ProShare Advisors LLC Decreases Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

ProShare Advisors LLC reduced its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 4.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,244 shares of the textile maker’s stock after selling 272 shares during the quarter. ProShare Advisors LLC’s holdings in Skechers U.S.A. were worth $432,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Wells Fargo & Company MN raised its holdings in shares of Skechers U.S.A. by 50.4% during the fourth quarter. Wells Fargo & Company MN now owns 157,416 shares of the textile maker’s stock valued at $9,813,000 after acquiring an additional 52,754 shares in the last quarter. Quantedge Capital Pte Ltd purchased a new stake in shares of Skechers U.S.A. in the 4th quarter worth about $948,000. Seven Eight Capital LP boosted its stake in shares of Skechers U.S.A. by 126.1% during the 2nd quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock valued at $2,033,000 after purchasing an additional 16,408 shares in the last quarter. Cim LLC bought a new stake in shares of Skechers U.S.A. during the 4th quarter valued at about $1,126,000. Finally, KBC Group NV increased its position in shares of Skechers U.S.A. by 22.4% during 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 during the period. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Price Performance

Shares of NYSE SKX opened at $66.98 on Wednesday. The firm has a market cap of $10.20 billion, a P/E ratio of 17.63, a PEG ratio of 0.97 and a beta of 1.23. Skechers U.S.A., Inc. has a twelve month low of $45.58 and a twelve month high of $75.09. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01. The company has a 50 day moving average of $65.49 and a 200 day moving average of $65.66.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the firm earned $0.98 EPS. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, research analysts expect that Skechers U.S.A., Inc. will post 4.16 EPS for the current fiscal year.

Skechers U.S.A. declared that its Board of Directors has authorized a share buyback plan 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 stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

SKX has been the subject of several research analyst reports. Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $60.00 to $80.00 in a report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $82.00 price target on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Stifel Nicolaus increased their price objective on Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Wedbush boosted their target price on shares of 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, Barclays increased 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 research note on Friday, July 26th. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $77.82.

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.