Los Angeles Capital Management LLC Increases Stock Position in Skechers U.S.A., Inc. (NYSE:SKX)

Los Angeles Capital Management LLC grew its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 54.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,120 shares of the textile maker’s stock after purchasing an additional 4,981 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Skechers U.S.A. were worth $945,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Bessemer Group Inc. grew its holdings in Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after buying an additional 164 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after purchasing an additional 364 shares during the period. Versant Capital Management Inc boosted its holdings in shares of Skechers U.S.A. by 2,809.1% during the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after purchasing an additional 618 shares during the last quarter. Blue Trust Inc. grew its position in shares of Skechers U.S.A. by 778.1% in the third quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock valued at $69,000 after purchasing an additional 887 shares during the period. Finally, 1620 Investment Advisors Inc. purchased a new position in Skechers U.S.A. during the second quarter worth about $69,000. 79.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SKX has been the subject of a number of research analyst reports. Morgan Stanley upped their price objective on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Barclays increased their price target on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Stifel Nicolaus lifted their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. Bank of America dropped their price objective on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday, October 25th. Finally, Evercore ISI lifted their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, Skechers U.S.A. presently has a consensus rating of “Buy” and a consensus price target of $78.09.

Skechers U.S.A. Price Performance

SKX stock opened at $60.70 on Friday. The firm has a market cap of $9.16 billion, a P/E ratio of 14.93, a price-to-earnings-growth ratio of 0.85 and a beta of 1.23. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. Skechers U.S.A., Inc. has a 1 year low of $51.33 and a 1 year high of $75.09. The stock has a 50-day simple moving average of $64.24 and a 200-day simple moving average of $66.47.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 7.19% and a return on equity of 13.71%. Skechers U.S.A.’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter last year, the company earned $0.93 earnings per share. On average, equities analysts predict 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 of Directors has authorized a stock repurchase plan on Thursday, July 25th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the textile maker to purchase up to 10.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Skechers U.S.A. Company 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.