Dark Forest Capital Management LP Has $702,000 Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Dark Forest Capital Management LP increased its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 68.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,152 shares of the textile maker’s stock after buying an additional 4,121 shares during the quarter. Dark Forest Capital Management LP’s holdings in Skechers U.S.A. were worth $702,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Redmont Wealth Advisors LLC acquired a new stake in Skechers U.S.A. in the first quarter valued at $25,000. Bessemer Group Inc. increased its position in Skechers U.S.A. by 66.7% during the first 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. Game Plan Financial Advisors LLC acquired a new position in Skechers U.S.A. during the first quarter worth approximately $43,000. Versant Capital Management Inc raised 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 during the period. Finally, Sunbelt Securities Inc. bought a new position in shares of Skechers U.S.A. during the 1st quarter worth approximately $45,000. 79.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on SKX. Bank of America dropped their price target on Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating on the stock in a research note on Monday. 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 price objective on the stock. TD Cowen lifted their target price on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Morgan Stanley raised shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $60.00 to $80.00 in a report on Tuesday, July 23rd. Finally, Stifel Nicolaus boosted their price objective on Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $77.82.

Skechers U.S.A. Trading Up 5.7 %

Shares of NYSE:SKX opened at $69.23 on Friday. 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 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 current ratio of 2.06 and a quick ratio of 1.33. The company has a market capitalization of $10.55 billion, a P/E ratio of 18.22, a P/E/G ratio of 0.88 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $2.24 billion. During the same quarter in the previous year, the business posted $0.98 EPS. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, research analysts anticipate that Skechers U.S.A., Inc. will post 4.16 EPS for the current fiscal year.

Skechers U.S.A. announced that its board has initiated a stock buyback program on Thursday, July 25th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the textile maker to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is 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.