Quest Partners LLC Buys 2,134 Shares of Skechers U.S.A., Inc. (NYSE:SKX)

Quest Partners LLC boosted its stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 12.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,832 shares of the textile maker’s stock after acquiring an additional 2,134 shares during the period. Quest Partners LLC’s holdings in Skechers U.S.A. were worth $1,371,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wells Fargo & Company MN increased its position in Skechers U.S.A. by 50.4% in the fourth quarter. Wells Fargo & Company MN now owns 157,416 shares of the textile maker’s stock worth $9,813,000 after purchasing an additional 52,754 shares during the last quarter. Quantedge Capital Pte Ltd bought a new stake in shares of Skechers U.S.A. in the 4th quarter worth about $948,000. Cim LLC purchased a new stake in shares of Skechers U.S.A. during the 4th quarter valued at about $1,126,000. KBC Group NV lifted its holdings in shares of Skechers U.S.A. by 22.4% in the 4th quarter. KBC Group NV now owns 241,079 shares of the textile maker’s stock valued at $15,029,000 after acquiring an additional 44,086 shares during the last quarter. Finally, Cetera Advisors LLC purchased a new position in Skechers U.S.A. in the first quarter worth about $600,000. 79.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on SKX. Morgan Stanley raised Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $60.00 to $80.00 in a research note on Tuesday, July 23rd. Evercore ISI raised their price target on 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. Wells Fargo & Company initiated coverage on shares of Skechers U.S.A. in a research report on Wednesday, June 12th. They set an “overweight” rating and a $83.00 price objective on the stock. Barclays increased their target price on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Wedbush lifted their price target on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $76.75.

Skechers U.S.A. Trading Down 0.1 %

SKX opened at $66.01 on Tuesday. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01. The stock’s fifty day moving average is $65.57 and its two-hundred day moving average is $65.09. The company has a market capitalization of $10.07 billion, a P/E ratio of 17.37, a PEG ratio of 0.91 and a beta of 1.23. Skechers U.S.A., Inc. has a 52 week low of $45.58 and a 52 week high of $75.09.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.04). Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the business posted $0.98 EPS. The business’s quarterly revenue was up 7.3% on a year-over-year basis. Analysts forecast that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current year.

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.