MQS Management LLC Acquires Shares of 4,262 Skechers U.S.A., Inc. (NYSE:SKX)

MQS Management LLC bought a new stake in Skechers U.S.A., Inc. (NYSE:SKX) during the 3rd quarter, HoldingsChannel reports. The firm bought 4,262 shares of the textile maker’s stock, valued at approximately $285,000.

Several other hedge funds have also recently modified their holdings of the stock. Seven Eight Capital LP boosted its holdings in Skechers U.S.A. by 126.1% in the 2nd quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock worth $2,033,000 after buying an additional 16,408 shares during the last quarter. Cetera Advisors LLC purchased a new stake in shares of Skechers U.S.A. during the first quarter worth approximately $600,000. Vista Investment Partners LLC acquired a new position in Skechers U.S.A. in the 2nd quarter valued at $925,000. Vanguard Group Inc. lifted its holdings in Skechers U.S.A. by 0.8% in the 1st 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 in the last quarter. Finally, Ontario Teachers Pension Plan Board boosted its stake in Skechers U.S.A. by 77.5% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 52,300 shares of the textile maker’s stock worth $3,204,000 after purchasing an additional 22,836 shares during the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Stock Up 0.8 %

SKX stock opened at $61.57 on Friday. Skechers U.S.A., Inc. has a twelve month low of $51.26 and a twelve month high of $75.09. The stock has a market cap of $9.30 billion, a P/E ratio of 15.17, a PEG ratio of 0.85 and a beta of 1.23. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average is $64.36 and its two-hundred day moving average is $66.51.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.11. The company had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The company’s revenue was up 16.0% on a year-over-year basis. During the same period last year, the business posted $0.93 EPS. Research analysts expect 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 has initiated a share repurchase plan on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the textile maker to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus raised their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. StockNews.com upgraded Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft increased their price target on Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a report on Friday, October 25th. Wedbush lifted their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, Barclays upped their price target on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, Skechers U.S.A. presently has a consensus rating of “Buy” and a consensus price target of $78.09.

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.