Amalgamated Bank reduced its position in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 22.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,379 shares of the textile maker's stock after selling 17,973 shares during the quarter. Amalgamated Bank's holdings in Skechers U.S.A. were worth $4,241,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in SKX. Coronation Fund Managers Ltd. raised its holdings in shares of Skechers U.S.A. by 378.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker's stock valued at $33,382,000 after purchasing an additional 394,618 shares during the period. Acadian Asset Management LLC bought a new stake in Skechers U.S.A. in the second quarter valued at approximately $22,425,000. Teachers Retirement System of The State of Kentucky lifted its position in shares of Skechers U.S.A. by 646.3% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker's stock valued at $22,348,000 after buying an additional 280,000 shares during the last quarter. Adams Diversified Equity Fund Inc. acquired a new stake in shares of Skechers U.S.A. in the third quarter valued at approximately $16,790,000. Finally, Bwcp LP bought a new position in shares of Skechers U.S.A. during the 2nd quarter worth approximately $16,324,000. Institutional investors and hedge funds own 79.96% of the company's stock.
Shares of SKX stock opened at $62.29 on Friday. The stock has a market cap of $9.40 billion, a P/E ratio of 15.34, a price-to-earnings-growth ratio of 0.86 and a beta of 1.23. Skechers U.S.A., Inc. has a 1 year low of $49.06 and a 1 year high of $75.09. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The stock has a 50 day simple moving average of $64.76 and a 200 day simple moving average of $66.46.
Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its 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. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same period in the prior year, the company posted $0.93 EPS. The company's revenue was up 16.0% compared to the same quarter last year. On average, research analysts predict that Skechers U.S.A., Inc. will post 4.25 earnings per share for the current fiscal year.
Skechers U.S.A. declared that its Board of Directors has approved a stock repurchase plan on Thursday, July 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the textile maker to purchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.
A number of equities research analysts recently weighed in on SKX shares. Bank of America dropped their price target on Skechers U.S.A. from $81.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, October 25th. Morgan Stanley raised 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 research note on Friday, October 25th. Wedbush lifted their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an "outperform" rating in a report on Friday, July 26th. Evercore ISI increased their price target on shares of 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, Barclays boosted their price objective on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $78.09.
View Our Latest Stock Report on SKX
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.
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