Wealth Enhancement Advisory Services LLC Makes New $335,000 Investment in Skechers U.S.A., Inc. (NYSE:SKX)

Wealth Enhancement Advisory Services LLC bought a new stake in Skechers U.S.A., Inc. (NYSE:SKX) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,853 shares of the textile maker’s stock, valued at approximately $335,000.

Other hedge funds have also recently modified their holdings of the company. Redmont Wealth Advisors LLC purchased a new stake in Skechers U.S.A. in the first quarter valued at $25,000. Bessemer Group Inc. increased its position in shares of Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after purchasing an additional 164 shares in the last quarter. GAMMA Investing LLC acquired a new stake in shares of Skechers U.S.A. during the fourth quarter worth about $36,000. Game Plan Financial Advisors LLC purchased a new stake in shares of Skechers U.S.A. in the 1st quarter valued at about $43,000. Finally, Versant Capital Management Inc boosted its position in shares of Skechers U.S.A. by 2,809.1% in the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after purchasing an additional 618 shares during the period. 79.96% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, General Counsel Phillip Paccione sold 423 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total value of $29,377.35. Following the completion of the transaction, the general counsel now owns 35,000 shares in the company, valued at approximately $2,430,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 24.75% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on SKX shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $82.00 price target on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Evercore ISI upped their price target on shares of 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. Bank of America raised shares of Skechers U.S.A. from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $71.00 to $87.00 in a research report on Friday, June 7th. Barclays upped their target price on shares of 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, Wedbush raised their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $76.75.

Skechers U.S.A. Price Performance

Shares of NYSE:SKX opened at $69.80 on Monday. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $66.41 and a 200 day moving average price of $64.40. Skechers U.S.A., Inc. has a 52 week low of $45.58 and a 52 week high of $75.09. The company has a market cap of $10.65 billion, a P/E ratio of 18.37, a PEG ratio of 0.90 and a beta of 1.25.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly 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 business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same period in the prior year, the business earned $0.98 earnings per share. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. Research analysts predict that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current year.

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.