Skechers U.S.A., Inc. (NYSE:SKX) Shares Bought by Algert Global LLC

Algert Global LLC boosted its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 68.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 51,005 shares of the textile maker’s stock after acquiring an additional 20,702 shares during the quarter. Algert Global LLC’s holdings in Skechers U.S.A. were worth $3,525,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SKX. Wells Fargo & Company MN grew its stake in shares of Skechers U.S.A. by 50.4% in the fourth quarter. Wells Fargo & Company MN now owns 157,416 shares of the textile maker’s stock valued at $9,813,000 after buying an additional 52,754 shares in the last quarter. Quantedge Capital Pte Ltd acquired a new stake in shares of Skechers U.S.A. in the fourth quarter valued at $948,000. Seven Eight Capital LP grew its stake in shares of Skechers U.S.A. by 126.1% in the second quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock valued at $2,033,000 after buying an additional 16,408 shares in the last quarter. Cim LLC acquired a new stake in shares of Skechers U.S.A. in the fourth quarter valued at $1,126,000. Finally, KBC Group NV grew its stake in shares of Skechers U.S.A. by 22.4% in the fourth quarter. KBC Group NV now owns 241,079 shares of the textile maker’s stock valued at $15,029,000 after buying 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. Stock Down 2.3 %

Skechers U.S.A. stock opened at $66.92 on Tuesday. The company has a market capitalization of $10.21 billion, a P/E ratio of 17.61, a PEG ratio of 0.92 and a beta of 1.23. Skechers U.S.A., Inc. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09. The stock has a 50-day simple moving average of $65.46 and a 200-day simple moving average of $65.62. 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 (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.04). The company 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 business’s revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.98 EPS. Equities research analysts expect that Skechers U.S.A., Inc. will post 4.16 earnings per share for the current year.

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

Analyst Ratings Changes

SKX has been the subject of a number of research reports. Bank of America dropped their price objective on Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating for the company in a research note on Monday, September 23rd. Wells Fargo & Company assumed coverage on Skechers U.S.A. in a report on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 target price for the company. TD Cowen lifted their target price on Skechers U.S.A. from $77.00 to $79.00 and gave the company a “buy” rating in a report on Monday, July 22nd. 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 report on Friday, July 26th. Finally, Evercore ISI lifted their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average 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.