DekaBank Deutsche Girozentrale Decreases Stake in Skechers U.S.A., Inc. (NYSE:SKX)

DekaBank Deutsche Girozentrale lessened its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 99.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 651 shares of the textile maker’s stock after selling 90,000 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Skechers U.S.A. were worth $44,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Bessemer Group Inc. boosted its holdings in shares of Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after purchasing an additional 164 shares during the last quarter. UMB Bank n.a. boosted its stake in Skechers U.S.A. by 423.3% during the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after buying an additional 364 shares during the last quarter. Versant Capital Management Inc grew its holdings in Skechers U.S.A. by 2,809.1% in the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after buying an additional 618 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of Skechers U.S.A. in the 2nd quarter worth $69,000. Finally, Blue Trust Inc. raised its holdings in shares of Skechers U.S.A. by 778.1% during the 3rd quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock worth $69,000 after acquiring an additional 887 shares during the period. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Stock Performance

NYSE SKX opened at $61.98 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The company 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 stock has a 50-day moving average of $65.25 and a two-hundred day moving average of $66.44. Skechers U.S.A., Inc. has a 1-year low of $47.98 and a 1-year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same period in the prior year, the firm earned $0.93 EPS. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. As a group, analysts anticipate that Skechers U.S.A., Inc. will post 4.25 EPS for the current year.

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on SKX. Bank of America dropped their price objective on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday, October 25th. Wedbush raised their price target on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Evercore ISI upped their price objective on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Barclays increased their price objective on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, TD Cowen reduced their target price on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus 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.