13,600 Shares in Skechers U.S.A., Inc. (NYSE:SKX) Purchased by Symmetry Investments LP

Symmetry Investments LP acquired a new stake in Skechers U.S.A., Inc. (NYSE:SKX) in the second quarter, HoldingsChannel.com reports. The fund acquired 13,600 shares of the textile maker’s stock, valued at approximately $940,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Redmont Wealth Advisors LLC acquired a new stake in Skechers U.S.A. in the first quarter valued at about $25,000. Bessemer Group Inc. lifted its position in 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 period. Versant Capital Management Inc lifted its position 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 valued at $44,000 after acquiring an additional 618 shares during the period. Game Plan Financial Advisors LLC acquired a new stake in shares of Skechers U.S.A. during the 1st quarter valued at approximately $43,000. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Skechers U.S.A. during the 1st quarter valued at approximately $45,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $60.00 to $80.00 in a research report on Tuesday, July 23rd. Stifel Nicolaus lifted their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, July 26th. TD Cowen lifted their price target on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Bank of America upgraded shares of Skechers U.S.A. from a “neutral” rating to a “buy” rating and lifted their price target for the company from $71.00 to $87.00 in a research report on Friday, June 7th. Finally, 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 research note on Friday, July 26th. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $78.36.

Skechers U.S.A. Stock Up 2.3 %

SKX stock opened at $63.00 on Friday. The stock has a market capitalization of $9.60 billion, a P/E ratio of 16.58, a PEG ratio of 0.94 and a beta of 1.23. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06. Skechers U.S.A., Inc. has a one year low of $45.58 and a one year high of $75.09. The company has a 50 day moving average price of $65.30 and a two-hundred day moving average price of $65.33.

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

Skechers U.S.A. announced that its board has approved a stock buyback program on Thursday, July 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the textile maker to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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.