Skechers U.S.A., Inc. (NYSE:SKX) Stake Cut by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D decreased its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 5.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,255 shares of the textile maker’s stock after selling 2,771 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Skechers U.S.A. were worth $3,095,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of 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 buying an additional 97,666 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in 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 purchasing an additional 55,095 shares during the period. Coronation Fund Managers Ltd. boosted its position in Skechers U.S.A. by 378.6% during 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. American Century Companies Inc. grew its stake in Skechers U.S.A. by 38.6% during the 2nd quarter. American Century Companies Inc. now owns 330,769 shares of the textile maker’s stock worth $22,863,000 after buying an additional 92,093 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in Skechers U.S.A. in the second quarter worth $22,425,000. 79.96% of the stock is owned by institutional investors and hedge funds.

Skechers U.S.A. Price Performance

NYSE:SKX opened at $60.79 on Wednesday. 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 firm has a market cap of $9.18 billion, a P/E ratio of 14.97, a PEG ratio of 0.87 and a beta of 1.23. Skechers U.S.A., Inc. has a 52-week low of $49.08 and a 52-week high of $75.09. The business’s 50-day moving average price is $64.61 and its 200 day moving average price is $66.58.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) 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 company had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the prior year, the company earned $0.93 earnings per share. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. As a group, sell-side analysts predict that Skechers U.S.A., Inc. will post 4.25 earnings per share for the current fiscal year.

Skechers U.S.A. announced that its board has initiated a share repurchase program on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the textile maker to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SKX. Evercore ISI upped their price target on shares of 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. TD Cowen dropped their price target on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Deutsche Bank Aktiengesellschaft boosted their price objective on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Bank of America lowered their target price on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, October 25th. Finally, Barclays boosted their price target on 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. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $78.09.

About Skechers U.S.A.

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.