Dimensional Fund Advisors LP Acquires 55,095 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Dimensional Fund Advisors LP raised its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 3.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,885,723 shares of the textile maker’s stock after acquiring an additional 55,095 shares during the quarter. Dimensional Fund Advisors LP owned about 1.24% of Skechers U.S.A. worth $130,350,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Redmont Wealth Advisors LLC bought a new stake in Skechers U.S.A. in the first quarter valued at approximately $25,000. Bessemer Group Inc. boosted its position in shares of 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 buying an additional 164 shares during the period. Game Plan Financial Advisors LLC bought a new position in shares of Skechers U.S.A. during the first quarter worth about $43,000. Versant Capital Management Inc lifted its stake 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 in the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in Skechers U.S.A. during the 1st quarter worth approximately $45,000. 79.96% of the stock is owned by institutional investors.

Skechers U.S.A. Stock Performance

Shares of Skechers U.S.A. stock opened at $63.01 on Monday. The firm has a market capitalization of $9.60 billion, a price-to-earnings ratio of 16.58, a PEG ratio of 0.94 and a beta of 1.23. The business has a 50-day simple moving average of $65.30 and a 200 day simple moving average of $65.39. 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 one year low of $45.58 and a one year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last posted its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) 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 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 business’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.98 EPS. On average, research analysts anticipate that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current fiscal year.

Skechers U.S.A. announced that its Board of Directors has initiated a share repurchase program on Thursday, July 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the textile maker to purchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SKX. Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $60.00 to $80.00 in a research note on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $82.00 price objective on shares of Skechers U.S.A. in a research note on Thursday, June 13th. Bank of America raised Skechers U.S.A. from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $71.00 to $87.00 in a report on Friday, June 7th. TD Cowen raised their target price on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, Evercore ISI increased their price target on shares of 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 equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $78.36.

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.