Adams Diversified Equity Fund Inc. Makes New Investment in Skechers U.S.A., Inc. (NYSE:SKX)

Adams Diversified Equity Fund Inc. bought a new position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 250,900 shares of the textile maker's stock, valued at approximately $16,790,000. Adams Diversified Equity Fund Inc. owned about 0.16% of Skechers U.S.A. as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Skechers U.S.A. by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker's stock worth $779,491,000 after buying an additional 97,666 shares during the period. Dimensional Fund Advisors LP increased its position in Skechers U.S.A. by 3.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker's stock worth $130,350,000 after buying an additional 55,095 shares during the period. Coronation Fund Managers Ltd. increased its position in Skechers U.S.A. by 195.1% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 492,585 shares of the textile maker's stock worth $34,047,000 after buying an additional 325,653 shares during the period. American Century Companies Inc. increased its position in Skechers U.S.A. by 38.6% in the 2nd quarter. American Century Companies Inc. now owns 330,769 shares of the textile maker's stock worth $22,863,000 after buying an additional 92,093 shares during the period. Finally, Acadian Asset Management LLC bought a new position in Skechers U.S.A. in the 2nd quarter worth approximately $22,425,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Skechers U.S.A. Trading Up 0.1 %

Shares of SKX traded up $0.06 during trading hours on Wednesday, hitting $61.54. 2,529,220 shares of the stock traded hands, compared to its average volume of 1,886,427. Skechers U.S.A., Inc. has a 1-year low of $46.06 and a 1-year high of $75.09. The business has a fifty day moving average of $65.68 and a 200-day moving average of $66.26. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $9.38 billion, a PE ratio of 15.16, a price-to-earnings-growth ratio of 0.83 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the prior year, the firm posted $0.93 earnings per share. The company's quarterly revenue was up 16.0% on a year-over-year basis. Analysts expect that Skechers U.S.A., Inc. will post 4.2 EPS for the current year.

Skechers U.S.A. announced that its Board of Directors has initiated a stock repurchase program on Thursday, July 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the textile maker to purchase up to 10.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on SKX shares. Stifel Nicolaus boosted their price objective on Skechers U.S.A. from $81.00 to $83.00 and gave the company a "buy" rating in a research report on Friday, July 26th. Barclays boosted their price objective 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. Wedbush boosted 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. Deutsche Bank Aktiengesellschaft boosted their price objective on Skechers U.S.A. from $83.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, October 25th. Finally, TD Cowen lowered their price target 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. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $78.09.

Skechers U.S.A. 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.