ING Groep NV Acquires 57,900 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

ING Groep NV lifted its holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 174.4% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 91,100 shares of the textile maker's stock after buying an additional 57,900 shares during the period. ING Groep NV owned approximately 0.06% of Skechers U.S.A. worth $6,096,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Bessemer Group Inc. grew its position in Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker's stock valued at $25,000 after buying an additional 164 shares during the period. UMB Bank n.a. grew its position in Skechers U.S.A. by 423.3% during the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker's stock valued at $30,000 after buying an additional 364 shares during the period. Versant Capital Management Inc grew its position in Skechers U.S.A. by 2,809.1% during the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker's stock valued at $44,000 after buying an additional 618 shares during the period. Venturi Wealth Management LLC grew its position in Skechers U.S.A. by 52.9% during the third quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker's stock valued at $58,000 after buying an additional 299 shares during the period. Finally, 1620 Investment Advisors Inc. bought a new position in Skechers U.S.A. during the second quarter worth about $69,000. 79.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SKX. Stifel Nicolaus increased their target price 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. TD Cowen lowered their price target on shares of 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. Bank of America lowered their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a "buy" rating on the stock in a report on Friday, October 25th. StockNews.com raised shares of Skechers U.S.A. from a "hold" rating to a "buy" rating in a report on Tuesday. Finally, Morgan Stanley increased their price target on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $78.09.

Skechers U.S.A. Trading Down 1.4 %

Shares of Skechers U.S.A. stock traded down $0.87 on Friday, hitting $60.70. The stock had a trading volume of 1,004,261 shares, compared to its average volume of 1,887,572. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01. Skechers U.S.A., Inc. has a one year low of $51.33 and a one year high of $75.09. The stock has a market cap of $9.16 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 0.85 and a beta of 1.23. The stock's 50-day simple moving average is $64.13 and its two-hundred day simple moving average is $66.43.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.11. The firm had revenue of $2.35 billion for 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 was up 16.0% on a year-over-year basis. During the same quarter last year, the business earned $0.93 earnings per share. As a group, sell-side analysts predict that Skechers U.S.A., Inc. will post 4.25 EPS for the current year.

Skechers U.S.A. announced that its Board of Directors has approved a share buyback plan on Thursday, July 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the textile maker to reacquire up to 10.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is 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.