Skechers U.S.A., Inc. (NYSE:SKX) Stake Lowered by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board lowered its position in Skechers U.S.A., Inc. (NYSE:SKX) by 14.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 12,564 shares of the textile maker’s stock after selling 2,169 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Skechers U.S.A. were worth $841,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Skechers U.S.A. by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock valued at $779,491,000 after acquiring an additional 97,666 shares in the last quarter. Bessemer Group Inc. boosted its holdings in Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after acquiring an additional 164 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Skechers U.S.A. during the 1st quarter worth about $206,000. LRI Investments LLC bought a new stake in shares of Skechers U.S.A. in the first quarter valued at approximately $102,000. Finally, Magnetar Financial LLC bought a new stake in Skechers U.S.A. in the 1st quarter valued at $3,203,000. Institutional investors own 79.96% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on SKX shares. Wedbush raised their target price on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. 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 research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Evercore ISI upped their price objective on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, Morgan Stanley increased their target price on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Twelve 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. Trading Up 1.8 %

Shares of SKX stock opened at $60.87 on Friday. Skechers U.S.A., Inc. has a 12-month low of $54.80 and a 12-month high of $75.09. 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 of $63.72 and a 200-day moving average of $66.28. The firm has a market cap of $9.19 billion, a P/E ratio of 14.99, a PEG ratio of 0.84 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.11. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.93 earnings per share. Sell-side analysts anticipate that Skechers U.S.A., Inc. will post 4.25 earnings per share for the current year.

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

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.