Quest Partners LLC Purchases 6,338 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Quest Partners LLC grew its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 32.0% in the third quarter, HoldingsChannel reports. The fund owned 26,170 shares of the textile maker’s stock after buying an additional 6,338 shares during the period. Quest Partners LLC’s holdings in Skechers U.S.A. were worth $1,751,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of SKX. Bessemer Group Inc. grew its position in shares of 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 purchasing an additional 164 shares in the last quarter. UMB Bank n.a. increased its stake in Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $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% in the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after acquiring an additional 618 shares in the last quarter. Venturi Wealth Management LLC lifted its position in shares of Skechers U.S.A. by 52.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock valued at $58,000 after acquiring an additional 299 shares during the period. Finally, 1620 Investment Advisors Inc. acquired a new stake in shares of Skechers U.S.A. during the 2nd quarter worth $69,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on SKX. StockNews.com raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Stifel Nicolaus increased their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Wedbush boosted 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 report on Friday, July 26th. TD Cowen reduced their target price on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Finally, Barclays lifted their price target on 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. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $78.09.

Skechers U.S.A. Stock Performance

NYSE:SKX opened at $60.77 on Tuesday. The stock’s 50-day moving average is $64.13 and its 200-day moving average is $66.44. Skechers U.S.A., Inc. has a 1-year low of $52.49 and a 1-year high of $75.09. 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 stock has a market cap of $9.17 billion, a P/E ratio of 14.97, a price-to-earnings-growth ratio of 0.84 and a beta of 1.23.

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

Skechers U.S.A. declared that its Board of Directors has initiated a stock buyback program on Thursday, July 25th that authorizes the company to buyback $1.00 billion in 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 often an indication that the company’s leadership 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.