107,375 Shares in Skechers U.S.A., Inc. (NYSE:SKX) Bought by Transform Wealth LLC

Transform Wealth LLC acquired a new position in Skechers U.S.A., Inc. (NYSE:SKX) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 107,375 shares of the textile maker’s stock, valued at approximately $7,186,000. Transform Wealth LLC owned approximately 0.07% of Skechers U.S.A. at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Redmont Wealth Advisors LLC purchased a new stake in shares of Skechers U.S.A. in the 1st quarter worth about $25,000. Bessemer Group Inc. boosted its stake 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 worth $25,000 after acquiring an additional 164 shares in the last quarter. UMB Bank n.a. grew its holdings in Skechers U.S.A. by 423.3% in the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after purchasing an additional 364 shares during the period. Game Plan Financial Advisors LLC bought a new position in shares of Skechers U.S.A. during the first quarter valued at approximately $43,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Skechers U.S.A. by 2,809.1% during the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after purchasing an additional 618 shares during the last quarter. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Analysts Set New Price Targets

SKX has been the topic of several recent research reports. Morgan Stanley upgraded Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $60.00 to $80.00 in a research note on Tuesday, July 23rd. TD Cowen cut their target price on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research note on Monday. Evercore ISI lifted their price target 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. Wedbush increased their price objective on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Finally, Bank of America decreased their target price on shares of 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. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Skechers U.S.A. has a consensus rating of “Buy” and an average price target of $77.55.

Skechers U.S.A. Stock Performance

Shares of SKX traded down $0.01 during mid-day trading on Wednesday, hitting $63.16. 467,823 shares of the company traded hands, compared to its average volume of 1,819,694. The stock has a market cap of $9.63 billion, a price-to-earnings ratio of 16.72, a P/E/G ratio of 0.95 and a beta of 1.22. The stock has a 50-day moving average price of $66.13 and a two-hundred day moving average price of $66.04. 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 debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results 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). The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. Skechers U.S.A.’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.98 earnings per share. Equities analysts anticipate that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current year.

Skechers U.S.A. announced that its board has approved a stock buyback plan on Thursday, July 25th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the textile maker to buy up to 10.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are 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.