Coronation Fund Managers Ltd. Increases Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Coronation Fund Managers Ltd. boosted its holdings in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 378.6% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 498,837 shares of the textile maker's stock after buying an additional 394,618 shares during the quarter. Skechers U.S.A. makes up 1.9% of Coronation Fund Managers Ltd.'s holdings, making the stock its 20th biggest holding. Coronation Fund Managers Ltd. owned approximately 0.33% of Skechers U.S.A. worth $33,382,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Bessemer Group Inc. boosted its stake in 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 buying an additional 164 shares in the last quarter. UMB Bank n.a. boosted its stake in Skechers U.S.A. by 423.3% in 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 in the last quarter. Versant Capital Management Inc raised its position in Skechers U.S.A. by 2,809.1% in the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker's stock valued at $44,000 after purchasing an additional 618 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in Skechers U.S.A. in the second quarter valued at about $69,000. Finally, Blue Trust Inc. raised its position in Skechers U.S.A. by 778.1% in the third quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker's stock valued at $69,000 after purchasing an additional 887 shares during the last quarter. 79.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on SKX shares. Barclays increased their target price 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. Morgan Stanley increased their target price on Skechers U.S.A. from $81.00 to $84.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft increased their target price 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. TD Cowen dropped their target price 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. Finally, Bank of America dropped their target price on Skechers U.S.A. from $81.00 to $80.00 and set a "buy" rating for the company in a research report on Friday, October 25th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, Skechers U.S.A. has a consensus rating of "Buy" and a consensus target price of $78.09.

Skechers U.S.A. Trading Up 1.9 %

NYSE SKX traded up $1.14 during trading hours on Friday, hitting $62.60. 1,988,992 shares of the company's stock were exchanged, compared to its average volume of 2,494,770. The stock has a 50-day simple moving average of $65.42 and a 200 day simple moving average of $66.40. Skechers U.S.A., Inc. has a 1-year low of $46.08 and a 1-year high of $75.09. The firm has a market cap of $9.54 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 0.85 and a beta of 1.23. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping 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 business had revenue of $2.35 billion during the quarter, compared to analysts' expectations of $2.31 billion. During the same quarter last year, the firm posted $0.93 earnings per share. The firm's revenue was up 16.0% on a year-over-year basis. On average, equities analysts forecast that Skechers U.S.A., Inc. will post 4.25 EPS for the current fiscal year.

Skechers U.S.A. announced that its board has approved a stock repurchase program 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 shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors 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.