Point72 DIFC Ltd Makes New Investment in Skechers U.S.A., Inc. (NYSE:SKX)

Point72 DIFC Ltd purchased a new position in shares of Skechers U.S.A., Inc. (NYSE:SKX) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 37,486 shares of the textile maker’s stock, valued at approximately $2,591,000.

Several other hedge funds also recently modified their holdings of SKX. Vanguard Group Inc. increased its stake in Skechers U.S.A. by 0.8% during the first quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock valued at $779,491,000 after acquiring an additional 97,666 shares during the period. Fiduciary Management Inc. WI lifted its position in shares of Skechers U.S.A. by 3.5% in the 4th quarter. Fiduciary Management Inc. WI now owns 2,893,529 shares of the textile maker’s stock worth $180,383,000 after acquiring an additional 98,068 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Skechers U.S.A. by 3.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker’s stock worth $130,350,000 after purchasing an additional 55,095 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its position in shares of Skechers U.S.A. by 62.6% during 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 purchasing an additional 474,524 shares during the period. Finally, Norges Bank acquired a new position in shares of Skechers U.S.A. in the fourth quarter valued at $75,194,000. 79.96% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Morgan Stanley raised shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $60.00 to $80.00 in a report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $82.00 target price on shares of Skechers U.S.A. in a research note on Thursday, June 13th. Bank of America cut their price target on shares of Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating for the company in a research note on Monday. TD Cowen lifted their price objective 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. Finally, Wells Fargo & Company started 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. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat, Skechers U.S.A. has a consensus rating of “Buy” and a consensus price target of $77.82.

Skechers U.S.A. Trading Up 0.1 %

SKX stock opened at $63.09 on Tuesday. Skechers U.S.A., Inc. has a 52 week low of $45.58 and a 52 week high of $75.09. The company has a market capitalization of $9.62 billion, a PE ratio of 16.60, a price-to-earnings-growth ratio of 0.94 and a beta of 1.23. The company’s 50-day simple moving average is $65.24 and its 200 day simple moving average is $65.41. 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 announced its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The business had revenue of $2.16 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.98 EPS. As a group, sell-side analysts anticipate that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current year.

Skechers U.S.A. declared that its board has initiated a stock repurchase program on Thursday, July 25th that permits the company to buyback $1.00 billion in 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 generally an indication that the company’s board believes its shares are undervalued.

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.