Harbor Capital Advisors Inc. Has $5.99 Million Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Harbor Capital Advisors Inc. raised its position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 241.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 89,561 shares of the textile maker's stock after purchasing an additional 63,328 shares during the quarter. Harbor Capital Advisors Inc. owned about 0.06% of Skechers U.S.A. worth $5,993,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Coronation Fund Managers Ltd. raised its position in Skechers U.S.A. by 195.1% in the second quarter. Coronation Fund Managers Ltd. now owns 492,585 shares of the textile maker's stock worth $34,047,000 after acquiring an additional 325,653 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Skechers U.S.A. in the 2nd quarter worth about $22,425,000. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Skechers U.S.A. by 646.3% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker's stock worth $22,348,000 after buying an additional 280,000 shares during the period. Adams Diversified Equity Fund Inc. acquired a new position in Skechers U.S.A. in the 3rd quarter worth approximately $16,790,000. Finally, Bwcp LP purchased a new stake in shares of Skechers U.S.A. in the second quarter valued at $16,324,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Stifel Nicolaus increased their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a "buy" rating in a research report on Friday, July 26th. Wedbush raised their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an "outperform" rating in a research note on Friday, July 26th. Evercore ISI increased their price objective on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an "outperform" rating in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft lifted 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. Finally, Morgan Stanley boosted their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $78.09.

Skechers U.S.A. Price Performance

SKX stock traded down $0.62 during trading on Monday, hitting $61.98. The company had a trading volume of 2,642,408 shares, compared to its average volume of 1,891,268. 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 company has a fifty day moving average price of $65.42 and a two-hundred day moving average price of $66.40. Skechers U.S.A., Inc. has a fifty-two week low of $47.98 and a fifty-two week high of $75.09. The company has a market cap of $9.44 billion, a P/E ratio of 15.41, a P/E/G ratio of 0.85 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same period last year, the firm posted $0.93 EPS. The firm's quarterly revenue was up 16.0% on a year-over-year basis. Equities research analysts expect that Skechers U.S.A., Inc. will post 4.25 earnings per share for the current fiscal year.

Skechers U.S.A. declared that its Board of Directors has initiated a stock repurchase plan on Thursday, July 25th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the textile maker to reacquire up to 10.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership 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.