Skechers U.S.A. Sees Unusually Large Options Volume (NYSE:SKX)

Skechers U.S.A., Inc. (NYSE:SKX) was the target of unusually large options trading activity on Monday. Traders bought 11,201 put options on the stock. This represents an increase of 400% compared to the typical volume of 2,242 put options.

Skechers U.S.A. Stock Up 0.5 %

SKX traded up $0.33 during trading on Monday, hitting $61.03. The company had a trading volume of 910,531 shares, compared to its average volume of 1,883,190. The company has a market cap of $9.21 billion, a PE ratio of 14.95, a P/E/G ratio of 0.84 and a beta of 1.23. The business has a 50-day moving average of $64.13 and a 200-day moving average of $66.44. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. Skechers U.S.A. has a 1-year low of $52.49 and a 1-year high of $75.09.

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

Skechers U.S.A. declared that its board has approved a stock repurchase program on Thursday, July 25th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the textile maker to buy up to 10.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

SKX has been the subject of several recent research reports. StockNews.com raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Evercore ISI lifted their price objective on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. TD Cowen cut their price objective 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. Morgan Stanley boosted their target price on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Wedbush boosted their price target 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. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $78.09.

Hedge Funds Weigh In On Skechers U.S.A.

Several institutional investors have recently modified their holdings of the company. State Board of Administration of Florida Retirement System grew its position in Skechers U.S.A. by 5.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 142,091 shares of the textile maker’s stock valued at $8,704,000 after buying an additional 6,725 shares in the last quarter. Intech Investment Management LLC boosted its position in shares of Skechers U.S.A. by 111.6% during the 1st quarter. Intech Investment Management LLC now owns 11,892 shares of the textile maker’s stock valued at $729,000 after purchasing an additional 6,273 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Skechers U.S.A. by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock valued at $779,491,000 after purchasing an additional 97,666 shares in the last quarter. Cynosure Group LLC purchased a new stake in Skechers U.S.A. during the first quarter valued at about $315,000. Finally, Bessemer Group Inc. lifted its stake 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 in the last quarter. Institutional investors own 79.96% of the company’s stock.

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.