Creative Planning Buys 1,292 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Creative Planning increased its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 15.7% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 9,504 shares of the textile maker’s stock after purchasing an additional 1,292 shares during the quarter. Creative Planning’s holdings in Skechers U.S.A. were worth $657,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Redmont Wealth Advisors LLC acquired a new position in shares of Skechers U.S.A. during the 1st quarter worth approximately $25,000. Bessemer Group Inc. increased its holdings in shares of Skechers U.S.A. by 66.7% in the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after purchasing an additional 164 shares during the last quarter. Game Plan Financial Advisors LLC bought a new position in shares of Skechers U.S.A. in the first quarter valued at about $43,000. Versant Capital Management Inc lifted its stake in shares of Skechers U.S.A. by 2,809.1% during the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after buying an additional 618 shares during the last quarter. Finally, Sunbelt Securities Inc. bought a new stake in shares of Skechers U.S.A. during the 1st quarter worth about $45,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Skechers U.S.A. Price Performance

Shares of NYSE:SKX opened at $67.56 on Monday. The firm has a 50 day moving average of $65.95 and a 200-day moving average of $66.00. Skechers U.S.A., Inc. has a 12 month low of $45.58 and a 12 month high of $75.09. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $10.30 billion, a PE ratio of 17.78, a PEG ratio of 0.95 and a beta of 1.22.

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 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 for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the prior year, the firm earned $0.98 earnings per share. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, equities 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 of Directors has approved a stock buyback program on Thursday, July 25th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the textile maker to reacquire up to 10.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SKX. Barclays raised their price objective on shares of 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. Morgan Stanley upgraded Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $60.00 to $80.00 in a research note on Tuesday, July 23rd. Bank of America lowered 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 report on Monday, September 23rd. Wedbush boosted their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Finally, Stifel Nicolaus raised 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. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Skechers U.S.A. presently has a consensus rating of “Buy” and a consensus target price of $77.82.

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.