Skechers USA, Inc. (NYSE:SKX) Shares ownership increased by Quarry LP

Quarry LP increased its position in Skechers USA, Inc. (NYSE:SKX – Free Report) by 44.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,187 shares of the textile maker’s stock after buying an additional 366 shares during the quarter. Quarry LP’s holdings in Skechers USA were worth $82,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN boosted its holdings in shares of Skechers USA by 50.4% during the fourth quarter. Wells Fargo & Company MN now owns 157,416 shares of the textile maker’s stock valued at $9,813,000 after purchasing an additional 52,754 shares in the last quarter. Quantedge Capital Pte Ltd purchased a new stake in Skechers USA in the 4th quarter valued at $948,000. Seven Eight Capital LP boosted its position in Skechers USA by 126.1% during the 2nd quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock worth $2,033,000 after acquiring an additional 16,408 shares during that period. Cim LLC bought a new position in shares of Skechers USA in the fourth quarter valued at $1,126,000. Finally, Cetera Advisors LLC purchased a new position in shares of Skechers USA in the first quarter valued at $600,000. 79.96% of shares are held by institutional investors and hedge funds.

Skechers US trades down 0.9%

Shares of SKX opened at $66.32 on Thursday. The company has a current ratio of 2.06, a quick ratio of 1.33, and a debt-to-equity ratio of 0.01. Skechers USA, Inc. has a 1 year low of $45.58 and a 1 year high of $75.09. The stock has a market cap of $10.11 billion, a P/E ratio of 17.45, a P/E/G ratio of 0.97 and a beta of 1.22. The company’s 50-day moving average price is $65.54 and its 200-day moving average price is $65.66.

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

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

Changes in Analyst Ratings

A number of brokerages recently issued reports on SKX. TD Cowen boosted their price target on shares of Skechers USA from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Wedbush boosted their price objective on shares of Skechers USA from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $82.00 target price on shares of Skechers USA in a research report on Thursday, June 13th. Morgan Stanley raised Skechers USA from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $60.00 to $80.00 in a research note on Tuesday. July 23. Finally, Evercore ISI boosted their price target on Skechers USA from $68.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Twelve research analysts have rated the stock with a buy rating. The company presently has a consensus rating of “Buy” and a consensus price target of $77.82, according to MarketBeat.com.

Check out the latest Skechers USA stock report

Skechers USA Profile

(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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