Skechers U.S.A., Inc. (NYSE:SKX) Stock Holdings Increased by Covestor Ltd

Covestor Ltd grew its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 18.8% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,678 shares of the textile maker’s stock after buying an additional 265 shares during the quarter. Covestor Ltd’s holdings in Skechers U.S.A. were worth $112,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Verdence Capital Advisors LLC acquired a new position in Skechers U.S.A. in the third quarter worth $3,065,000. Mainstream Capital Management LLC acquired a new position in shares of Skechers U.S.A. in the 3rd quarter valued at about $425,000. Advisor Resource Council bought a new stake in shares of Skechers U.S.A. during the 3rd quarter valued at about $420,000. QRG Capital Management Inc. raised its stake in Skechers U.S.A. by 2.6% during the third quarter. QRG Capital Management Inc. now owns 11,157 shares of the textile maker’s stock worth $747,000 after acquiring an additional 284 shares during the period. Finally, Intact Investment Management Inc. lifted its holdings in Skechers U.S.A. by 42.3% in the third quarter. Intact Investment Management Inc. now owns 14,420 shares of the textile maker’s stock worth $965,000 after acquiring an additional 4,290 shares during the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Stock Down 0.4 %

NYSE SKX opened at $60.79 on Wednesday. The company has a market capitalization of $9.18 billion, a P/E ratio of 15.03, a PEG ratio of 0.87 and a beta of 1.23. Skechers U.S.A., Inc. has a 12 month low of $49.08 and a 12 month high of $75.09. 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’s 50 day simple moving average is $64.61 and its 200 day simple moving average is $66.58.

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

Skechers U.S.A. announced that its board has initiated a stock buyback program on Thursday, July 25th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the textile maker to buy up to 10.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Morgan Stanley upped their target price on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Wedbush increased their target price on 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. Evercore ISI upped their price target on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Bank of America cut their price objective on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, October 25th. Finally, Barclays raised 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 research note on Friday, October 25th. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Skechers U.S.A. presently has a consensus rating of “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.