Commerce Bank Raises Position in Skechers U.S.A., Inc. (NYSE:SKX)

Commerce Bank increased its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 949.5% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 467,774 shares of the textile maker’s stock after buying an additional 423,204 shares during the period. Commerce Bank’s holdings in Skechers U.S.A. were worth $31,303,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in SKX. Vanguard Group Inc. raised its position in shares of 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 worth $779,491,000 after buying an additional 97,666 shares in the last quarter. Bessemer Group Inc. raised its position in Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after purchasing an additional 164 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Skechers U.S.A. during the first quarter valued at about $206,000. LRI Investments LLC purchased a new stake in Skechers U.S.A. during the first quarter valued at about $102,000. Finally, Magnetar Financial LLC purchased a new stake in Skechers U.S.A. during the first quarter valued at about $3,203,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Bank of America lowered their price target on 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. Wedbush raised their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Stifel Nicolaus raised their price target on 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. Evercore ISI raised their price objective on 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. Finally, 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. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Skechers U.S.A. currently has an average rating of “Buy” and an average target price of $78.09.

Skechers U.S.A. Price Performance

Shares of SKX opened at $59.82 on Thursday. The firm has a market cap of $9.03 billion, a PE ratio of 14.73, a P/E/G ratio of 0.84 and a beta of 1.23. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The firm has a fifty day simple moving average of $63.95 and a two-hundred day simple moving average of $66.36. Skechers U.S.A., Inc. has a 1-year low of $54.10 and a 1-year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the prior year, the business posted $0.93 EPS. Skechers U.S.A.’s revenue for the quarter was up 16.0% compared to the same quarter last year. On average, equities analysts anticipate 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 approved 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 repurchase up to 10.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Skechers U.S.A. 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.