Hood River Capital Management LLC Buys New Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Hood River Capital Management LLC acquired a new stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 54,967 shares of the textile maker’s stock, valued at approximately $3,799,000.

Several other institutional investors and hedge funds have also modified their holdings of SKX. Wells Fargo & Company MN boosted its position in Skechers U.S.A. by 50.4% in the 4th quarter. Wells Fargo & Company MN now owns 157,416 shares of the textile maker’s stock worth $9,813,000 after purchasing an additional 52,754 shares in the last quarter. Quantedge Capital Pte Ltd purchased a new stake in shares of Skechers U.S.A. during the 4th quarter worth about $948,000. Seven Eight Capital LP grew its position in shares of Skechers U.S.A. by 126.1% during the 2nd quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock valued at $2,033,000 after acquiring an additional 16,408 shares during the period. Cim LLC purchased a new position in shares of Skechers U.S.A. in the 4th quarter valued at about $1,126,000. Finally, KBC Group NV boosted its position in Skechers U.S.A. by 22.4% during the fourth quarter. KBC Group NV now owns 241,079 shares of the textile maker’s stock worth $15,029,000 after purchasing an additional 44,086 shares in the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Price Performance

SKX stock opened at $63.09 on Tuesday. The business has a fifty day moving average of $65.24 and a two-hundred day moving average of $65.41. 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 stock has a market cap of $9.62 billion, a price-to-earnings ratio of 16.60, a price-to-earnings-growth ratio of 0.94 and a beta of 1.23. 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 issued its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 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 analyst estimates of $2.24 billion. During the same quarter in the prior year, the company posted $0.98 earnings per share. The business’s revenue was up 7.3% compared to the same quarter last year. As a group, research analysts anticipate that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current year.

Skechers U.S.A. declared that its Board of Directors has authorized a share repurchase plan on Thursday, July 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the textile maker to buy up to 10.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SKX shares. Morgan Stanley upgraded Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $60.00 to $80.00 in a research report on Tuesday, July 23rd. Wells Fargo & Company assumed coverage on shares of Skechers U.S.A. in a research report on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 target price on the stock. Wedbush upped their price target on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Deutsche Bank Aktiengesellschaft reiterated 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. Finally, Bank of America decreased their target price on Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating on the stock in a research report on Monday. Twelve research 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 $77.82.

Skechers U.S.A. Company 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.