up 13.1% on a year-over-year basis. Equities analysts forecast that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on SKX shares. UBS Group restated a “neutral” rating and set a $63.00 price objective (down previously from $64.00) on shares of Skechers U.S.A. in a research report on Tuesday, May 6th. Wells Fargo & Company lifted their price target on shares of Skechers U.S.A. from $57.00 to $63.00 and gave the company an “overweight” rating in a research report on Tuesday, May 6th. Monness Crespi & Hardt cut shares of Skechers U.S.A. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 7th. Barclays reaffirmed an “equal weight” rating and issued a $63.00 target price (up from $53.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $63.00 price objective (down from $73.00) on shares of Skechers U.S.A. in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $66.75.

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.