Hood River Capital Management LLC Invests $3.80 Million in Skechers U.S.A., Inc. (NYSE:SKX)

Hood River Capital Management LLC bought a new stake in Skechers U.S.A., Inc. (NYSE:SKX) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 54,967 shares of the textile maker’s stock, valued at approximately $3,799,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Redmont Wealth Advisors LLC acquired a new stake in Skechers U.S.A. during the first quarter worth approximately $25,000. Bessemer Group Inc. raised its stake in Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after acquiring an additional 164 shares during the last quarter. Game Plan Financial Advisors LLC acquired a new stake in Skechers U.S.A. during the 1st quarter worth approximately $43,000. Versant Capital Management Inc grew its stake in shares of Skechers U.S.A. by 2,809.1% in the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after purchasing an additional 618 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in shares of Skechers U.S.A. in the first quarter valued at approximately $45,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

Analysts Set New Price Targets

SKX has been the subject of several recent analyst reports. TD Cowen raised their target price on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Evercore ISI increased their target price on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Morgan Stanley raised Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $60.00 to $80.00 in a research note on Tuesday, July 23rd. Wedbush boosted their target price on 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. Finally, Stifel Nicolaus upped their target price on Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $77.82.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock opened at $63.09 on Tuesday. The stock has a fifty day moving average price of $65.24 and a 200 day moving average price of $65.41. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. 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 $9.62 billion, a P/E ratio of 16.60, a PEG ratio of 0.94 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last issued 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). The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period last year, the company posted $0.98 EPS. Equities research analysts anticipate that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current year.

Skechers U.S.A. declared that its board has approved a share repurchase program on Thursday, July 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the textile maker to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors 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.