Skechers U.S.A., Inc. (NYSE:SKX) Shares Acquired by ING Groep NV

ING Groep NV increased its position in Skechers U.S.A., Inc. (NYSE:SKX) by 174.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 91,100 shares of the textile maker’s stock after purchasing an additional 57,900 shares during the period. ING Groep NV’s holdings in Skechers U.S.A. were worth $6,096,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SKX. Coronation Fund Managers Ltd. lifted its stake in Skechers U.S.A. by 378.6% in the third quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock valued at $33,382,000 after buying an additional 394,618 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Skechers U.S.A. in the 2nd quarter valued at $22,425,000. Teachers Retirement System of The State of Kentucky boosted its stake in Skechers U.S.A. by 646.3% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker’s stock worth $22,348,000 after purchasing an additional 280,000 shares during the period. Adams Diversified Equity Fund Inc. acquired a new stake in Skechers U.S.A. during the 3rd quarter worth $16,790,000. Finally, Bwcp LP purchased a new position in Skechers U.S.A. during the 2nd quarter worth $16,324,000. 79.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SKX has been the subject of a number of research reports. Stifel Nicolaus upped their target price on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. Evercore ISI increased their price objective on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. TD Cowen lowered 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. Bank of America cut their price target on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, October 25th. Finally, StockNews.com upgraded shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Tuesday. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $78.09.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock opened at $60.70 on Friday. The company has a market cap of $9.16 billion, a P/E ratio of 14.95, a price-to-earnings-growth ratio of 0.85 and a beta of 1.23. Skechers U.S.A., Inc. has a one year low of $51.33 and a one year high of $75.09. The business has a fifty day moving average of $64.24 and a two-hundred day moving average of $66.47. 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. (NYSE:SKX) last issued its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.11. The firm had revenue of $2.35 billion during 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%. Skechers U.S.A.’s revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.93 earnings per share. As a group, analysts predict that Skechers U.S.A., Inc. will post 4.25 earnings per share for the current fiscal year.

Skechers U.S.A. announced that its board has approved a share repurchase 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 shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership 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.