Skechers U.S.A., Inc. (NYSE:SKX) Shares Bought by X Square Capital LLC

X Square Capital LLC lifted its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 4.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 42,625 shares of the textile maker’s stock after purchasing an additional 1,722 shares during the quarter. Skechers U.S.A. accounts for approximately 1.3% of X Square Capital LLC’s investment portfolio, making the stock its 28th biggest holding. X Square Capital LLC’s holdings in Skechers U.S.A. were worth $2,852,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Redmont Wealth Advisors LLC acquired a new stake in shares of Skechers U.S.A. during the first quarter worth $25,000. Bessemer Group Inc. lifted its stake in shares of Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after buying an additional 164 shares during the period. UMB Bank n.a. lifted its stake in shares of Skechers U.S.A. by 423.3% during the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after buying an additional 364 shares during the period. Versant Capital Management Inc lifted its stake in shares of Skechers U.S.A. by 2,809.1% during the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after buying an additional 618 shares during the period. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Skechers U.S.A. during the first quarter worth $45,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Skechers U.S.A. Stock Performance

SKX opened at $61.68 on Thursday. The firm has a market capitalization of $9.40 billion, a PE ratio of 16.54, a PEG ratio of 0.89 and a beta of 1.22. Skechers U.S.A., Inc. has a twelve month low of $45.58 and a twelve month high of $75.09. The firm’s 50-day moving average price is $66.17 and its 200 day moving average price is $66.13. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01.

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 analysts’ consensus estimates of $0.95 by ($0.04). The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.98 earnings per share. As a group, sell-side analysts expect that Skechers U.S.A., Inc. will post 4.15 EPS for the current fiscal year.

Skechers U.S.A. declared that its board has authorized a stock repurchase plan on Thursday, July 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the textile maker to purchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SKX shares. Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $60.00 to $80.00 in a research note on Tuesday, July 23rd. TD Cowen reduced their target price on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a report on Monday, October 14th. Wedbush boosted 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. Evercore ISI boosted their target price on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, Barclays boosted their target price 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. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $77.55.

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.