Marshall Wace LLP Reduces Stock Position in Skechers U.S.A., Inc. (NYSE:SKX)

Marshall Wace LLP lessened its position in Skechers U.S.A., Inc. (NYSE:SKX) by 50.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 127,771 shares of the textile maker’s stock after selling 128,101 shares during the period. Marshall Wace LLP owned 0.08% of Skechers U.S.A. worth $8,832,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Wells Fargo & Company MN grew its stake 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 worth $9,813,000 after purchasing an additional 52,754 shares during the last quarter. Steward Partners Investment Advisory LLC grew its position in shares of Skechers U.S.A. by 14.8% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 3,876 shares of the textile maker’s stock worth $242,000 after buying an additional 500 shares during the last quarter. Allianz Asset Management GmbH increased its stake in shares of Skechers U.S.A. by 6.4% during the fourth quarter. Allianz Asset Management GmbH now owns 30,412 shares of the textile maker’s stock valued at $1,896,000 after buying an additional 1,818 shares during the period. Treasurer of the State of North Carolina raised its holdings in shares of Skechers U.S.A. by 2.5% during the fourth quarter. Treasurer of the State of North Carolina now owns 70,692 shares of the textile maker’s stock valued at $4,407,000 after acquiring an additional 1,745 shares in the last quarter. Finally, Tradition Wealth Management LLC bought a new position in shares of Skechers U.S.A. during the fourth quarter valued at approximately $56,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SKX. Stifel Nicolaus boosted 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 research report on Friday, July 26th. Morgan Stanley raised shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $60.00 to $80.00 in a research note on Tuesday, July 23rd. TD Cowen lifted their price objective on 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. Wells Fargo & Company assumed coverage on Skechers U.S.A. in a research report on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 target price for the company. Finally, Evercore ISI lifted their price target on 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. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $77.82.

Skechers U.S.A. Trading Down 1.1 %

Skechers U.S.A. stock opened at $68.48 on Monday. Skechers U.S.A., Inc. has a 12 month low of $45.58 and a 12 month high of $75.09. The company has a market capitalization of $10.44 billion, a price-to-earnings ratio of 18.02, a price-to-earnings-growth ratio of 0.92 and a beta of 1.23. The business’s fifty day simple moving average is $65.40 and its two-hundred day simple moving average is $65.58. 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. (NYSE:SKX) last announced its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.98 EPS. As a group, equities analysts predict that Skechers U.S.A., Inc. will post 4.16 earnings per share for the current fiscal year.

Skechers U.S.A. announced that its Board of Directors has authorized a stock buyback plan on Thursday, July 25th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the textile maker to reacquire up to 10.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Skechers U.S.A. 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.