Sanctuary Advisors LLC Invests $1.03 Million in Skechers U.S.A., Inc. (NYSE:SKX)

Sanctuary Advisors LLC purchased a new stake in Skechers U.S.A., Inc. (NYSE:SKX) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 15,702 shares of the textile maker’s stock, valued at approximately $1,027,000.

Other institutional investors have also recently modified their holdings of the company. Seven Eight Capital LP lifted its holdings in Skechers U.S.A. by 126.1% in the second quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock valued at $2,033,000 after acquiring an additional 16,408 shares during the period. Cim LLC purchased a new stake in Skechers U.S.A. during the fourth quarter worth about $1,126,000. Cetera Advisors LLC purchased a new stake in Skechers U.S.A. during the first quarter worth about $600,000. Vista Investment Partners LLC acquired a new position in Skechers U.S.A. during the second quarter worth about $925,000. Finally, Goldman Sachs Group Inc. increased 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 valued at $51,385,000 after buying an additional 410,379 shares in the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Skechers U.S.A. Stock Performance

Shares of NYSE SKX opened at $67.54 on Friday. The company has a 50-day simple moving average of $65.79 and a 200-day simple moving average of $65.87. 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 has a market cap of $10.29 billion, a PE ratio of 18.11, a price-to-earnings-growth ratio of 0.93 and a beta of 1.22. Skechers U.S.A., Inc. has a 12 month low of $45.58 and a 12 month high of $75.09.

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 return on equity of 13.04% and a net margin of 6.90%. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the previous year, the firm posted $0.98 earnings per share. The firm’s revenue was up 7.3% on a year-over-year basis. On average, equities analysts anticipate that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. TD Cowen boosted 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. Morgan Stanley raised Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $60.00 to $80.00 in a report on Tuesday, July 23rd. Wedbush lifted their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Stifel Nicolaus boosted their price objective 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. Finally, Evercore ISI raised 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. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $77.82.

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.