X Square Capital LLC lifted its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX – Free Report) 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. 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.
Check Out Our Latest Report on Skechers U.S.A.
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.
Further Reading
- Five stocks we like better than Skechers U.S.A.
- Profitably Trade Stocks at 52-Week Highs
- Goldman’s Lost Decade Forecast: These 3 Growth Stocks Can Win
- What Are Some of the Best Large-Cap Stocks to Buy?
- WD-40 Company Gears Up for a Double-Digit Stock Advance
- What is a Secondary Public Offering? What Investors Need to Know
- Monster and Celsius Energized: Which Stock Offers More Upside?
Want to see what other hedge funds are holding SKX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Skechers U.S.A., Inc. (NYSE:SKX – Free Report).
Receive News & Ratings for Skechers U.S.A. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Skechers U.S.A. and related companies with MarketBeat.com's FREE daily email newsletter.