AQR Capital Management LLC Has $88.23 Million Stake in Skechers U.S.A., Inc. (NYSE:SKX)

AQR Capital Management LLC lowered its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 11.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,286,385 shares of the textile maker’s stock after selling 174,565 shares during the quarter. AQR Capital Management LLC’s holdings in Skechers U.S.A. were worth $88,233,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wells Fargo & Company MN raised its holdings in shares of Skechers U.S.A. by 50.4% in the fourth quarter. Wells Fargo & Company MN now owns 157,416 shares of the textile maker’s stock valued at $9,813,000 after buying an additional 52,754 shares during the last quarter. Quantedge Capital Pte Ltd bought a new stake in Skechers U.S.A. during the 4th quarter worth about $948,000. Seven Eight Capital LP increased its position in Skechers U.S.A. by 126.1% in the 2nd 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 in the last quarter. Cim LLC bought a new position in shares of Skechers U.S.A. in the fourth quarter worth about $1,126,000. Finally, KBC Group NV lifted its position in shares of Skechers U.S.A. by 22.4% during the fourth quarter. KBC Group NV now owns 241,079 shares of the textile maker’s stock worth $15,029,000 after purchasing an additional 44,086 shares in the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock opened at $69.23 on Friday. The firm has a market capitalization of $10.55 billion, a P/E ratio of 18.22, a PEG ratio of 0.88 and a beta of 1.23. The business has a 50-day moving average of $65.20 and a 200-day moving average of $65.44. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. Skechers U.S.A., Inc. has a 1 year low of $45.58 and a 1 year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.98 EPS. On average, equities analysts anticipate that Skechers U.S.A., Inc. will post 4.16 EPS for the current year.

Skechers U.S.A. declared that its board has authorized a stock buyback program on Thursday, July 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the textile maker to purchase up to 10.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Evercore ISI boosted their price objective on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Wedbush boosted their target price on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Stifel Nicolaus upped their price target on Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Morgan Stanley upgraded Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $60.00 to $80.00 in a research report on Tuesday, July 23rd. Finally, TD Cowen upped their target price 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. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average 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.