Harbor Capital Advisors Inc. Acquires 63,328 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Harbor Capital Advisors Inc. increased its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 241.4% in the third quarter, Holdings Channel.com reports. The firm owned 89,561 shares of the textile maker’s stock after purchasing an additional 63,328 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Skechers U.S.A. were worth $5,993,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Bessemer Group Inc. boosted its position in shares of 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 buying an additional 164 shares during the period. UMB Bank n.a. boosted its position in Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after acquiring an additional 364 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of Skechers U.S.A. by 2,809.1% during the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after acquiring an additional 618 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of Skechers U.S.A. in the second quarter valued at approximately $69,000. Finally, Blue Trust Inc. lifted its position in shares of Skechers U.S.A. by 778.1% in the third quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock worth $69,000 after purchasing an additional 887 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on SKX. Wedbush lifted their price target on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Bank of America dropped their target price on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Deutsche Bank Aktiengesellschaft raised their price target on 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 stock an “outperform” rating in a research note on Friday, July 26th. Finally, Barclays raised their target price on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Skechers U.S.A. has a consensus rating of “Buy” and a consensus target price of $78.09.

Skechers U.S.A. Price Performance

Shares of SKX opened at $62.60 on Monday. The firm has a market capitalization of $9.54 billion, a PE ratio of 15.42, a PEG ratio of 0.85 and a beta of 1.23. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. Skechers U.S.A., Inc. has a fifty-two week low of $46.08 and a fifty-two week high of $75.09. The company’s 50-day moving average is $65.42 and its 200-day moving average is $66.40.

Skechers U.S.A. (NYSE:SKX) last announced its 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 company had revenue of $2.35 billion for the quarter, compared to analyst estimates 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 quarter last year, the company earned $0.93 earnings per share. Equities analysts forecast that Skechers U.S.A., Inc. will post 4.25 EPS for the current year.

Skechers U.S.A. declared that its Board of Directors has initiated a share buyback program on Thursday, July 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the textile maker to buy up to 10.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

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.