Skechers U.S.A., Inc. (NYSE:SKX) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC reduced its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 4.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,803 shares of the textile maker’s stock after selling 3,797 shares during the period. Mutual of America Capital Management LLC’s holdings in Skechers U.S.A. were worth $5,240,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Redmont Wealth Advisors LLC purchased a new position in Skechers U.S.A. in the 1st quarter valued at $25,000. Bessemer Group Inc. boosted its position in Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after acquiring an additional 164 shares during the last quarter. Game Plan Financial Advisors LLC purchased a new stake in Skechers U.S.A. during the 1st quarter valued at about $43,000. Versant Capital Management Inc raised its holdings in 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 valued at $44,000 after acquiring an additional 618 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in Skechers U.S.A. in the 1st quarter worth approximately $45,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Price Performance

Shares of SKX opened at $63.01 on Friday. The firm has a 50-day simple moving average of $65.30 and a two-hundred day simple moving average of $65.36. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. Skechers U.S.A., Inc. has a 1-year low of $45.58 and a 1-year high of $75.09. The stock has a market cap of $9.60 billion, a PE ratio of 16.58, a P/E/G ratio of 0.94 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.04). The firm 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 was up 7.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.98 earnings per share. As a group, analysts forecast 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 authorized a stock buyback program on Thursday, July 25th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the textile maker to buy up to 10.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Barclays upped their price target 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. Wells Fargo & Company initiated coverage on Skechers U.S.A. in a report on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 target price for the company. Evercore ISI lifted their price target on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Wedbush upped their price objective on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, Bank of America upgraded shares of Skechers U.S.A. from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $71.00 to $87.00 in a research report on Friday, June 7th. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat, Skechers U.S.A. has a consensus rating of “Buy” and a consensus price target of $78.36.

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.