Cim LLC Increases Stock Position in Skechers U.S.A., Inc. (NYSE:SKX)

Cim LLC grew its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 1.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 19,199 shares of the textile maker’s stock after acquiring an additional 337 shares during the quarter. Cim LLC’s holdings in Skechers U.S.A. were worth $1,293,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the stock. Wells Fargo & Company MN raised its stake 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 during the period. Steward Partners Investment Advisory LLC lifted its holdings in Skechers U.S.A. by 14.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 3,876 shares of the textile maker’s stock worth $242,000 after buying an additional 500 shares during the period. Allianz Asset Management GmbH grew its stake in Skechers U.S.A. by 6.4% in the fourth quarter. Allianz Asset Management GmbH now owns 30,412 shares of the textile maker’s stock worth $1,896,000 after purchasing an additional 1,818 shares during the period. Treasurer of the State of North Carolina boosted its stake in Skechers U.S.A. by 2.5% during the fourth quarter. Treasurer of the State of North Carolina now owns 70,692 shares of the textile maker’s stock worth $4,407,000 after acquiring an additional 1,745 shares in the last quarter. Finally, Eagle Asset Management Inc. purchased a new stake in shares of Skechers U.S.A. in the 4th quarter worth approximately $3,674,000. Institutional investors own 79.96% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SKX. 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 report on Friday, July 26th. Bank of America reduced their price objective on Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating on the stock in a research note on Monday, September 23rd. TD Cowen raised their price target on 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. Barclays boosted their price target on Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $82.00 target price on shares of Skechers U.S.A. in a report on Thursday, June 13th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $77.82.

Skechers U.S.A. Stock Up 0.1 %

Shares of NYSE SKX opened at $66.98 on Wednesday. The firm has a market cap of $10.20 billion, a price-to-earnings ratio of 17.63, a price-to-earnings-growth ratio of 0.97 and a beta of 1.23. The company’s 50-day simple moving average is $65.49 and its 200-day simple moving average is $65.66. The company has a quick ratio of 1.33, a current ratio of 2.06 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.

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

Skechers U.S.A. announced that its board has approved a stock buyback plan on Thursday, July 25th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the textile maker to reacquire up to 10.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Skechers U.S.A. 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.