Lecap Asset Management Ltd. Purchases New Position in Skechers U.S.A., Inc. (NYSE:SKX)

Lecap Asset Management Ltd. acquired a new stake in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 18,401 shares of the textile maker's stock, valued at approximately $1,231,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. 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 lifted its stake in Skechers U.S.A. by 4.7% in the 2nd quarter. CIBC Asset Management Inc now owns 3,820 shares of the textile maker's stock valued at $264,000 after buying an additional 173 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in Skechers U.S.A. by 2.0% in the 1st quarter. QRG Capital Management Inc. now owns 10,047 shares of the textile maker's stock worth $615,000 after buying an additional 194 shares during the last quarter. X Square Capital LLC increased its stake in Skechers U.S.A. by 0.5% during the 2nd quarter. X Square Capital LLC now owns 40,903 shares of the textile maker's stock worth $2,827,000 after buying an additional 215 shares in the last quarter. Finally, Pallas Capital Advisors LLC raised its holdings in shares of Skechers U.S.A. by 5.7% during the second quarter. Pallas Capital Advisors LLC now owns 6,027 shares of the textile maker's stock valued at $388,000 after acquiring an additional 324 shares during the last quarter. Institutional investors and hedge funds own 79.96% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Barclays raised their price objective on Skechers U.S.A. from $78.00 to $79.00 and gave the company an "overweight" rating in a report on Friday, July 26th. Bank of America lowered their price target on shares of Skechers U.S.A. from $87.00 to $81.00 and set a "buy" rating on the stock in a research report on Monday, September 23rd. Evercore ISI increased their price objective on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an "outperform" rating in a report on Friday, July 26th. Morgan Stanley upgraded Skechers U.S.A. from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $60.00 to $80.00 in a report on Tuesday, July 23rd. Finally, TD Cowen dropped their price target on Skechers U.S.A. from $78.00 to $76.00 and set a "buy" rating for the company in a research report on Monday, October 14th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, Skechers U.S.A. currently has a consensus rating of "Buy" and a consensus target price of $77.55.

Skechers U.S.A. Trading Down 0.1 %

Shares of NYSE SKX traded down $0.05 during mid-day trading on Thursday, reaching $61.62. 3,372,481 shares of the company's stock were exchanged, compared to its average volume of 1,848,637. The company's 50-day moving average is $66.17 and its 200-day moving average is $66.13. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06. The firm has a market capitalization of $9.39 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 0.89 and a beta of 1.22. Skechers U.S.A., Inc. has a 52-week low of $45.58 and a 52-week high of $75.09.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.04). The company had revenue of $2.16 billion for the quarter, compared to analysts' expectations of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The company's quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the business earned $0.98 EPS. Analysts expect that Skechers U.S.A., Inc. will post 4.15 EPS for the current fiscal year.

Skechers U.S.A. declared that its Board of Directors has approved a share repurchase plan on Thursday, July 25th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the textile maker to repurchase up to 10.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

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.