Verdence Capital Advisors LLC Purchases New Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Verdence Capital Advisors LLC purchased a new position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 45,805 shares of the textile maker's stock, valued at approximately $3,065,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Seven Eight Capital LP grew its holdings in Skechers U.S.A. by 126.1% in the 2nd quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker's stock worth $2,033,000 after buying an additional 16,408 shares in the last quarter. Cetera Advisors LLC bought a new position in Skechers U.S.A. in the 1st quarter worth approximately $600,000. Vista Investment Partners LLC bought a new position in Skechers U.S.A. in the 2nd quarter worth approximately $925,000. Vanguard Group Inc. grew its holdings in Skechers U.S.A. by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker's stock worth $779,491,000 after buying an additional 97,666 shares in the last quarter. Finally, Empowered Funds LLC bought a new position in Skechers U.S.A. in the 1st quarter worth approximately $6,894,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Skechers U.S.A. Stock Down 2.2 %

Shares of SKX traded down $1.40 during mid-day trading on Friday, reaching $62.29. The company's stock had a trading volume of 1,850,936 shares, compared to its average volume of 1,896,146. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01. Skechers U.S.A., Inc. has a 1 year low of $49.06 and a 1 year high of $75.09. The business has a fifty day moving average of $64.76 and a 200 day moving average of $66.46. The company has a market cap of $9.40 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 0.86 and a beta of 1.23.

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 (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 analyst estimates of $2.31 billion. During the same period last year, the company earned $0.93 earnings per share. Skechers U.S.A.'s quarterly revenue was up 16.0% compared to the same quarter last year. As a group, 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 approved a share repurchase program on Thursday, July 25th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the textile maker to purchase 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.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Wedbush increased 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. StockNews.com lowered Skechers U.S.A. from a "buy" rating to a "hold" rating in a research note on Monday, November 4th. Morgan Stanley increased their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft increased 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. Finally, TD Cowen reduced their price objective on Skechers U.S.A. from $78.00 to $76.00 and set a "buy" rating for the company in a research note on Monday, October 14th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Skechers U.S.A. currently has an average rating of "Moderate Buy" and a consensus price target 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.