6,350 Shares in Skechers U.S.A., Inc. (NYSE:SKX) Acquired by Mainstream Capital Management LLC

Mainstream Capital Management LLC purchased a new position in shares of Skechers U.S.A., Inc. (NYSE:SKX) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 6,350 shares of the textile maker’s stock, valued at approximately $425,000.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Skechers U.S.A. by 0.8% during the first quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock worth $779,491,000 after purchasing an additional 97,666 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Skechers U.S.A. by 3.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker’s stock worth $130,350,000 after buying an additional 55,095 shares during the last quarter. Coronation Fund Managers Ltd. boosted its stake in Skechers U.S.A. by 378.6% during the third quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock worth $33,382,000 after buying an additional 394,618 shares during the last quarter. American Century Companies Inc. boosted its stake in Skechers U.S.A. by 38.6% during the second 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 position in Skechers U.S.A. during the second quarter worth $22,425,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Skechers U.S.A. Stock Performance

Shares of Skechers U.S.A. stock opened at $63.69 on Friday. The business’s fifty day simple moving average is $64.98 and its 200-day simple moving average is $66.45. Skechers U.S.A., Inc. has a 52 week low of $49.06 and a 52 week high of $75.09. 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 $9.70 billion, a PE ratio of 15.69, a price-to-earnings-growth ratio of 0.86 and a beta of 1.23.

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

Skechers U.S.A. declared that its board has initiated a stock buyback program on Thursday, July 25th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the textile maker to reacquire up to 10.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SKX shares. Bank of America lowered their price objective 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. 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 note on Friday, October 25th. StockNews.com lowered Skechers U.S.A. from a “buy” rating to a “hold” rating in a research note on Monday. Stifel Nicolaus boosted their price objective on Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Morgan Stanley boosted 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. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $78.09.

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.