Impact Partnership Wealth LLC Invests $212,000 in Skechers U.S.A., Inc. (NYSE:SKX)

Impact Partnership Wealth LLC acquired a new stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 3,167 shares of the textile maker’s stock, valued at approximately $212,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bessemer Group Inc. boosted its stake in Skechers U.S.A. by 66.7% in the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after acquiring an additional 164 shares in the last quarter. CIBC Asset Management Inc boosted its stake in Skechers U.S.A. by 4.7% in the second quarter. CIBC Asset Management Inc now owns 3,820 shares of the textile maker’s stock valued at $264,000 after acquiring an additional 173 shares in the last quarter. QRG Capital Management Inc. boosted its stake in Skechers U.S.A. by 2.0% in the first quarter. QRG Capital Management Inc. now owns 10,047 shares of the textile maker’s stock valued at $615,000 after acquiring an additional 194 shares in the last quarter. X Square Capital LLC boosted its stake in Skechers U.S.A. by 0.5% in the second quarter. X Square Capital LLC now owns 40,903 shares of the textile maker’s stock valued at $2,827,000 after acquiring an additional 215 shares in the last quarter. Finally, Pallas Capital Advisors LLC boosted its stake in Skechers U.S.A. by 5.7% in the second quarter. Pallas Capital Advisors LLC now owns 6,027 shares of the textile maker’s stock valued at $388,000 after acquiring an additional 324 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors.

Skechers U.S.A. Trading Down 0.1 %

Shares of Skechers U.S.A. stock opened at $61.62 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. The firm has a fifty day moving average price of $66.17 and a 200 day moving average price of $66.13. Skechers U.S.A., Inc. has a 1 year low of $45.58 and a 1 year high of $75.09. The stock has a market cap of $9.39 billion, a PE ratio of 16.52, a price-to-earnings-growth ratio of 0.89 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.04). Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period last year, the business earned $0.98 EPS. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. Equities research analysts predict that Skechers U.S.A., Inc. will post 4.15 earnings per share for the current year.

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

Analyst Ratings Changes

SKX has been the subject of several recent analyst reports. Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $60.00 to $80.00 in a research note on Tuesday, July 23rd. TD Cowen decreased their price target on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a report on Monday, October 14th. Stifel Nicolaus raised their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Wedbush raised 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 report on Friday, July 26th. Finally, Evercore ISI raised 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 report on Friday, July 26th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Skechers U.S.A. has an average rating of “Buy” and a consensus price target of $77.55.

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.