Janney Montgomery Scott LLC Sells 7,328 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Janney Montgomery Scott LLC lowered its position in Skechers U.S.A., Inc. (NYSE:SKX) by 24.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,395 shares of the textile maker’s stock after selling 7,328 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Skechers U.S.A. were worth $1,499,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Seven Eight Capital LP lifted its stake in Skechers U.S.A. by 126.1% during the second quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock worth $2,033,000 after purchasing an additional 16,408 shares during the period. Cetera Advisors LLC acquired a new stake in Skechers U.S.A. in the 1st quarter valued at $600,000. Vista Investment Partners LLC bought a new stake in Skechers U.S.A. in the second quarter valued at $925,000. Vanguard Group Inc. raised 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 worth $779,491,000 after acquiring an additional 97,666 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board lifted its holdings in shares of Skechers U.S.A. by 77.5% during the first quarter. Ontario Teachers Pension Plan Board now owns 52,300 shares of the textile maker’s stock valued at $3,204,000 after acquiring an additional 22,836 shares during the period. 79.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Wedbush increased 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 report on Friday, July 26th. Barclays upped their price target on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. TD Cowen cut their price objective on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Morgan Stanley increased their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a report on Friday, October 25th. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $78.09.

Skechers U.S.A. Trading Up 0.8 %

Shares of SKX opened at $61.57 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. Skechers U.S.A., Inc. has a 52-week low of $51.26 and a 52-week high of $75.09. The firm has a market cap of $9.30 billion, a price-to-earnings ratio of 15.17, a PEG ratio of 0.84 and a beta of 1.23. The business’s fifty day moving average is $64.36 and its 200-day moving average is $66.51.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. The firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.93 earnings per share. Equities analysts anticipate that Skechers U.S.A., Inc. will post 4.25 EPS for the current fiscal year.

Skechers U.S.A. announced that its board has authorized a share repurchase 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 board believes its stock is undervalued.

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.