Harbour Trust & Investment Management Co Makes New Investment in Skechers U.S.A., Inc. (NYSE:SKX)

Harbour Trust & Investment Management Co acquired a new position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 65,973 shares of the textile maker's stock, valued at approximately $4,415,000.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Skechers U.S.A. by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker's stock valued at $779,491,000 after buying an additional 97,666 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Skechers U.S.A. by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker's stock valued at $130,350,000 after acquiring an additional 55,095 shares during the period. Vaughan Nelson Investment Management L.P. boosted its position in Skechers U.S.A. by 62.6% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker's stock worth $75,534,000 after purchasing an additional 474,524 shares during the last quarter. Coronation Fund Managers Ltd. grew its stake in shares of Skechers U.S.A. by 195.1% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 492,585 shares of the textile maker's stock valued at $34,047,000 after purchasing an additional 325,653 shares during the period. Finally, American Century Companies Inc. increased its position in shares of Skechers U.S.A. by 38.6% during the 2nd quarter. American Century Companies Inc. now owns 330,769 shares of the textile maker's stock valued at $22,863,000 after purchasing an additional 92,093 shares during the last quarter. Hedge funds and other institutional investors own 79.96% of the company's stock.

Skechers U.S.A. Price Performance

SKX stock traded down $2.41 during midday trading on Friday, hitting $59.23. The company's stock had a trading volume of 6,641,117 shares, compared to its average volume of 1,871,951. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01. Skechers U.S.A., Inc. has a 12 month low of $45.58 and a 12 month high of $75.09. The company has a 50 day moving average of $65.98 and a two-hundred day moving average of $66.11. The firm has a market capitalization of $9.03 billion, a price-to-earnings ratio of 15.59, a price-to-earnings-growth ratio of 0.89 and a beta of 1.22.

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 for the quarter, topping analysts' consensus estimates of $1.15 by $0.11. The firm had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.31 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. Skechers U.S.A.'s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.93 earnings per share. On average, analysts expect that Skechers U.S.A., Inc. will post 4.15 EPS for the current year.

Skechers U.S.A. declared that its board has approved a stock buyback plan 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 stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SKX. Morgan Stanley boosted their target price on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an "overweight" rating in a research report on Friday. Barclays upped their price objective on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday. TD Cowen lowered their target price on Skechers U.S.A. from $78.00 to $76.00 and set a "buy" rating on the stock in a research report on Monday, October 14th. 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 research report on Friday, July 26th. Finally, Wedbush lifted their price objective on Skechers U.S.A. from $76.00 to $79.00 and gave the company an "outperform" rating in a research report on Friday, July 26th. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus 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.