Seven Eight Capital LP Grows Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Seven Eight Capital LP grew its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 126.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 29,419 shares of the textile maker’s stock after buying an additional 16,408 shares during the quarter. Seven Eight Capital LP’s holdings in Skechers U.S.A. were worth $2,033,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Redmont Wealth Advisors LLC bought a new position in shares of Skechers U.S.A. in the 1st quarter worth approximately $25,000. Bessemer Group Inc. raised its position in shares of Skechers U.S.A. by 66.7% in the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after acquiring an additional 164 shares in the last quarter. Versant Capital Management Inc raised its position in shares of Skechers U.S.A. by 2,809.1% in the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after acquiring an additional 618 shares in the last quarter. Game Plan Financial Advisors LLC bought a new position in shares of Skechers U.S.A. in the 1st quarter worth approximately $43,000. Finally, Sunbelt Securities Inc. bought a new position in shares of Skechers U.S.A. in the 1st quarter worth approximately $45,000. Institutional investors own 79.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SKX shares. Morgan Stanley raised Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $60.00 to $80.00 in a research report on Tuesday, July 23rd. Wedbush increased their target price on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $82.00 price objective on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Barclays raised their price objective on Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, Stifel Nicolaus raised their price objective on 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. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $78.36.

Skechers U.S.A. Stock Up 0.3 %

Skechers U.S.A. stock opened at $68.12 on Thursday. The firm has a market cap of $10.39 billion, a price-to-earnings ratio of 17.93, a PEG ratio of 0.92 and a beta of 1.23. The stock has a fifty day simple moving average of $65.53 and a two-hundred day simple moving average of $65.34. Skechers U.S.A., Inc. has a 12 month low of $45.58 and a 12 month high of $75.09. 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 earnings results on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.98 EPS. Equities analysts predict that Skechers U.S.A., Inc. will post 4.17 EPS for the current fiscal year.

Skechers U.S.A. 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.