Summit Trail Advisors LLC Acquires 1,912 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Summit Trail Advisors LLC boosted its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 22.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,255 shares of the textile maker’s stock after buying an additional 1,912 shares during the quarter. Summit Trail Advisors LLC’s holdings in Skechers U.S.A. were worth $709,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in SKX. Redmont Wealth Advisors LLC purchased a new position in Skechers U.S.A. in the first quarter valued at about $25,000. Bessemer Group Inc. raised its holdings in shares of Skechers U.S.A. by 66.7% in the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after purchasing 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 purchasing an additional 618 shares during the last quarter. Game Plan Financial Advisors LLC bought a new position in Skechers U.S.A. during the first quarter valued at $43,000. Finally, Sunbelt Securities Inc. purchased a new stake in Skechers U.S.A. in the first quarter worth $45,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Stock Up 2.4 %

Shares of NYSE:SKX opened at $63.01 on Monday. The firm has a fifty day moving average price of $65.30 and a two-hundred day moving average price of $65.39. The company has a market cap of $9.60 billion, a price-to-earnings ratio of 16.58, a PEG ratio of 0.94 and a beta of 1.23. 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 one year low of $45.58 and a one year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last posted 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). Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the prior year, the business posted $0.98 EPS. Skechers U.S.A.’s quarterly revenue was up 7.3% on a year-over-year basis. Analysts anticipate that Skechers U.S.A., Inc. will post 4.17 EPS for the current fiscal year.

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

Analysts Set New Price Targets

A number of brokerages have recently commented on SKX. Stifel Nicolaus upped their price target on Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $60.00 to $80.00 in a research report on Tuesday, July 23rd. Wedbush lifted 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. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $82.00 price target on shares of Skechers U.S.A. in a research note on Thursday, June 13th. Finally, TD Cowen lifted their price objective on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $78.36.

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.