Creative Planning Sells 540 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Creative Planning trimmed its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 5.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,964 shares of the textile maker’s stock after selling 540 shares during the period. Creative Planning’s holdings in Skechers U.S.A. were worth $600,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Seven Eight Capital LP lifted its position 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 worth $2,033,000 after buying an additional 16,408 shares during the last quarter. Cetera Advisors LLC purchased a new stake in shares of Skechers U.S.A. in the first quarter valued at about $600,000. Vista Investment Partners LLC purchased a new stake in shares of Skechers U.S.A. during the 2nd quarter valued at $925,000. Vanguard Group Inc. raised its holdings in shares of Skechers U.S.A. by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock worth $779,491,000 after purchasing an additional 97,666 shares during the period. Finally, Empowered Funds LLC bought a new position in Skechers U.S.A. during the first quarter worth about $6,894,000. 79.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SKX has been the topic of a number of research reports. Bank of America decreased their price objective on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Morgan Stanley raised their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Barclays increased their price objective on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. 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. Finally, TD Cowen dropped their target price on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Skechers U.S.A. presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.09.

Skechers U.S.A. Stock Down 1.0 %

Shares of NYSE SKX opened at $61.98 on Tuesday. The firm has a market cap of $9.44 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 0.85 and a beta of 1.23. The company has a 50 day simple moving average of $65.25 and a 200 day simple moving average of $66.44. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. Skechers U.S.A., Inc. has a 1 year low of $47.98 and a 1 year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.15 by $0.11. The company had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. Skechers U.S.A.’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period last year, the firm earned $0.93 EPS. On average, research analysts forecast that Skechers U.S.A., Inc. will post 4.25 EPS for the current year.

Skechers U.S.A. announced that its Board of Directors has authorized a share buyback program on Thursday, July 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the textile maker to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are typically a sign 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.