Acadian Asset Management LLC Invests $22.43 Million in Skechers U.S.A., Inc. (NYSE:SKX)

Acadian Asset Management LLC acquired a new position in shares of Skechers U.S.A., Inc. (NYSE:SKX) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 324,612 shares of the textile maker’s stock, valued at approximately $22,425,000.

A number of other hedge funds have also recently added to or reduced their stakes in SKX. Vanguard Group Inc. increased its stake in Skechers U.S.A. by 0.8% in the first quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock valued at $779,491,000 after purchasing an additional 97,666 shares during the period. Fiduciary Management Inc. WI grew its holdings in shares of Skechers U.S.A. by 3.5% during the fourth quarter. Fiduciary Management Inc. WI now owns 2,893,529 shares of the textile maker’s stock worth $180,383,000 after buying an additional 98,068 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Skechers U.S.A. by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,269,306 shares of the textile maker’s stock valued at $79,129,000 after acquiring an additional 16,146 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in Skechers U.S.A. by 62.6% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock valued at $75,534,000 after acquiring an additional 474,524 shares during the last quarter. Finally, Norges Bank purchased a new stake in Skechers U.S.A. during the 4th quarter valued at approximately $75,194,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Barclays lifted their target price on Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Evercore ISI boosted their price objective on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Wedbush upped their price objective on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. TD Cowen increased their price target on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $82.00 price target on shares of Skechers U.S.A. in a report on Thursday, June 13th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $76.75.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock opened at $66.01 on Tuesday. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01. The firm’s 50-day simple moving average is $65.57 and its 200 day simple moving average is $65.09. Skechers U.S.A., Inc. has a 52 week low of $45.58 and a 52 week high of $75.09. The firm has a market capitalization of $10.07 billion, a PE ratio of 17.37, a P/E/G ratio of 0.91 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.04). Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the prior year, the company earned $0.98 earnings per share. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, equities research analysts predict that Skechers U.S.A., Inc. will post 4.17 EPS 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.