Allspring Global Investments Holdings LLC Has $3.10 Million Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Allspring Global Investments Holdings LLC lifted its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 22.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 46,288 shares of the textile maker’s stock after acquiring an additional 8,564 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Skechers U.S.A. were worth $3,098,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Seven Eight Capital LP grew its stake 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 valued at $2,033,000 after buying an additional 16,408 shares during the last quarter. Cetera Advisors LLC acquired a new stake in shares of Skechers U.S.A. in the first quarter valued at about $600,000. Vista Investment Partners LLC acquired a new stake in shares of Skechers U.S.A. in the second quarter valued at about $925,000. Capstone Investment Advisors LLC increased its stake in shares of Skechers U.S.A. by 264.1% in the first quarter. Capstone Investment Advisors LLC now owns 80,074 shares of the textile maker’s stock worth $4,905,000 after purchasing an additional 58,082 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Skechers U.S.A. by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock worth $779,491,000 after purchasing an additional 97,666 shares during the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Stock Down 0.6 %

Shares of SKX opened at $61.47 on Wednesday. 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 company has a 50-day moving average price of $65.80 and a two-hundred day moving average price of $66.30. The stock has a market cap of $9.36 billion, a price-to-earnings ratio of 15.14, a P/E/G ratio of 0.83 and a beta of 1.22. Skechers U.S.A., Inc. has a 12 month low of $46.06 and a 12 month high of $75.09.

Skechers U.S.A. (NYSE:SKX) last posted its earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.15 by $0.11. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. Skechers U.S.A.’s revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the company earned $0.93 EPS. Equities analysts predict that Skechers U.S.A., Inc. will post 4.2 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on SKX shares. TD Cowen dropped their price target on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Bank of America reduced their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday, October 25th. Barclays boosted their price objective on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Stifel Nicolaus increased their target price on shares of 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, Morgan Stanley boosted 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. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “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.