State of New Jersey Common Pension Fund D Has $3.10 Million Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

State of New Jersey Common Pension Fund D decreased its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 5.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,255 shares of the textile maker’s stock after selling 2,771 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Skechers U.S.A. were worth $3,095,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Bessemer Group Inc. grew its stake 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 buying an additional 164 shares in the last quarter. UMB Bank n.a. grew its position 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 worth $30,000 after acquiring an additional 364 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Skechers U.S.A. by 2,809.1% during the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after purchasing an additional 618 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in shares of Skechers U.S.A. during the 2nd quarter valued at $69,000. Finally, Blue Trust Inc. lifted its stake in shares of Skechers U.S.A. by 778.1% in the 3rd quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock valued at $69,000 after purchasing an additional 887 shares during the last quarter. 79.96% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SKX has been the topic of several analyst reports. 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 on the stock in a research report on Friday, October 25th. Morgan Stanley raised their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Barclays upped their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Stifel Nicolaus lifted their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $78.09.

Skechers U.S.A. Stock Down 0.4 %

Shares of SKX opened at $60.79 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The company has a 50-day simple moving average of $64.61 and a 200-day simple moving average of $66.58. Skechers U.S.A., Inc. has a 52 week low of $49.08 and a 52 week high of $75.09. The firm has a market capitalization of $9.18 billion, a P/E ratio of 14.97, a P/E/G ratio of 0.87 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last posted 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 return on equity of 13.71% and a net margin of 7.19%. The firm had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the prior year, the firm posted $0.93 EPS. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. On average, equities research analysts expect that Skechers U.S.A., Inc. will post 4.25 earnings per share for the current year.

Skechers U.S.A. announced that its board has authorized a share buyback 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 usually a sign that the company’s board of directors believes its shares are undervalued.

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.