Assenagon Asset Management S.A. Has $6.97 Million Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Assenagon Asset Management S.A. decreased its position in Skechers U.S.A., Inc. (NYSE:SKX) by 46.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 104,133 shares of the textile maker’s stock after selling 89,230 shares during the period. Assenagon Asset Management S.A. owned about 0.07% of Skechers U.S.A. worth $6,969,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Impact Partnership Wealth LLC purchased a new stake in shares of Skechers U.S.A. in the third quarter valued at $212,000. Hennion & Walsh Asset Management Inc. lifted its stake in Skechers U.S.A. by 6.3% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 43,057 shares of the textile maker’s stock worth $2,881,000 after acquiring an additional 2,567 shares in the last quarter. X Square Capital LLC boosted its position in Skechers U.S.A. by 4.2% during the 3rd quarter. X Square Capital LLC now owns 42,625 shares of the textile maker’s stock worth $2,852,000 after acquiring an additional 1,722 shares during the period. Lecap Asset Management Ltd. purchased a new position in Skechers U.S.A. during the 3rd quarter valued at about $1,231,000. Finally, Private Advisor Group LLC acquired a new position in shares of Skechers U.S.A. in the 3rd quarter valued at about $289,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Skechers U.S.A. Stock Up 4.5 %

SKX opened at $61.86 on Tuesday. The firm has a market cap of $9.42 billion, a P/E ratio of 15.24, a price-to-earnings-growth ratio of 0.83 and a beta of 1.22. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The business has a 50 day moving average price of $65.89 and a 200 day moving average price of $66.26. Skechers U.S.A., Inc. has a twelve month low of $46.06 and a twelve month high of $75.09.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same period in the previous year, the company earned $0.93 earnings per share. Skechers U.S.A.’s revenue for the quarter was up 16.0% on a year-over-year basis. Research analysts forecast that Skechers U.S.A., Inc. will post 4.2 EPS for the current year.

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

Analysts Set New Price Targets

Several research firms recently commented on SKX. Morgan Stanley raised their price target on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a report on Friday. Barclays boosted their price target on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Friday. Wedbush increased their price objective on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft boosted their target price on Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research note on Friday. Finally, Bank of America cut their price target on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research note on Friday. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skechers U.S.A. presently has an average rating of “Buy” and an average target price of $78.09.

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.