Dark Forest Capital Management LP Has $702,000 Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Dark Forest Capital Management LP grew its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 68.3% during the second quarter, HoldingsChannel reports. The firm owned 10,152 shares of the textile maker’s stock after buying an additional 4,121 shares during the quarter. Dark Forest Capital Management LP’s holdings in Skechers U.S.A. were worth $702,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in SKX. Redmont Wealth Advisors LLC bought a new position in Skechers U.S.A. in the 1st quarter valued at approximately $25,000. Bessemer Group Inc. increased its holdings 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 buying an additional 164 shares in the last quarter. Game Plan Financial Advisors LLC acquired a new position in shares of Skechers U.S.A. during the first quarter worth $43,000. Versant Capital Management Inc lifted its stake 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 acquiring an additional 618 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Skechers U.S.A. during the 1st quarter valued at $45,000. 79.96% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Morgan Stanley raised Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $60.00 to $80.00 in a report on Tuesday, July 23rd. Stifel Nicolaus raised their price objective on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. Bank of America cut their target price on shares of Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating on the stock in a research report on Monday. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $82.00 price target on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Finally, Wells Fargo & Company assumed coverage on shares of Skechers U.S.A. in a report on Wednesday, June 12th. They set an “overweight” rating and a $83.00 price target on the stock. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $77.82.

Skechers U.S.A. Price Performance

SKX stock opened at $69.23 on Friday. 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 firm has a market cap of $10.55 billion, a price-to-earnings ratio of 18.22, a PEG ratio of 0.88 and a beta of 1.23. The company’s fifty day simple moving average is $65.20 and its 200 day simple moving average is $65.44. Skechers U.S.A., Inc. has a 12-month low of $45.58 and a 12-month high of $75.09.

Skechers U.S.A. (NYSE:SKX) last announced 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). 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 firm earned $0.98 earnings per share. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, analysts expect that Skechers U.S.A., Inc. will post 4.16 earnings per share for the current year.

Skechers U.S.A. announced that its board has authorized a stock repurchase plan on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the textile maker to buy up to 10.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is 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.