Algert Global LLC Acquires 85,598 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Algert Global LLC raised its holdings in Skechers U.S.A., Inc. (NYSE:SKX) by 167.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 136,603 shares of the textile maker’s stock after purchasing an additional 85,598 shares during the period. Algert Global LLC’s holdings in Skechers U.S.A. were worth $9,141,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in SKX. Pacer Advisors Inc. raised its position in shares of Skechers U.S.A. by 5,780.6% in the third quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock valued at $176,628,000 after buying an additional 2,594,507 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Skechers U.S.A. by 3.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker’s stock worth $130,350,000 after acquiring an additional 55,095 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Skechers U.S.A. by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock valued at $88,126,000 after acquiring an additional 17,429 shares in the last quarter. Coronation Fund Managers Ltd. raised its holdings in Skechers U.S.A. by 378.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock valued at $33,382,000 after acquiring an additional 394,618 shares in the last quarter. Finally, Commerce Bank lifted its position in Skechers U.S.A. by 949.5% during the third quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock worth $31,303,000 after purchasing an additional 423,204 shares during the period. Institutional investors and hedge funds own 79.96% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on SKX. Wedbush upped their target price on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Stifel Nicolaus upped their price objective on 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. Morgan Stanley lifted their target price on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Evercore ISI boosted their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, StockNews.com upgraded shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $78.09.

Skechers U.S.A. Stock Up 1.1 %

NYSE:SKX opened at $61.69 on Friday. 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 one year low of $54.95 and a one year high of $75.09. The firm’s 50 day simple moving average is $63.61 and its 200 day simple moving average is $66.24. The company has a market cap of $9.31 billion, a PE ratio of 15.19, a P/E/G ratio of 0.85 and a beta of 1.23.

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

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.