Adams Diversified Equity Fund Inc. Acquires Shares of 250,900 Skechers U.S.A., Inc. (NYSE:SKX)

Adams Diversified Equity Fund Inc. bought a new position in shares of Skechers U.S.A., Inc. (NYSE:SKX) during the third quarter, Holdings Channel.com reports. The firm bought 250,900 shares of the textile maker’s stock, valued at approximately $16,790,000.

Other hedge funds have also modified their holdings of the company. 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 valued at $779,491,000 after purchasing an additional 97,666 shares during the period. Dimensional Fund Advisors LP raised its position in shares of 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 valued at $130,350,000 after acquiring an additional 55,095 shares during the last quarter. Coronation Fund Managers Ltd. lifted its stake in shares of Skechers U.S.A. by 195.1% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 492,585 shares of the textile maker’s stock valued at $34,047,000 after purchasing an additional 325,653 shares during the period. American Century Companies Inc. boosted its position in shares of Skechers U.S.A. by 38.6% in the 2nd quarter. American Century Companies Inc. now owns 330,769 shares of the textile maker’s stock worth $22,863,000 after purchasing an additional 92,093 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in shares of Skechers U.S.A. during the second quarter worth $22,425,000. 79.96% of the stock is owned by institutional investors.

Skechers U.S.A. Stock Down 0.6 %

NYSE:SKX opened at $61.47 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The stock has a 50-day simple moving average of $65.80 and a 200 day simple moving average of $66.30. The company has a market cap of $9.36 billion, a PE ratio of 15.14, a PEG ratio of 0.83 and a beta of 1.22. Skechers U.S.A., Inc. has a 52-week low of $46.06 and a 52-week high of $75.09.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. The firm 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%. The business’s revenue was up 16.0% compared to the same quarter last year. During the same period last year, the company earned $0.93 earnings per share. On average, sell-side analysts expect 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 authorized a share buyback plan on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes 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

SKX has been the topic of several analyst reports. Wedbush increased their target price on Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Stifel Nicolaus increased their target price on 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. Evercore ISI increased their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Barclays increased their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Finally, Morgan Stanley increased their target price 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 data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $78.09.

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.