Lecap Asset Management Ltd. Makes New $1.23 Million Investment in Skechers U.S.A., Inc. (NYSE:SKX)

Lecap Asset Management Ltd. acquired a new position in Skechers U.S.A., Inc. (NYSE:SKX) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 18,401 shares of the textile maker’s stock, valued at approximately $1,231,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Seven Eight Capital LP boosted its position in Skechers U.S.A. by 126.1% in the second quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock worth $2,033,000 after purchasing an additional 16,408 shares during the last quarter. Cetera Advisors LLC purchased a new position in Skechers U.S.A. in the first quarter worth $600,000. Vista Investment Partners LLC purchased a new position in Skechers U.S.A. in the second quarter worth $925,000. Capstone Investment Advisors LLC boosted its position in Skechers U.S.A. by 264.1% in the first quarter. Capstone Investment Advisors LLC now owns 80,074 shares of the textile maker’s stock worth $4,905,000 after purchasing an additional 58,082 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Skechers U.S.A. by 0.8% in the first quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock worth $779,491,000 after purchasing an additional 97,666 shares during the last quarter. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Analysts Set New Price Targets

SKX has been the topic of several research reports. TD Cowen lowered 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 note on Monday, October 14th. Bank of America lowered their target price on Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating on the stock in a research note on Monday, September 23rd. Morgan Stanley upgraded Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $60.00 to $80.00 in a research note on Tuesday, July 23rd. Barclays boosted their target price on Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Evercore ISI boosted their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Skechers U.S.A. currently has an average rating of “Buy” and an average price target of $77.55.

Skechers U.S.A. Stock Performance

NYSE:SKX opened at $61.68 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06. Skechers U.S.A., Inc. has a 52-week low of $45.58 and a 52-week high of $75.09. The firm has a market cap of $9.41 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 0.90 and a beta of 1.22. The business’s fifty day moving average is $66.17 and its 200 day moving average is $66.13.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.98 earnings per share. Research analysts predict that Skechers U.S.A., Inc. will post 4.15 EPS for the current year.

Skechers U.S.A. declared that its Board of Directors has authorized a share repurchase program on Thursday, July 25th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the textile maker to purchase up to 10.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

About Skechers U.S.A.

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.