Bwcp LP Purchases New Position in Skechers U.S.A., Inc. (NYSE:SKX)

Bwcp LP 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 13F filing with the Securities & Exchange Commission. The fund acquired 236,164 shares of the textile maker’s stock, valued at approximately $16,324,000. Skechers U.S.A. accounts for approximately 4.1% of Bwcp LP’s investment portfolio, making the stock its 11th biggest position. Bwcp LP owned 0.16% of Skechers U.S.A. as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Redmont Wealth Advisors LLC acquired a new stake in shares of Skechers U.S.A. during the first quarter worth about $25,000. Bessemer Group Inc. raised its holdings in Skechers U.S.A. by 66.7% during 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 period. Versant Capital Management Inc lifted its stake in Skechers U.S.A. by 2,809.1% in the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after buying an additional 618 shares in the last quarter. Game Plan Financial Advisors LLC bought a new position in Skechers U.S.A. in the first quarter valued at approximately $43,000. Finally, Sunbelt Securities Inc. acquired a new position in shares of Skechers U.S.A. in the first quarter valued at approximately $45,000. Institutional investors own 79.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SKX. Wells Fargo & Company started coverage on shares of Skechers U.S.A. in a report on Wednesday, June 12th. They set an “overweight” rating and a $83.00 price objective on the stock. Evercore ISI lifted their price target on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Morgan Stanley upgraded Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $60.00 to $80.00 in a report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $82.00 price objective on shares of Skechers U.S.A. in a report on Thursday, June 13th. Finally, Wedbush lifted their target price on Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $77.82.

Skechers U.S.A. Stock Performance

SKX opened at $65.01 on Wednesday. The business’s 50-day simple moving average is $65.20 and its 200 day simple moving average is $65.44. Skechers U.S.A., Inc. has a 52-week low of $45.58 and a 52-week 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. The firm has a market capitalization of $9.90 billion, a PE ratio of 17.11, a PEG ratio of 0.88 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data 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 company had revenue of $2.16 billion for 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 company’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.98 EPS. As a group, sell-side analysts expect that Skechers U.S.A., Inc. will post 4.16 earnings per share for the current fiscal year.

Skechers U.S.A. declared that its Board of Directors has approved 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 buy up to 10.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Skechers U.S.A. 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.