Phocas Financial Corp. Sells 3,382 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Phocas Financial Corp. trimmed its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 5.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,072 shares of the textile maker’s stock after selling 3,382 shares during the quarter. Phocas Financial Corp.’s holdings in Skechers U.S.A. were worth $3,618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Lindenwold Advisors INC boosted its position in Skechers U.S.A. by 3.0% in the third quarter. Lindenwold Advisors INC now owns 6,663 shares of the textile maker’s stock worth $446,000 after purchasing an additional 195 shares during the last quarter. Quest Partners LLC boosted its holdings in shares of Skechers U.S.A. by 32.0% in the third quarter. Quest Partners LLC now owns 26,170 shares of the textile maker’s stock worth $1,751,000 after buying an additional 6,338 shares during the last quarter. Empowered Funds LLC bought a new stake in Skechers U.S.A. during the third quarter valued at approximately $7,300,000. ING Groep NV raised its position in Skechers U.S.A. by 174.4% in the third quarter. ING Groep NV now owns 91,100 shares of the textile maker’s stock worth $6,096,000 after acquiring an additional 57,900 shares during the period. Finally, MQS Management LLC purchased a new position in shares of Skechers U.S.A. during the 3rd quarter worth $285,000. Institutional investors own 79.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on SKX shares. Bank of America reduced their price objective on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, October 25th. Morgan Stanley raised their price objective on 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. Stifel Nicolaus boosted their price objective on Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, July 26th. StockNews.com raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $78.09.

Skechers U.S.A. Price Performance

NYSE:SKX opened at $60.77 on Tuesday. The company has a market capitalization of $9.17 billion, a P/E ratio of 14.97, a P/E/G ratio of 0.84 and a beta of 1.23. Skechers U.S.A., Inc. has a 12 month low of $52.49 and a 12 month high of $75.09. The business’s 50-day moving average is $64.03 and its 200 day moving average is $66.41. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The company had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the previous year, the business posted $0.93 earnings per share. Skechers U.S.A.’s quarterly revenue was up 16.0% on a year-over-year basis. On average, equities research analysts forecast 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 has authorized a share buyback plan on Thursday, July 25th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the textile maker to buy up to 10.3% of its stock through open market purchases. Stock buyback plans are usually a sign 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.