Intech Investment Management LLC Boosts Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Intech Investment Management LLC grew its position in Skechers U.S.A., Inc. (NYSE:SKX) by 228.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,106 shares of the textile maker’s stock after purchasing an additional 27,214 shares during the period. Intech Investment Management LLC’s holdings in Skechers U.S.A. were worth $2,703,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in SKX. Bessemer Group Inc. boosted its stake 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 buying an additional 164 shares during the last quarter. CIBC Asset Management Inc grew its stake in Skechers U.S.A. by 4.7% in the 2nd quarter. CIBC Asset Management Inc now owns 3,820 shares of the textile maker’s stock valued at $264,000 after purchasing an additional 173 shares during the period. QRG Capital Management Inc. raised its position in Skechers U.S.A. by 2.0% in the first quarter. QRG Capital Management Inc. now owns 10,047 shares of the textile maker’s stock worth $615,000 after acquiring an additional 194 shares during the period. X Square Capital LLC grew its holdings in Skechers U.S.A. by 0.5% during the second quarter. X Square Capital LLC now owns 40,903 shares of the textile maker’s stock valued at $2,827,000 after purchasing an additional 215 shares during the period. Finally, 1492 Capital Management LLC increased its holdings in Skechers U.S.A. by 1.0% in the 4th quarter. 1492 Capital Management LLC now owns 26,270 shares of the textile maker’s stock worth $1,638,000 after acquiring an additional 259 shares during the last quarter. 79.96% of the stock is owned by institutional investors.

Skechers U.S.A. Price Performance

SKX stock opened at $63.01 on Monday. The firm has a 50 day simple moving average of $65.30 and a two-hundred day simple moving average of $65.39. 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., Inc. has a one year low of $45.58 and a one year high of $75.09. 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. (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 the consensus estimate of $0.95 by ($0.04). Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter last year, the firm posted $0.98 earnings per share. The firm’s revenue was up 7.3% on a year-over-year basis. On average, analysts predict that Skechers U.S.A., Inc. will post 4.17 EPS for the current fiscal year.

Skechers U.S.A. announced that its Board of Directors has initiated a share buyback plan on Thursday, July 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the textile maker to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have weighed in on SKX shares. Barclays lifted their target price 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. Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $60.00 to $80.00 in a research note on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $82.00 price target on shares of Skechers U.S.A. in a report on Thursday, June 13th. Stifel Nicolaus boosted their price objective on 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. Finally, TD Cowen raised their target price on 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. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, Skechers U.S.A. presently has a consensus rating of “Buy” and a consensus target price 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.