Mutual of America Capital Management LLC Reduces Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Mutual of America Capital Management LLC lessened its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 4.8% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 75,803 shares of the textile maker’s stock after selling 3,797 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Skechers U.S.A. were worth $5,240,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Wells Fargo & Company MN grew its stake in Skechers U.S.A. by 50.4% during the 4th quarter. Wells Fargo & Company MN now owns 157,416 shares of the textile maker’s stock worth $9,813,000 after buying an additional 52,754 shares during the last quarter. Quantedge Capital Pte Ltd acquired a new position in shares of Skechers U.S.A. in the 4th quarter valued at $948,000. Cim LLC purchased a new stake in Skechers U.S.A. in the 4th quarter valued at $1,126,000. KBC Group NV boosted its stake in Skechers U.S.A. by 22.4% during the 4th quarter. KBC Group NV now owns 241,079 shares of the textile maker’s stock worth $15,029,000 after purchasing an additional 44,086 shares during the period. Finally, Cetera Advisors LLC purchased a new position in Skechers U.S.A. during the 1st quarter worth $600,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SKX. Stifel Nicolaus upped their target price on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. Bank of America raised Skechers U.S.A. from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $71.00 to $87.00 in a research report on Friday, June 7th. Wells Fargo & Company initiated coverage on Skechers U.S.A. in a report on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 target price on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $82.00 price target on shares of Skechers U.S.A. in a report on Thursday, June 13th. Finally, 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. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $78.36.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock opened at $63.01 on Friday. The company has a market cap of $9.60 billion, a P/E ratio of 16.58, a price-to-earnings-growth ratio of 0.94 and a beta of 1.23. Skechers U.S.A., Inc. has a one year low of $45.58 and a one year high of $75.09. The business has a fifty day moving average of $65.30 and a two-hundred day moving average of $65.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The company had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the prior year, the firm posted $0.98 EPS. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. As a group, analysts predict that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current fiscal year.

Skechers U.S.A. declared that its Board of Directors has initiated a stock repurchase program on Thursday, July 25th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the textile maker to purchase up to 10.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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.