State of Alaska Department of Revenue Raises Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

State of Alaska Department of Revenue increased its position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 165.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 38,535 shares of the textile maker's stock after buying an additional 24,040 shares during the period. State of Alaska Department of Revenue's holdings in Skechers U.S.A. were worth $2,578,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. State of Michigan Retirement System grew its stake in shares of Skechers U.S.A. by 2.5% during the first quarter. State of Michigan Retirement System now owns 32,844 shares of the textile maker's stock worth $2,012,000 after purchasing an additional 800 shares in the last quarter. Retirement Systems of Alabama increased its holdings in shares of Skechers U.S.A. by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 167,763 shares of the textile maker's stock valued at $10,277,000 after acquiring an additional 442 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Skechers U.S.A. by 53.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,106 shares of the textile maker's stock worth $1,599,000 after acquiring an additional 9,065 shares in the last quarter. Capstone Investment Advisors LLC lifted its stake in Skechers U.S.A. by 264.1% during the first quarter. Capstone Investment Advisors LLC now owns 80,074 shares of the textile maker's stock worth $4,905,000 after purchasing an additional 58,082 shares during the last quarter. Finally, Hussman Strategic Advisors Inc. acquired a new position in Skechers U.S.A. in the first quarter valued at approximately $1,286,000. Institutional investors and hedge funds own 79.96% of the company's stock.

Skechers U.S.A. Stock Performance

Shares of SKX stock traded up $1.16 during mid-day trading on Friday, hitting $62.62. The stock had a trading volume of 1,988,992 shares, compared to its average volume of 1,887,725. Skechers U.S.A., Inc. has a fifty-two week low of $46.08 and a fifty-two week high of $75.09. 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's 50-day simple moving average is $65.56 and its 200-day simple moving average is $66.23. The firm has a market cap of $9.54 billion, a PE ratio of 15.32, a PEG ratio of 0.86 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.11. The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The firm's revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.93 EPS. Sell-side analysts anticipate 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 has initiated a stock buyback program on Thursday, July 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the textile maker to buy up to 10.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SKX. TD Cowen reduced their price objective on shares of 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. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, October 25th. Evercore ISI boosted their target price on 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 raised their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. Finally, 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 note on Friday, July 26th. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target 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.