Impact Partnership Wealth LLC Acquires Shares of 3,167 Skechers U.S.A., Inc. (NYSE:SKX)

Impact Partnership Wealth LLC acquired a new stake in Skechers U.S.A., Inc. (NYSE:SKX) in the third quarter, Holdings Channel reports. The institutional investor acquired 3,167 shares of the textile maker’s stock, valued at approximately $212,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Seven Eight Capital LP increased its holdings 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 valued at $2,033,000 after buying an additional 16,408 shares in the last quarter. Cetera Advisors LLC purchased a new position in Skechers U.S.A. in the first quarter valued at $600,000. Vista Investment Partners LLC purchased a new position in Skechers U.S.A. in the second quarter valued at $925,000. Capstone Investment Advisors LLC increased its holdings 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 valued at $4,905,000 after buying an additional 58,082 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of 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 valued at $779,491,000 after purchasing an additional 97,666 shares during the period. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Stock Performance

SKX opened at $61.62 on Friday. The firm has a market capitalization of $9.39 billion, a PE ratio of 16.52, a PEG ratio of 0.89 and a beta of 1.22. Skechers U.S.A., Inc. has a twelve month low of $45.58 and a twelve month high of $75.09. The firm’s 50-day moving average price is $66.17 and its 200 day moving average price is $66.13. 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 U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The business’s revenue 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. As a group, sell-side analysts expect that Skechers U.S.A., Inc. will post 4.15 EPS for the current fiscal year.

Skechers U.S.A. declared that its board has authorized a stock repurchase plan on Thursday, July 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the textile maker to purchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on SKX shares. Wedbush lifted their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $60.00 to $80.00 in a research report on Tuesday, July 23rd. Stifel Nicolaus lifted their target price on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, July 26th. TD Cowen dropped their target price on shares of 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. Finally, Bank of America dropped their target price on shares of Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating on the stock in a research report on Monday, September 23rd. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $77.55.

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.