Nisa Investment Advisors LLC Has $1.69 Million Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Nisa Investment Advisors LLC cut its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 15.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,186 shares of the textile maker’s stock after selling 4,618 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Skechers U.S.A. were worth $1,685,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Skechers U.S.A. by 0.8% during 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 during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Skechers U.S.A. by 3.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker’s stock worth $130,350,000 after buying an additional 55,095 shares during the last quarter. Coronation Fund Managers Ltd. grew its holdings in shares of Skechers U.S.A. by 195.1% in the second quarter. Coronation Fund Managers Ltd. now owns 492,585 shares of the textile maker’s stock valued at $34,047,000 after acquiring an additional 325,653 shares in the last quarter. American Century Companies Inc. increased its position in shares of Skechers U.S.A. by 38.6% during the second quarter. American Century Companies Inc. now owns 330,769 shares of the textile maker’s stock valued at $22,863,000 after acquiring an additional 92,093 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new stake in Skechers U.S.A. during the second quarter worth $22,425,000. Institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Trading Up 1.9 %

NYSE:SKX opened at $62.60 on Monday. Skechers U.S.A., Inc. has a 1 year low of $46.08 and a 1 year high of $75.09. The stock’s fifty day moving average price is $65.42 and its two-hundred day moving average price is $66.40. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The company has a market cap of $9.54 billion, a P/E ratio of 15.42, a P/E/G ratio of 0.85 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.93 EPS. As a group, analysts expect that Skechers U.S.A., Inc. will post 4.25 EPS for the current year.

Skechers U.S.A. announced that its board has authorized a share buyback program 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 programs are often a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft upped their price objective on Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Wedbush raised 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. Morgan Stanley boosted their target price on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Barclays raised their price target on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, TD Cowen dropped their price objective on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skechers U.S.A. currently has an average rating of “Buy” and a consensus target price of $78.09.

About Skechers U.S.A.

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.