65,973 Shares in Skechers U.S.A., Inc. (NYSE:SKX) Bought by Harbour Trust & Investment Management Co

Harbour Trust & Investment Management Co bought a new position in shares of Skechers U.S.A., Inc. (NYSE:SKX) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 65,973 shares of the textile maker’s stock, valued at approximately $4,415,000.

Several other large investors also recently bought and sold shares of the company. Tectonic Advisors LLC boosted its position in shares of Skechers U.S.A. by 9.2% in the 3rd quarter. Tectonic Advisors LLC now owns 5,494 shares of the textile maker’s stock worth $368,000 after buying an additional 463 shares in the last quarter. Impact Partnership Wealth LLC purchased a new stake in shares of Skechers U.S.A. in the third quarter valued at about $212,000. Hennion & Walsh Asset Management Inc. increased its stake in shares of Skechers U.S.A. by 6.3% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 43,057 shares of the textile maker’s stock worth $2,881,000 after purchasing an additional 2,567 shares in the last quarter. X Square Capital LLC increased its stake in shares of Skechers U.S.A. by 4.2% during the 3rd quarter. X Square Capital LLC now owns 42,625 shares of the textile maker’s stock worth $2,852,000 after purchasing an additional 1,722 shares in the last quarter. Finally, Lecap Asset Management Ltd. acquired a new position in shares of Skechers U.S.A. during the 3rd quarter worth approximately $1,231,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Trading Down 0.1 %

Shares of SKX opened at $61.62 on Friday. 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., Inc. has a one year low of $45.58 and a one year high of $75.09. The stock has a 50-day moving average price of $66.17 and a 200 day moving average price of $66.13. The company has a market capitalization of $9.39 billion, a P/E ratio of 16.52, a P/E/G ratio of 0.89 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.93 earnings per share. Sell-side analysts forecast that Skechers U.S.A., Inc. will post 4.15 EPS for the current fiscal year.

Skechers U.S.A. declared that its board has initiated a share buyback plan 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 stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

SKX has been the subject of a number of analyst reports. TD Cowen cut their price target on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a report on Monday, October 14th. Evercore ISI lifted their price target 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. Stifel Nicolaus increased their target price 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. Wedbush boosted their target price on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, Barclays boosted their price objective on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $77.55.

Skechers U.S.A. 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.