Brandes Investment Partners LP Sells 4,202 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Brandes Investment Partners LP cut its position in Skechers U.S.A., Inc. (NYSE:SKX) by 28.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,488 shares of the textile maker’s stock after selling 4,202 shares during the quarter. Brandes Investment Partners LP’s holdings in Skechers U.S.A. were worth $726,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on SKX. Stifel Nicolaus boosted their target price on Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Barclays increased their price objective on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Evercore ISI boosted their target price 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. Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $60.00 to $80.00 in a report on Tuesday, July 23rd. Finally, TD Cowen raised their price objective on Skechers U.S.A. from $77.00 to $79.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $77.82.

Skechers U.S.A. Stock Down 2.3 %

Shares of NYSE:SKX opened at $66.92 on Tuesday. The firm has a market cap of $10.21 billion, a P/E ratio of 17.61, a P/E/G ratio of 0.92 and a beta of 1.23. Skechers U.S.A., Inc. has a 12-month low of $45.58 and a 12-month high of $75.09. The business has a fifty day simple moving average of $65.46 and a 200 day simple moving average of $65.62. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter last year, the business earned $0.98 earnings per share. Skechers U.S.A.’s revenue was up 7.3% compared to the same quarter last year. Analysts predict that Skechers U.S.A., Inc. will post 4.16 earnings per share for the current year.

Skechers U.S.A. announced that its board has authorized a stock buyback program on Thursday, July 25th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the textile maker to repurchase up to 10.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Skechers U.S.A. Company 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.