Lombard Odier Asset Management Europe Ltd Buys New Position in Skechers U.S.A., Inc. (NYSE:SKX)

Lombard Odier Asset Management Europe Ltd purchased a new position in Skechers U.S.A., Inc. (NYSE:SKX) during the 2nd quarter, HoldingsChannel reports. The firm purchased 140,000 shares of the textile maker’s stock, valued at approximately $9,677,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Redmont Wealth Advisors LLC acquired a new position in shares of Skechers U.S.A. in the 1st quarter worth approximately $25,000. Bessemer Group Inc. lifted its position in shares of Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after acquiring an additional 164 shares during the last quarter. Game Plan Financial Advisors LLC bought a new stake in shares of Skechers U.S.A. during the 1st quarter worth $43,000. Versant Capital Management Inc grew its holdings in shares of Skechers U.S.A. by 2,809.1% in the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after acquiring an additional 618 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Skechers U.S.A. during the first quarter worth $45,000. 79.96% of the stock is owned by institutional investors and hedge funds.

Skechers U.S.A. Stock Performance

Shares of NYSE SKX opened at $63.01 on Monday. The business’s 50-day simple moving average is $65.30 and its 200-day simple moving average is $65.39. Skechers U.S.A., Inc. has a 52 week low of $45.58 and a 52 week high of $75.09. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06. The firm has a market cap of $9.60 billion, a price-to-earnings ratio of 16.58, a P/E/G ratio of 0.94 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The firm’s revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.98 EPS. As a group, equities research analysts expect that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current fiscal year.

Skechers U.S.A. declared that its board has approved a stock repurchase plan on Thursday, July 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the textile maker to buy up to 10.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SKX. Barclays raised their target price on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Wells Fargo & Company assumed coverage on shares of Skechers U.S.A. in a research report on Wednesday, June 12th. They set an “overweight” rating and a $83.00 price objective on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $82.00 target price on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Stifel Nicolaus upped their price target on Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Evercore ISI raised their price objective on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $78.36.

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.