Kestra Investment Management LLC Takes $931,000 Position in Skechers U.S.A., Inc. (NYSE:SKX)

Kestra Investment Management LLC bought a new position in shares of Skechers U.S.A., Inc. (NYSE:SKX) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 13,909 shares of the textile maker’s stock, valued at approximately $931,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SKX. Pacer Advisors Inc. lifted its stake in Skechers U.S.A. by 5,780.6% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock valued at $176,628,000 after purchasing an additional 2,594,507 shares during the last quarter. Commerce Bank lifted its position in shares of Skechers U.S.A. by 949.5% in the third quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock valued at $31,303,000 after buying an additional 423,204 shares during the last quarter. Coronation Fund Managers Ltd. boosted its stake in shares of Skechers U.S.A. by 378.6% during the 3rd quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock worth $33,382,000 after acquiring an additional 394,618 shares during the period. Acadian Asset Management LLC bought a new position in shares of Skechers U.S.A. during the 2nd quarter worth approximately $22,425,000. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in shares of Skechers U.S.A. by 646.3% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker’s stock worth $22,348,000 after acquiring an additional 280,000 shares during the last quarter. 79.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SKX. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. TD Cowen reduced their target price on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a report on Monday, October 14th. Morgan Stanley upped their price target on shares of 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. Needham & Company LLC began coverage on shares of Skechers U.S.A. in a research report on Friday, November 22nd. They set a “hold” rating for the company. Finally, Barclays upped their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Skechers U.S.A. has a consensus rating of “Moderate Buy” and a consensus target price of $78.09.

Skechers U.S.A. Stock Performance

SKX opened at $63.82 on Monday. The firm has a market cap of $9.64 billion, a P/E ratio of 15.72, a price-to-earnings-growth ratio of 0.89 and a beta of 1.23. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. Skechers U.S.A., Inc. has a 52-week low of $55.67 and a 52-week high of $75.09. The business’s fifty day moving average is $63.39 and its 200-day moving average is $66.06.

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 for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. The company had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.93 EPS. Sell-side analysts expect that Skechers U.S.A., Inc. will post 4.25 EPS for the current fiscal 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.