Empowered Funds LLC Makes New $7.30 Million Investment in Skechers U.S.A., Inc. (NYSE:SKX)

Empowered Funds LLC acquired a new stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 109,081 shares of the textile maker's stock, valued at approximately $7,300,000. Empowered Funds LLC owned 0.07% of Skechers U.S.A. at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Bessemer Group Inc. increased its holdings 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 acquiring an additional 164 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Skechers U.S.A. by 423.3% in the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker's stock valued at $30,000 after purchasing an additional 364 shares during the last quarter. Versant Capital Management Inc raised its position in shares of Skechers U.S.A. by 2,809.1% in the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker's stock valued at $44,000 after purchasing an additional 618 shares during the period. Venturi Wealth Management LLC lifted its stake 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 worth $58,000 after buying an additional 299 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of Skechers U.S.A. by 778.1% during the 3rd quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker's stock worth $69,000 after buying an additional 887 shares during the period. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Skechers U.S.A. Price Performance

SKX stock traded down $0.87 during midday trading on Friday, reaching $60.70. The company had a trading volume of 1,004,261 shares, compared to its average volume of 2,472,874. Skechers U.S.A., Inc. has a 1-year low of $51.33 and a 1-year high of $75.09. The stock has a 50 day moving average price of $64.13 and a 200-day moving average price of $66.44. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The company has a market capitalization of $9.16 billion, a price-to-earnings ratio of 14.95, a price-to-earnings-growth ratio of 0.84 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.15 by $0.11. The company had revenue of $2.35 billion during the quarter, compared to analysts' expectations of $2.31 billion. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The business'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 company earned $0.93 EPS. Equities research analysts expect 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 approved a stock buyback program on Thursday, July 25th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the textile maker to reacquire up to 10.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Barclays increased their price target on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Morgan Stanley lifted their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Stifel Nicolaus boosted their price target 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. Wedbush increased their price objective on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an "outperform" rating in a research report on Friday, July 26th. Finally, StockNews.com raised Skechers U.S.A. from a "hold" rating to a "buy" rating in a report on Tuesday, November 12th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company 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.