nVerses Capital LLC Takes Position in Skechers U.S.A., Inc. (NYSE:SKX)

nVerses Capital LLC bought a new stake in Skechers U.S.A., Inc. (NYSE:SKX) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 10,400 shares of the textile maker’s stock, valued at approximately $696,000.

Other hedge funds have also modified their holdings of the company. Redmont Wealth Advisors LLC acquired a new stake in shares of Skechers U.S.A. in the 1st quarter valued at approximately $25,000. Bessemer Group Inc. raised its position 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 period. UMB Bank n.a. raised 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 valued at $30,000 after acquiring an additional 364 shares during the period. Versant Capital Management Inc raised its holdings in 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 buying an additional 618 shares during the period. Finally, Game Plan Financial Advisors LLC acquired a new stake in Skechers U.S.A. during the 1st quarter worth approximately $43,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have commented on the stock. Wedbush raised 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 report on Friday, July 26th. TD Cowen dropped their target price on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Monday. Bank of America dropped their target price on shares of Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating on the stock in a report on Monday, September 23rd. Barclays raised their target price on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $60.00 to $80.00 in a report on Tuesday, July 23rd. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $77.55.

Skechers U.S.A. Stock Performance

SKX stock traded down $0.47 during midday trading on Thursday, reaching $62.24. 576,181 shares of the company were exchanged, compared to its average volume of 1,823,600. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. The business has a 50-day moving average price of $66.19 and a two-hundred day moving average price of $66.01. Skechers U.S.A., Inc. has a one year low of $45.58 and a one year high of $75.09. The firm has a market capitalization of $9.49 billion, a price-to-earnings ratio of 16.50, a price-to-earnings-growth ratio of 0.95 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.24 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period last year, the firm earned $0.98 EPS. Equities research analysts forecast that Skechers U.S.A., Inc. will post 4.17 EPS for the current year.

Skechers U.S.A. declared that its board has initiated a share repurchase 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 repurchase up to 10.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board 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.