Skechers U.S.A., Inc. (NYSE:SKX) Shares Acquired by Pacer Advisors Inc.

Pacer Advisors Inc. grew its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 5,780.6% in the 3rd quarter, Holdings Channel.com reports. The fund owned 2,639,390 shares of the textile maker’s stock after purchasing an additional 2,594,507 shares during the quarter. Pacer Advisors Inc.’s holdings in Skechers U.S.A. were worth $176,628,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Bessemer Group Inc. grew its holdings in Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after acquiring an additional 164 shares in the last quarter. UMB Bank n.a. lifted its position 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 worth $30,000 after buying an additional 364 shares during the last quarter. Versant Capital Management Inc lifted its position 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 worth $44,000 after buying an additional 618 shares during the last quarter. Venturi Wealth Management LLC lifted its position in shares of Skechers U.S.A. by 52.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock worth $58,000 after buying an additional 299 shares during the last quarter. Finally, Blue Trust Inc. lifted its position 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 worth $69,000 after buying an additional 887 shares during the last quarter. 79.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SKX has been the topic of a number of recent research reports. TD Cowen reduced their price target on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Deutsche Bank Aktiengesellschaft lifted their price objective 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. Stifel Nicolaus lifted their price objective 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. Bank of America cut their price objective 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. Finally, Wedbush raised their target price 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. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $78.09.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock opened at $59.82 on Thursday. The firm’s 50 day simple moving average is $63.83 and its 200-day simple moving average is $66.32. The company has a market cap of $9.03 billion, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 0.84 and a beta of 1.23. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. Skechers U.S.A., Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $75.09.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.11. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period last year, the firm posted $0.93 earnings per share. As a group, equities research analysts predict that Skechers U.S.A., Inc. will post 4.25 EPS for the current year.

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