Tremblant Capital Group Boosts Stake in Skechers U.S.A., Inc. (NYSE:SKX)

Tremblant Capital Group raised its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 2.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 80,507 shares of the textile maker’s stock after purchasing an additional 1,786 shares during the quarter. Skechers U.S.A. accounts for 0.6% of Tremblant Capital Group’s holdings, making the stock its 28th largest holding. Tremblant Capital Group owned 0.05% of Skechers U.S.A. worth $5,565,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Lombard Odier Asset Management Europe Ltd purchased a new stake in shares of Skechers U.S.A. in the 2nd quarter valued at $9,677,000. Hood River Capital Management LLC purchased a new stake in shares of Skechers U.S.A. in the 2nd quarter valued at $3,799,000. Symmetry Investments LP purchased a new stake in shares of Skechers U.S.A. in the 2nd quarter valued at $940,000. Nkcfo LLC purchased a new stake in shares of Skechers U.S.A. in the 2nd quarter valued at $86,000. Finally, Summit Trail Advisors LLC raised its holdings in shares of Skechers U.S.A. by 22.9% in the 2nd quarter. Summit Trail Advisors LLC now owns 10,255 shares of the textile maker’s stock valued at $709,000 after buying an additional 1,912 shares during the period. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on SKX. Wedbush boosted their price objective on Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Evercore ISI boosted their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $82.00 target price on shares of Skechers U.S.A. in a research note on Thursday, June 13th. Wells Fargo & Company started coverage on Skechers U.S.A. in a research note on Wednesday, June 12th. They set an “overweight” rating and a $83.00 target price for the company. Finally, Barclays boosted their target price on 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. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $77.82.

Skechers U.S.A. Trading Up 0.1 %

NYSE:SKX opened at $63.09 on Tuesday. The stock has a 50-day simple moving average of $65.24 and a 200-day simple moving average of $65.41. The stock has a market cap of $9.62 billion, a P/E ratio of 16.60, a P/E/G ratio of 0.94 and a beta of 1.23. Skechers U.S.A., Inc. has a 1 year low of $45.58 and a 1 year high of $75.09. 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 announced its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period last year, the company earned $0.98 earnings per share. As a group, 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 plan on Thursday, July 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the textile maker to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are generally 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.