ING Groep NV Boosts Stake in Skechers U.S.A., Inc. (NYSE:SKX)

ING Groep NV lifted its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 174.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 91,100 shares of the textile maker’s stock after purchasing an additional 57,900 shares during the quarter. ING Groep NV owned about 0.06% of Skechers U.S.A. worth $6,096,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SKX. Seven Eight Capital LP increased its position in shares of Skechers U.S.A. by 126.1% during the second quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock valued at $2,033,000 after acquiring an additional 16,408 shares during the last quarter. Cetera Advisors LLC acquired a new stake in Skechers U.S.A. in the 1st quarter valued at approximately $600,000. Vista Investment Partners LLC purchased a new stake in Skechers U.S.A. in the second quarter valued at approximately $925,000. Vanguard Group Inc. raised its position in Skechers U.S.A. by 0.8% in the first 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 during the period. Finally, Ontario Teachers Pension Plan Board lifted its stake in Skechers U.S.A. by 77.5% during the first quarter. Ontario Teachers Pension Plan Board now owns 52,300 shares of the textile maker’s stock worth $3,204,000 after purchasing an additional 22,836 shares in the last quarter. 79.96% of the stock is owned by institutional investors and hedge funds.

Skechers U.S.A. Stock Performance

NYSE:SKX opened at $60.70 on Friday. Skechers U.S.A., Inc. has a 12 month low of $51.33 and a 12 month high of $75.09. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The firm has a market capitalization of $9.16 billion, a PE ratio of 14.95, a price-to-earnings-growth ratio of 0.85 and a beta of 1.23. The business’s fifty day moving average price is $64.24 and its 200 day moving average price is $66.47.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.93 EPS. On average, sell-side analysts anticipate that Skechers U.S.A., Inc. will post 4.25 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SKX shares. StockNews.com upgraded Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Tuesday. Bank of America cut their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, October 25th. Evercore ISI raised 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 research note on Friday, July 26th. Wedbush upped 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. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $78.09.

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.