Nkcfo LLC Makes New $86,000 Investment in Skechers U.S.A., Inc. (NYSE:SKX)

Nkcfo LLC bought a new stake in Skechers U.S.A., Inc. (NYSE:SKX) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,240 shares of the textile maker’s stock, valued at approximately $86,000.

Other institutional investors also recently made changes to their positions in the company. Redmont Wealth Advisors LLC purchased a new stake in Skechers U.S.A. during the first quarter worth $25,000. Bessemer Group Inc. grew its stake in Skechers U.S.A. by 66.7% in the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after acquiring an additional 164 shares during the last quarter. Game Plan Financial Advisors LLC purchased a new stake in shares of Skechers U.S.A. in the first quarter valued at about $43,000. Versant Capital Management Inc raised its position in shares of Skechers U.S.A. by 2,809.1% during the 2nd 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. Finally, Sunbelt Securities Inc. purchased a new stake in Skechers U.S.A. in the 1st quarter valued at approximately $45,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SKX. Wedbush boosted their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Stifel Nicolaus boosted 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 note on Friday, July 26th. Barclays raised their price target on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Bank of America raised shares of Skechers U.S.A. from a “neutral” rating to a “buy” rating and upped their price objective for the company from $71.00 to $87.00 in a research note on Friday, June 7th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $82.00 target price on shares of Skechers U.S.A. in a research note on Thursday, June 13th. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $78.36.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock opened at $63.00 on Friday. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $9.60 billion, a P/E ratio of 16.58, a PEG ratio of 0.94 and a beta of 1.23. The firm has a fifty day moving average of $65.30 and a 200-day moving average of $65.33. Skechers U.S.A., Inc. has a 52-week low of $45.58 and a 52-week high of $75.09.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results 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 business had revenue of $2.16 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the company earned $0.98 earnings per share. As a group, analysts predict that Skechers U.S.A., Inc. will post 4.17 EPS for the current year.

Skechers U.S.A. announced that its Board of Directors 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is 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.