Coronation Fund Managers Ltd. Lowers Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Coronation Fund Managers Ltd. reduced its position in Skechers U.S.A., Inc. (NYSE:SKX) by 37.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,219 shares of the textile maker’s stock after selling 62,713 shares during the quarter. Coronation Fund Managers Ltd. owned approximately 0.07% of Skechers U.S.A. worth $7,204,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. New Century Financial Group LLC acquired a new position in shares of Skechers U.S.A. in the second quarter valued at approximately $1,081,000. Teachers Retirement System of The State of Kentucky boosted its position in Skechers U.S.A. by 646.3% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker’s stock valued at $22,348,000 after buying an additional 280,000 shares during the period. Cetera Investment Advisers grew its stake in shares of Skechers U.S.A. by 32.9% in the second quarter. Cetera Investment Advisers now owns 25,016 shares of the textile maker’s stock worth $1,729,000 after acquiring an additional 6,193 shares in the last quarter. Truist Financial Corp grew its stake in shares of Skechers U.S.A. by 40.8% in the second quarter. Truist Financial Corp now owns 24,172 shares of the textile maker’s stock worth $1,671,000 after acquiring an additional 7,004 shares in the last quarter. Finally, Quarry LP increased its position in shares of Skechers U.S.A. by 44.6% during the second quarter. Quarry LP now owns 1,187 shares of the textile maker’s stock worth $82,000 after acquiring an additional 366 shares during the period. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. 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. Wells Fargo & Company initiated coverage on Skechers U.S.A. in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 price objective for the company. Wedbush upped their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. TD Cowen lifted their price target on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, Barclays boosted their price target on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Twelve equities 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 a consensus price target of $77.82.

Skechers U.S.A. Stock Performance

NYSE SKX opened at $66.98 on Wednesday. The stock has a market capitalization of $10.20 billion, a price-to-earnings ratio of 17.63, a PEG ratio of 0.97 and a beta of 1.23. The business’s 50 day moving average is $65.49 and its two-hundred day moving average is $65.66. Skechers U.S.A., Inc. has a 12-month low of $45.58 and a 12-month high of $75.09. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01.

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 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 business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same period in the prior year, the company earned $0.98 EPS. The company’s revenue was up 7.3% on a year-over-year basis. Research analysts expect that Skechers U.S.A., Inc. will post 4.16 EPS for the current year.

Skechers U.S.A. announced that its Board of Directors has approved a stock buyback plan on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the textile maker to reacquire up to 10.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.