Symmetry Investments LP Takes Position in Skechers U.S.A., Inc. (NYSE:SKX)

Symmetry Investments LP purchased a new stake in Skechers U.S.A., Inc. (NYSE:SKX) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,600 shares of the textile maker’s stock, valued at approximately $940,000.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Skechers U.S.A. by 0.8% in the first quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock valued at $779,491,000 after purchasing an additional 97,666 shares in the last quarter. Fiduciary Management Inc. WI grew its position in shares of Skechers U.S.A. by 3.5% in the fourth quarter. Fiduciary Management Inc. WI now owns 2,893,529 shares of the textile maker’s stock valued at $180,383,000 after purchasing an additional 98,068 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Skechers U.S.A. by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker’s stock valued at $130,350,000 after purchasing an additional 55,095 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in Skechers U.S.A. by 62.6% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock valued at $75,534,000 after acquiring an additional 474,524 shares during the last quarter. Finally, Norges Bank acquired a new position in Skechers U.S.A. in the fourth quarter valued at approximately $75,194,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Skechers U.S.A. Stock Performance

NYSE:SKX opened at $63.00 on Friday. The firm has a market capitalization of $9.60 billion, a PE ratio of 16.58, a price-to-earnings-growth ratio of 0.94 and a beta of 1.23. The business’s fifty day moving average price is $65.30 and its 200 day moving average price is $65.33. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. Skechers U.S.A., Inc. has a 12 month low of $45.58 and a 12 month high of $75.09.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data 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 firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.98 EPS. On average, sell-side analysts anticipate that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current fiscal year.

Skechers U.S.A. declared that its board has initiated a share buyback program on Thursday, July 25th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the textile maker to buy up to 10.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

SKX has been the topic of a number of recent analyst reports. Wells Fargo & Company initiated coverage on Skechers U.S.A. in a report on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 price objective on the stock. Barclays upped their price objective on Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Morgan Stanley upgraded Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $60.00 to $80.00 in a report on Tuesday, July 23rd. Evercore ISI upped their price target 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. Finally, Stifel Nicolaus upped their price target on Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, Skechers U.S.A. has an average rating of “Buy” and a consensus target price of $78.36.

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.