Skechers U.S.A., Inc. (NYSE:SKX) Shares Purchased by Sei Investments Co.

Sei Investments Co. lifted its position in Skechers U.S.A., Inc. (NYSE:SKX) by 343.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 69,463 shares of the textile maker’s stock after purchasing an additional 53,794 shares during the quarter. Sei Investments Co.’s holdings in Skechers U.S.A. were worth $4,801,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Bessemer Group Inc. lifted its position in Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after acquiring an additional 164 shares during the period. CIBC Asset Management Inc lifted its position in Skechers U.S.A. by 4.7% during the 2nd quarter. CIBC Asset Management Inc now owns 3,820 shares of the textile maker’s stock worth $264,000 after acquiring an additional 173 shares during the period. QRG Capital Management Inc. lifted its position in Skechers U.S.A. by 2.0% during the 1st quarter. QRG Capital Management Inc. now owns 10,047 shares of the textile maker’s stock worth $615,000 after acquiring an additional 194 shares during the period. X Square Capital LLC lifted its position in Skechers U.S.A. by 0.5% during the 2nd quarter. X Square Capital LLC now owns 40,903 shares of the textile maker’s stock worth $2,827,000 after acquiring an additional 215 shares during the period. Finally, Pallas Capital Advisors LLC lifted its position in Skechers U.S.A. by 5.7% during the 2nd quarter. Pallas Capital Advisors LLC now owns 6,027 shares of the textile maker’s stock worth $388,000 after acquiring an additional 324 shares during the period. 79.96% of the stock is owned by institutional investors and hedge funds.

Skechers U.S.A. Stock Performance

NYSE SKX opened at $66.98 on Wednesday. Skechers U.S.A., Inc. has a 1-year low of $45.58 and a 1-year high of $75.09. The company has a market capitalization of $10.20 billion, a P/E ratio of 17.63, a PEG ratio of 0.97 and a beta of 1.23. The business has a 50 day moving average price of $65.49 and a 200 day moving average price of $65.66. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.04). Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the previous year, the business earned $0.98 earnings per share. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. Sell-side analysts expect that Skechers U.S.A., Inc. will post 4.16 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. TD Cowen increased their price objective on Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Stifel Nicolaus increased their price objective on Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Evercore ISI increased 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. Bank of America reduced their price target on Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating for the company in a report on Monday, September 23rd. Finally, Morgan Stanley raised Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $60.00 to $80.00 in a report on Tuesday, July 23rd. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $77.82.

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.