Bank of Montreal Can Has $5.78 Million Position in Skechers U.S.A., Inc. (NYSE:SKX)

Bank of Montreal Can cut its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 68.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 78,676 shares of the textile maker’s stock after selling 169,840 shares during the period. Bank of Montreal Can’s holdings in Skechers U.S.A. were worth $5,780,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Redmont Wealth Advisors LLC acquired a new stake in shares of Skechers U.S.A. in the first quarter valued at approximately $25,000. Bessemer Group Inc. raised its stake in Skechers U.S.A. by 66.7% in 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 period. Game Plan Financial Advisors LLC acquired a new stake in Skechers U.S.A. during the 1st quarter valued at $43,000. Versant Capital Management Inc boosted its position in Skechers U.S.A. by 2,809.1% during the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after purchasing an additional 618 shares during the period. Finally, Sunbelt Securities Inc. bought a new position in Skechers U.S.A. during the first quarter worth $45,000. 79.96% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SKX has been the topic of a number of research reports. Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $60.00 to $80.00 in a research note on Tuesday, July 23rd. Evercore ISI upped their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Stifel Nicolaus lifted their price target on Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Bank of America reduced their price target on Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating for the company in a research note on Monday, September 23rd. Finally, Barclays increased their price objective on Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $77.82.

Skechers U.S.A. Stock Performance

SKX opened at $66.92 on Tuesday. 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., Inc. has a 52-week low of $45.58 and a 52-week high of $75.09. The firm has a market cap of $10.21 billion, a P/E ratio of 17.61, a price-to-earnings-growth ratio of 0.92 and a beta of 1.23. The business’s fifty day moving average is $65.46 and its 200-day moving average is $65.62.

Skechers U.S.A. (NYSE:SKX) last released its 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 firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the prior year, the business earned $0.98 earnings per share. Skechers U.S.A.’s quarterly revenue was up 7.3% compared to the same quarter last year. Sell-side analysts expect that Skechers U.S.A., Inc. will post 4.16 EPS for the current fiscal year.

Skechers U.S.A. announced that its Board of Directors has authorized a share buyback plan on Thursday, July 25th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the textile maker to buy up to 10.3% of its shares through open market purchases. Shares repurchase plans are generally 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.