Skechers U.S.A., Inc. (NYSE:SKX) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. lessened its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 92.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,526 shares of the textile maker’s stock after selling 104,293 shares during the quarter. Edgestream Partners L.P.’s holdings in Skechers U.S.A. were worth $589,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Renaissance Technologies LLC grew its holdings in shares of Skechers U.S.A. by 2,900.0% during the 2nd quarter. Renaissance Technologies LLC now owns 126,000 shares of the textile maker’s stock worth $8,709,000 after purchasing an additional 121,800 shares during the period. Quantbot Technologies LP lifted its position in Skechers U.S.A. by 25.9% during the second quarter. Quantbot Technologies LP now owns 52,013 shares of the textile maker’s stock valued at $3,595,000 after buying an additional 10,689 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Skechers U.S.A. by 3.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker’s stock worth $130,350,000 after buying an additional 55,095 shares during the period. Envestnet Asset Management Inc. increased its position in shares of Skechers U.S.A. by 18.8% in the second quarter. Envestnet Asset Management Inc. now owns 160,689 shares of the textile maker’s stock worth $11,107,000 after acquiring an additional 25,394 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of Skechers U.S.A. by 13,824.9% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 90,651 shares of the textile maker’s stock valued at $6,181,000 after acquiring an additional 90,000 shares during the period. 79.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Skechers U.S.A. Stock Up 2.4 %

NYSE:SKX opened at $63.01 on Monday. The stock has a 50-day simple moving average of $65.30 and a 200 day simple moving average of $65.39. 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 market capitalization of $9.60 billion, a price-to-earnings ratio of 16.58, a price-to-earnings-growth ratio of 0.94 and a beta of 1.23. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter last year, the firm posted $0.98 earnings per share. Skechers U.S.A.’s revenue was up 7.3% compared to the same quarter last year. Sell-side 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 authorized a share repurchase plan on Thursday, July 25th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the textile maker to buy up to 10.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are 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.