OVERSEA CHINESE BANKING Corp Ltd Buys 38,983 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

OVERSEA CHINESE BANKING Corp Ltd increased its stake in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 120.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 71,320 shares of the textile maker's stock after purchasing an additional 38,983 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Skechers U.S.A. were worth $4,773,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Venturi Wealth Management LLC increased its stake in shares of Skechers U.S.A. by 52.9% in the third quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker's stock worth $58,000 after purchasing an additional 299 shares during the period. Los Angeles Capital Management LLC lifted its holdings in shares of Skechers U.S.A. by 54.5% during the third quarter. Los Angeles Capital Management LLC now owns 14,120 shares of the textile maker's stock worth $945,000 after buying an additional 4,981 shares during the last quarter. Covestor Ltd boosted its position in shares of Skechers U.S.A. by 18.8% in the third quarter. Covestor Ltd now owns 1,678 shares of the textile maker's stock valued at $112,000 after acquiring an additional 265 shares during the period. Verdence Capital Advisors LLC acquired a new stake in shares of Skechers U.S.A. in the third quarter worth $3,065,000. Finally, Mainstream Capital Management LLC bought a new position in Skechers U.S.A. during the third quarter worth $425,000. Institutional investors own 79.96% of the company's stock.

Skechers U.S.A. Price Performance

NYSE:SKX traded up $0.33 during mid-day trading on Wednesday, reaching $61.09. 1,493,089 shares of the company were exchanged, compared to its average volume of 1,893,428. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01. The stock has a market cap of $9.22 billion, a PE ratio of 15.26, a PEG ratio of 0.84 and a beta of 1.23. Skechers U.S.A., Inc. has a 12 month low of $50.16 and a 12 month high of $75.09. The company has a fifty day moving average of $64.48 and a 200 day moving average of $66.54.

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 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 business had revenue of $2.35 billion for the quarter, compared to analysts' expectations of $2.31 billion. During the same period in the prior year, the firm earned $0.93 earnings per share. Skechers U.S.A.'s revenue was up 16.0% compared to the same quarter last year. On average, research analysts anticipate 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 share 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 often a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Barclays raised their price target on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. Morgan Stanley upped their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the company an "overweight" rating in a report on Friday, October 25th. TD Cowen decreased their price objective on Skechers U.S.A. from $78.00 to $76.00 and set a "buy" rating on the stock in a report on Monday, October 14th. Stifel Nicolaus upped their target price 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. Finally, Evercore ISI lifted their price target on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the stock an "outperform" rating in a research note on Friday, July 26th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $78.09.

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.