Skechers U.S.A., Inc. (NYSE:SKX) Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC grew its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 2,900.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 126,000 shares of the textile maker’s stock after buying an additional 121,800 shares during the quarter. Renaissance Technologies LLC owned 0.08% of Skechers U.S.A. worth $8,709,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Wells Fargo & Company MN increased its holdings in shares of 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 valued at $9,813,000 after purchasing an additional 52,754 shares in the last quarter. Quantedge Capital Pte Ltd acquired a new position in shares of Skechers U.S.A. in the fourth quarter worth about $948,000. Cim LLC purchased a new stake in shares of Skechers U.S.A. during the 4th quarter worth about $1,126,000. KBC Group NV grew its position in shares of 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 valued at $15,029,000 after acquiring an additional 44,086 shares during the period. Finally, Cetera Advisors LLC acquired a new position in Skechers U.S.A. in the 1st quarter worth about $600,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the company. 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 report on Tuesday, July 23rd. TD Cowen lifted their price target on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Wells Fargo & Company assumed coverage on shares of Skechers U.S.A. in a research report on Wednesday, June 12th. They set an “overweight” rating and a $83.00 price objective for the company. Barclays lifted their target price on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, Stifel Nicolaus upped their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $77.82.

Skechers U.S.A. Stock Performance

Shares of SKX stock opened at $65.01 on Wednesday. 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 50 day moving average of $65.20 and a two-hundred day moving average of $65.44. 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 stock has a market capitalization of $9.91 billion, a PE ratio of 17.11, a P/E/G ratio of 0.94 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last announced 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 analyst estimates of $2.24 billion. During the same period in the prior year, the firm posted $0.98 earnings per share. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, research analysts predict that Skechers U.S.A., Inc. will post 4.17 EPS for the current fiscal year.

Skechers U.S.A. declared that its board has approved a share buyback plan on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the textile maker to purchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

About Skechers U.S.A.

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.