Letko Brosseau & Associates Inc. Reduces Position in Skechers U.S.A., Inc. (NYSE:SKX)

Letko Brosseau & Associates Inc. lessened its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 2.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 712,000 shares of the textile maker’s stock after selling 18,365 shares during the period. Letko Brosseau & Associates Inc. owned approximately 0.47% of Skechers U.S.A. worth $49,213,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of SKX. Redmont Wealth Advisors LLC bought a new stake in shares of Skechers U.S.A. during the 1st quarter valued at about $25,000. Bessemer Group Inc. increased its holdings in Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after buying an additional 164 shares during the last quarter. Game Plan Financial Advisors LLC bought a new position in Skechers U.S.A. in the first quarter worth approximately $43,000. Versant Capital Management Inc boosted its stake in shares of Skechers U.S.A. by 2,809.1% during the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after acquiring an additional 618 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in shares of Skechers U.S.A. during the 1st quarter worth $45,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on SKX. Barclays raised their target price on Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Bank of America raised Skechers U.S.A. from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $71.00 to $87.00 in a research report on Friday, June 7th. Morgan Stanley upgraded Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $60.00 to $80.00 in a research note on Tuesday, July 23rd. Stifel Nicolaus raised their target price on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, TD Cowen upped their price target on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $76.75.

Skechers U.S.A. Trading Down 1.9 %

SKX stock traded down $1.29 during midday trading on Friday, reaching $66.08. 1,350,421 shares of the company traded hands, compared to its average volume of 1,755,552. The business has a 50 day moving average of $65.60 and a 200-day moving average of $64.95. Skechers U.S.A., Inc. has a 52-week low of $45.58 and a 52-week high of $75.09. The firm has a market capitalization of $10.08 billion, a price-to-earnings ratio of 17.39, a P/E/G ratio of 0.95 and a beta of 1.23. 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 issued its quarterly 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 the consensus estimate of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. Skechers U.S.A.’s revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.98 earnings per share. As a group, sell-side analysts expect that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current fiscal year.

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.