Raymond James & Associates Buys 34,612 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Raymond James & Associates boosted its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 192.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,570 shares of the textile maker’s stock after acquiring an additional 34,612 shares during the quarter. Raymond James & Associates’ holdings in Skechers U.S.A. were worth $3,518,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in 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 buying an additional 97,666 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Skechers U.S.A. by 3.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker’s stock worth $130,350,000 after buying an additional 55,095 shares in the last quarter. Coronation Fund Managers Ltd. lifted its position in Skechers U.S.A. by 195.1% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 492,585 shares of the textile maker’s stock worth $34,047,000 after buying an additional 325,653 shares in the last quarter. American Century Companies Inc. lifted its position in Skechers U.S.A. by 38.6% during the 2nd quarter. American Century Companies Inc. now owns 330,769 shares of the textile maker’s stock worth $22,863,000 after buying an additional 92,093 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in Skechers U.S.A. during the 2nd quarter worth about $22,425,000. 79.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus upped 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 report on Friday, July 26th. Barclays upped their target price on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 25th. TD Cowen dropped their target price on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Morgan Stanley upped their target price on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Bank of America dropped their target price on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Skechers U.S.A. currently has a consensus rating of “Buy” and a consensus target price of $78.09.

Skechers U.S.A. Stock Up 1.9 %

Shares of SKX opened at $62.60 on Monday. Skechers U.S.A., Inc. has a 52 week low of $46.08 and a 52 week high of $75.09. The firm has a market cap of $9.54 billion, a P/E ratio of 15.42, a price-to-earnings-growth ratio of 0.85 and a beta of 1.23. The firm’s 50-day simple moving average is $65.42 and its 200 day simple moving average is $66.40. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the prior year, the business posted $0.93 EPS. The business’s revenue was up 16.0% compared to the same quarter last year. On average, analysts forecast that Skechers U.S.A., Inc. will post 4.25 earnings per share for the current year.

Skechers U.S.A. declared that its Board of Directors has initiated a share buyback program on Thursday, July 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the textile maker to buy up to 10.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

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.