X Square Capital LLC Purchases 1,722 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

X Square Capital LLC raised its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 4.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 42,625 shares of the textile maker’s stock after purchasing an additional 1,722 shares during the period. Skechers U.S.A. accounts for approximately 1.3% of X Square Capital LLC’s holdings, making the stock its 28th biggest position. X Square Capital LLC’s holdings in Skechers U.S.A. were worth $2,852,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in SKX. Redmont Wealth Advisors LLC bought a new position in shares of Skechers U.S.A. during the 1st quarter valued at about $25,000. Bessemer Group Inc. lifted its holdings in shares of Skechers U.S.A. by 66.7% in the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after acquiring an additional 164 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Skechers U.S.A. by 423.3% in the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock valued at $30,000 after acquiring an additional 364 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of Skechers U.S.A. by 2,809.1% in the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after acquiring an additional 618 shares during the last quarter. Finally, Sunbelt Securities Inc. bought a new position in shares of Skechers U.S.A. in the 1st quarter valued at about $45,000. Institutional investors own 79.96% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on SKX. TD Cowen lowered their price target 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. Evercore ISI increased their price target 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. Barclays increased their price target on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Stifel Nicolaus increased their price objective on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Bank of America reduced their price objective on shares of Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating on the stock in a research report on Monday, September 23rd. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Skechers U.S.A. currently has a consensus rating of “Buy” and an average target price of $77.55.

Skechers U.S.A. Price Performance

NYSE SKX opened at $61.68 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06. The firm’s 50 day moving average price is $66.17 and its 200-day moving average price is $66.13. Skechers U.S.A., Inc. has a 52-week low of $45.58 and a 52-week high of $75.09. The company has a market cap of $9.40 billion, a PE ratio of 16.54, a P/E/G ratio of 0.89 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) 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 the consensus estimate of $2.24 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. Skechers U.S.A.’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.98 earnings per share. Sell-side analysts forecast that Skechers U.S.A., Inc. will post 4.15 EPS for the current fiscal year.

Skechers U.S.A. announced that its Board of Directors has authorized a stock buyback plan on Thursday, July 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the textile maker to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.