Skechers U.S.A., Inc. (NYSE:SKX) Shares Sold by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale reduced its position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 99.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 651 shares of the textile maker's stock after selling 90,000 shares during the period. DekaBank Deutsche Girozentrale's holdings in Skechers U.S.A. were worth $44,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bessemer Group Inc. raised its stake in shares of 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 acquiring an additional 164 shares in the last quarter. CIBC Asset Management Inc raised its stake in shares of Skechers U.S.A. by 4.7% in the second quarter. CIBC Asset Management Inc now owns 3,820 shares of the textile maker's stock valued at $264,000 after acquiring an additional 173 shares in the last quarter. QRG Capital Management Inc. raised its stake in shares of Skechers U.S.A. by 2.0% in the first quarter. QRG Capital Management Inc. now owns 10,047 shares of the textile maker's stock valued at $615,000 after acquiring an additional 194 shares in the last quarter. X Square Capital LLC raised its stake in shares of Skechers U.S.A. by 0.5% in the second quarter. X Square Capital LLC now owns 40,903 shares of the textile maker's stock valued at $2,827,000 after acquiring an additional 215 shares in the last quarter. Finally, Pallas Capital Advisors LLC raised its stake in shares of Skechers U.S.A. by 5.7% in the second quarter. Pallas Capital Advisors LLC now owns 6,027 shares of the textile maker's stock valued at $388,000 after acquiring an additional 324 shares in the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Skechers U.S.A. Stock Performance

Shares of NYSE SKX traded up $1.08 during midday trading on Tuesday, reaching $63.06. 1,330,583 shares of the company were exchanged, compared to its average volume of 1,888,653. 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., Inc. has a 1 year low of $47.98 and a 1 year high of $75.09. The stock has a fifty day simple moving average of $65.12 and a 200 day simple moving average of $66.49. The stock has a market cap of $9.61 billion, a P/E ratio of 15.53, a PEG ratio of 0.87 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 last year, the company posted $0.93 earnings per share. The business's revenue was up 16.0% on a year-over-year basis. On average, research analysts forecast 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 has initiated a share buyback program on Thursday, July 25th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the textile maker to buy up to 10.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SKX. Evercore ISI raised their price target on Skechers U.S.A. from $68.00 to $72.00 and gave the company an "outperform" rating in a research note on Friday, July 26th. Wedbush raised their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the company an "outperform" rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft raised their price target on 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. TD Cowen cut 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 note on Monday, October 14th. Finally, Bank of America cut their price target on Skechers U.S.A. from $81.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, October 25th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Skechers U.S.A. has a consensus rating of "Moderate 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.