Shellback Capital LP Purchases 75,000 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Shellback Capital LP lifted its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 39.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 266,153 shares of the textile maker’s stock after acquiring an additional 75,000 shares during the period. Skechers U.S.A. makes up approximately 1.3% of Shellback Capital LP’s portfolio, making the stock its 27th biggest position. Shellback Capital LP’s holdings in Skechers U.S.A. were worth $18,396,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings 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 worth $779,491,000 after purchasing an additional 97,666 shares in the last quarter. Fiduciary Management Inc. WI increased its stake in shares of Skechers U.S.A. by 3.5% in the 4th quarter. Fiduciary Management Inc. WI now owns 2,893,529 shares of the textile maker’s stock valued at $180,383,000 after acquiring an additional 98,068 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Skechers U.S.A. by 3.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker’s stock valued at $130,350,000 after acquiring an additional 55,095 shares during the period. Vaughan Nelson Investment Management L.P. boosted its stake in Skechers U.S.A. by 62.6% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock worth $75,534,000 after acquiring an additional 474,524 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Skechers U.S.A. by 99.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 824,263 shares of the textile maker’s stock worth $51,385,000 after purchasing an additional 410,379 shares during the period. 79.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $82.00 price objective on shares of Skechers U.S.A. in a report on Thursday, June 13th. TD Cowen increased their price target on Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Wells Fargo & Company assumed 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. 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 report on Friday, July 26th. Finally, Barclays lifted their price objective on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Skechers U.S.A. presently has an average rating of “Buy” and a consensus price target of $77.82.

Skechers U.S.A. Stock Up 5.7 %

SKX opened at $69.23 on Friday. Skechers U.S.A., Inc. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. The company’s 50-day moving average is $65.20 and its 200 day moving average is $65.44. The firm has a market capitalization of $10.55 billion, a P/E ratio of 18.22, a PEG ratio of 0.88 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.04). The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.98 earnings per share. Research analysts expect that Skechers U.S.A., Inc. will post 4.16 earnings per share for the current fiscal year.

Skechers U.S.A. declared that its Board of Directors has authorized a share repurchase program on Thursday, July 25th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the textile maker to buy up to 10.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are 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.