Skechers U.S.A., Inc. (NYSE:SKX) Shares Sold by Creative Planning

Creative Planning cut its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 5.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,964 shares of the textile maker’s stock after selling 540 shares during the quarter. Creative Planning’s holdings in Skechers U.S.A. were worth $600,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SKX. Bessemer Group Inc. grew its stake 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 valued at $25,000 after acquiring an additional 164 shares in the last quarter. UMB Bank n.a. grew its stake in Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock valued at $30,000 after purchasing an additional 364 shares in the last quarter. Versant Capital Management Inc increased its holdings in Skechers U.S.A. by 2,809.1% during the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after purchasing an additional 618 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new position in shares of Skechers U.S.A. during the 2nd quarter valued at approximately $69,000. Finally, GAMMA Investing LLC grew its position in shares of Skechers U.S.A. by 107.5% during the second quarter. GAMMA Investing LLC now owns 1,168 shares of the textile maker’s stock worth $81,000 after buying an additional 605 shares in the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SKX. Stifel Nicolaus increased their target price on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, July 26th. TD Cowen lowered their target price on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a report on Monday, October 14th. Morgan Stanley raised their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Bank of America lowered their price objective 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, October 25th. Finally, Wedbush raised their target price on 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. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $78.09.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock opened at $61.98 on Tuesday. Skechers U.S.A., Inc. has a 1-year low of $47.98 and a 1-year high of $75.09. The firm has a market cap of $9.44 billion, a P/E ratio of 15.27, a P/E/G ratio of 0.85 and a beta of 1.23. 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 firm has a 50-day moving average of $65.25 and a 200-day moving average of $66.44.

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

Skechers U.S.A. announced that its Board of Directors has initiated 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 repurchase up to 10.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board 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.