Ensign Peak Advisors Inc holds $6.83 million in Skechers USA, Inc. (NYSE:SKX)

Ensign Peak Advisors Inc reduced its holdings in shares of Skechers USA, Inc. (NYSE:SKX – Free Report) by 10.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,844 shares of the textile maker’s stock after selling 11,710 shares during the period. Ensign Peak Advisors Inc owned 0.06% of Skechers USA worth $6,832,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of SKX. Bessemer Group Inc. raised its stake in shares of Skechers USA by 66.7% in the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after purchasing an additional 164 shares during the last quarter. CIBC Asset Management Inc raised its stake in Skechers USA by 4.7% in the second quarter. CIBC Asset Management Inc now owns 3,820 shares of the textile maker’s stock worth $264,000 after acquiring an additional 173 shares during the last quarter. QRG Capital Management Inc. lifted its position in shares of Skechers USA by 2.0% in the first quarter. QRG Capital Management Inc. now owns 10,047 shares of the textile maker’s stock worth $615,000 after purchasing an additional 194 shares in the last quarter. X Square Capital LLC grew its stake in shares of Skechers USA by 0.5% in the second quarter. X Square Capital LLC now owns 40,903 shares of the textile maker’s stock worth $2,827,000 after buying an additional 215 shares in the last quarter. Finally, Pallas Capital Advisors LLC boosted its holdings in shares of Skechers USA by 5.7% in the second quarter. Pallas Capital Advisors LLC now owns 6,027 shares of the textile maker’s stock valued at $388,000 after purchasing an additional 324 shares during the last quarter. Institutional investors own 79.96% of the company’s shares.

Skechers US stock up 0.7%

Shares of NYSE:SKX opened at $65.46 on Thursday. The company has a 50 day moving average price of $65.20 and a two hundred day moving average price of $65.44. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33, and a current ratio of 2.06. The company has a market cap of $9.97 billion, a PE ratio of 17.23, a PEG ratio of 0.88 and a beta of 1.23. Skechers USA, Inc. it has a 52-week low of $45.58 and a 52-week high of $75.09.

Skechers USA (NYSE:SKX – Get Your Free Report ) last announced its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.04). The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.24 billion. Skechers USA had a net margin of 6.90% and a return on equity of 13.04%. Skechers USA’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the firm earned $0.98 EPS. Analysts estimate that Skechers USA, Inc. will record 4.16 earnings per share for the current year.

Skechers USA declared that its board has approved a stock buyback program on Thursday, July 25th that permits the company to repurchase $1.00 billion in outstanding shares. This buyback authorization allows the textile maker to buy back up to 10.3% of its shares through open market purchases. Stock buyback programs are usually an indication that a company’s board of directors believes its stock is undervalued.

Changes in Analyst Ratings

SKX has been the subject of several research reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $82.00 price objective on shares of Skechers USA in a report on Thursday, June 13th. Evercore ISI raised their price objective on Skechers USA from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Morgan Stanley upgraded shares of Skechers USA from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $60.00 to $80.00 in a research report on Tuesday. July 23. Wells Fargo & Company began coverage on shares of Skechers USA in a research report on Wednesday, June 12th. They set an “overweight” rating and a $83.00 price target for the company. Finally, Stifel Nicolaus upped their price objective on shares of Skechers USA from $81.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. Twelve analysts have rated the stock with a buy rating. The company has an average rating of “Buy” and a consensus price target of $77.82, according to MarketBeat.com.

Check out our latest Skechers USA review

About Skechers USA

(Free Report)

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 the brands Skechers Hands Free Slip-ins, Skechers Arch Fit and Skechers Air-Cooled Memory Foam.

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