Raymond James & Associates Has $3.52 Million Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Raymond James & Associates boosted its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 192.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 52,570 shares of the textile maker’s stock after acquiring an additional 34,612 shares during the quarter. Raymond James & Associates’ holdings in Skechers U.S.A. were worth $3,518,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SKX. Mirae Asset Global Investments Co. Ltd. lifted its stake in Skechers U.S.A. by 53.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,106 shares of the textile maker’s stock valued at $1,599,000 after purchasing an additional 9,065 shares during the last quarter. Fidelis Capital Partners LLC bought a new position in shares of Skechers U.S.A. during the first quarter valued at $96,000. FORA Capital LLC bought a new position in shares of Skechers U.S.A. during the first quarter valued at $511,000. GSA Capital Partners LLP bought a new position in shares of Skechers U.S.A. during the first quarter valued at $2,411,000. Finally, Coronation Fund Managers Ltd. raised its stake in shares of Skechers U.S.A. by 10.4% during the first quarter. Coronation Fund Managers Ltd. now owns 166,932 shares of the textile maker’s stock valued at $10,226,000 after acquiring an additional 15,676 shares during the last quarter. Institutional investors own 79.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SKX. Bank of America dropped their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, October 25th. TD Cowen dropped their price target on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Stifel Nicolaus increased their price objective on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Wedbush increased their price objective on shares of 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. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $78.09.

Skechers U.S.A. Trading Up 1.9 %

NYSE:SKX opened at $62.60 on Monday. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $9.54 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 0.85 and a beta of 1.23. The firm has a fifty day simple moving average of $65.42 and a two-hundred day simple moving average of $66.40. Skechers U.S.A., Inc. has a 12 month low of $46.08 and a 12 month high of $75.09.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period last year, the company posted $0.93 earnings per share. Analysts expect that Skechers U.S.A., Inc. will post 4.25 EPS for the current fiscal year.

Skechers U.S.A. declared that its Board of Directors has initiated a share repurchase plan on Thursday, July 25th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the textile maker to repurchase up to 10.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors 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.