Skechers U.S.A., Inc. (NYSE:SKX) Stock Holdings Boosted by Quarry LP

Quarry LP boosted its position in Skechers U.S.A., Inc. (NYSE:SKX) by 44.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,187 shares of the textile maker’s stock after purchasing an additional 366 shares during the quarter. Quarry LP’s holdings in Skechers U.S.A. were worth $82,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have 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% during 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 valued at $948,000. Seven Eight Capital LP boosted its position in Skechers U.S.A. by 126.1% during the 2nd quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock worth $2,033,000 after acquiring an additional 16,408 shares during the period. Cim LLC bought a new position in shares of Skechers U.S.A. in the fourth quarter worth $1,126,000. Finally, Cetera Advisors LLC acquired a new position in shares of Skechers U.S.A. during the first quarter valued at $600,000. 79.96% of the stock is owned by institutional investors and hedge funds.

Skechers U.S.A. Trading Down 0.9 %

Shares of SKX opened at $66.32 on Thursday. 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. The stock has a market capitalization of $10.11 billion, a P/E ratio of 17.45, a P/E/G ratio of 0.97 and a beta of 1.22. The business’s 50-day moving average price is $65.54 and its 200 day moving average price is $65.66.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The firm 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 posted $0.98 EPS. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. 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 of Directors has approved a share buyback program on Thursday, July 25th that allows the company to buyback $1.00 billion in 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 often a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages recently issued reports on SKX. TD Cowen increased 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. Wedbush raised their price objective on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $82.00 target price on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Morgan Stanley raised Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $60.00 to $80.00 in a research note on Tuesday, July 23rd. Finally, Evercore ISI raised their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $77.82.

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.