109,081 Shares in Skechers U.S.A., Inc. (NYSE:SKX) Acquired by Empowered Funds LLC

Empowered Funds LLC purchased a new stake in Skechers U.S.A., Inc. (NYSE:SKX) in the 3rd quarter, according to its most recent filing with the SEC. The fund purchased 109,081 shares of the textile maker’s stock, valued at approximately $7,300,000.

A number of other large investors also recently made changes to their positions in SKX. Bessemer Group Inc. grew its position in shares of Skechers U.S.A. by 66.7% in 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 during the period. CIBC Asset Management Inc increased its position in Skechers U.S.A. by 4.7% during the 2nd quarter. CIBC Asset Management Inc now owns 3,820 shares of the textile maker’s stock worth $264,000 after purchasing an additional 173 shares in the last quarter. X Square Capital LLC raised its holdings in Skechers U.S.A. by 0.5% in the second quarter. X Square Capital LLC now owns 40,903 shares of the textile maker’s stock valued at $2,827,000 after buying an additional 215 shares during the period. Covestor Ltd lifted its position in Skechers U.S.A. by 18.8% during the third quarter. Covestor Ltd now owns 1,678 shares of the textile maker’s stock valued at $112,000 after buying an additional 265 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its position in Skechers U.S.A. by 2.6% during the third quarter. QRG Capital Management Inc. now owns 11,157 shares of the textile maker’s stock valued at $747,000 after buying an additional 284 shares in the last quarter. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Trading Down 1.4 %

Shares of NYSE SKX opened at $60.70 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01. The stock’s 50 day moving average price is $64.13 and its two-hundred day moving average price is $66.43. Skechers U.S.A., Inc. has a 52-week low of $51.33 and a 52-week high of $75.09. The stock has a market capitalization of $9.16 billion, a P/E ratio of 14.95, a PEG ratio of 0.84 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last issued 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. 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 analysts’ expectations of $2.31 billion. During the same period in the prior year, the company earned $0.93 earnings per share. The firm’s revenue was up 16.0% compared to the same quarter last year. On average, analysts anticipate that Skechers U.S.A., Inc. will post 4.25 earnings per share for the current fiscal year.

Skechers U.S.A. declared that its Board of Directors has approved a share buyback plan on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the textile maker to purchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have recently commented on SKX. Barclays raised their target price on shares of 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. Deutsche Bank Aktiengesellschaft boosted their price objective on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Stifel Nicolaus increased their target price on Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, July 26th. StockNews.com upgraded Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Finally, Evercore ISI upped their price target on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skechers U.S.A. presently has an average rating of “Buy” and a consensus target price of $78.09.

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.