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

Skechers U.S.A., Inc. (NYSE:SKX) saw some unusual options trading activity on Monday. Traders bought 11,201 put options on the company. This is an increase of 400% compared to the typical daily volume of 2,242 put options.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Seven Eight Capital LP raised its position in Skechers U.S.A. by 126.1% in the 2nd quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock worth $2,033,000 after purchasing an additional 16,408 shares during the period. Cetera Advisors LLC purchased a new position in Skechers U.S.A. during the first quarter valued at approximately $600,000. Vista Investment Partners LLC purchased a new position in Skechers U.S.A. during the second quarter valued at approximately $925,000. Vanguard Group Inc. increased its holdings in Skechers U.S.A. by 0.8% during the first quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock valued at $779,491,000 after buying an additional 97,666 shares during the period. Finally, First Hawaiian Bank purchased a new position in Skechers U.S.A. during the second quarter valued at approximately $673,000. Institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Stock Performance

Shares of NYSE:SKX traded up $0.33 during midday 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 debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The company has a market cap of $9.21 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 0.84 and a beta of 1.23. Skechers U.S.A. has a 12-month low of $52.49 and a 12-month high of $75.09. The company has a fifty day moving average of $64.13 and a two-hundred day moving average of $66.44.

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

Skechers U.S.A. declared that its Board of Directors has approved a share buyback plan on Thursday, July 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the textile maker to buy up to 10.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

SKX has been the topic of several research analyst reports. Stifel Nicolaus increased their target price on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Barclays raised their price objective on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Morgan Stanley raised their price objective on shares of 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. Wedbush raised their price objective on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Finally, TD Cowen lowered their target price 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. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat, Skechers U.S.A. presently has an average rating of “Buy” and a consensus 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.