Gateway Investment Advisers LLC Buys 3,543 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Gateway Investment Advisers LLC grew its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 107.5% in the third quarter, Holdings Channel reports. The fund owned 6,838 shares of the textile maker’s stock after acquiring an additional 3,543 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Skechers U.S.A. were worth $458,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Redmont Wealth Advisors LLC bought a new position in Skechers U.S.A. in the 1st quarter worth approximately $25,000. Bessemer Group Inc. lifted its stake in Skechers U.S.A. by 66.7% in the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after purchasing an additional 164 shares in the last quarter. UMB Bank n.a. lifted its stake in Skechers U.S.A. by 423.3% in the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after purchasing an additional 364 shares in the last quarter. Versant Capital Management Inc lifted its stake in 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 purchasing an additional 618 shares in the last quarter. Finally, Game Plan Financial Advisors LLC purchased a new stake in shares of Skechers U.S.A. during the 1st quarter valued at $43,000. 79.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SKX. Evercore ISI raised their price objective on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Barclays increased their target price on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Wedbush increased their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Morgan Stanley raised shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $60.00 to $80.00 in a report on Tuesday, July 23rd. Finally, Stifel Nicolaus raised their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $77.82.

Skechers U.S.A. Stock Up 0.7 %

SKX opened at $67.56 on Monday. The firm has a 50 day moving average price of $65.95 and a 200-day moving average price of $66.00. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $10.30 billion, a price-to-earnings ratio of 17.78, a PEG ratio of 0.95 and a beta of 1.22. Skechers U.S.A., Inc. has a twelve month low of $45.58 and a twelve month high of $75.09.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.04). The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.98 earnings per share. Equities research analysts forecast that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current year.

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

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.