MQS Management LLC Takes $285,000 Position in Skechers U.S.A., Inc. (NYSE:SKX)

MQS Management LLC acquired a new position in shares of Skechers U.S.A., Inc. (NYSE:SKX) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 4,262 shares of the textile maker’s stock, valued at approximately $285,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Bessemer Group Inc. lifted its holdings in shares of Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after purchasing an additional 164 shares during the last quarter. UMB Bank n.a. raised its stake in Skechers U.S.A. by 423.3% in the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock valued at $30,000 after buying an additional 364 shares during the last quarter. Versant Capital Management Inc boosted its holdings in Skechers U.S.A. by 2,809.1% in the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after acquiring an additional 618 shares in the last quarter. Venturi Wealth Management LLC grew its stake in shares of Skechers U.S.A. by 52.9% during the third quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock worth $58,000 after acquiring an additional 299 shares during the last quarter. Finally, 1620 Investment Advisors Inc. acquired a new position in shares of Skechers U.S.A. during the second quarter valued at about $69,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Trading Up 0.8 %

Skechers U.S.A. stock opened at $61.57 on Friday. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The firm has a market cap of $9.30 billion, a PE ratio of 15.17, a P/E/G ratio of 0.85 and a beta of 1.23. The stock’s 50 day simple moving average is $64.36 and its two-hundred day simple moving average is $66.51. Skechers U.S.A., Inc. has a 12 month low of $51.26 and a 12 month 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, beating the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same quarter last year, the business earned $0.93 earnings per share. The firm’s revenue was up 16.0% on a year-over-year basis. Analysts anticipate that Skechers U.S.A., Inc. will post 4.25 earnings per share for the current year.

Skechers U.S.A. declared that its Board of Directors has initiated a share repurchase program on Thursday, July 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the textile maker to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SKX. Bank of America lowered their target price on shares of 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. TD Cowen dropped their price objective on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Evercore ISI upped their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. StockNews.com raised Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Morgan Stanley raised their price objective on 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. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skechers U.S.A. currently has an average rating of “Buy” and an average price target of $78.09.

About Skechers U.S.A.

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.