Principal Financial Group Inc. Has $20.56 Million Stock Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Principal Financial Group Inc. decreased its position in Skechers U.S.A., Inc. (NYSE:SKX) by 30.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 307,243 shares of the textile maker’s stock after selling 133,935 shares during the period. Principal Financial Group Inc. owned about 0.20% of Skechers U.S.A. worth $20,561,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Bessemer Group Inc. lifted its position 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 worth $25,000 after purchasing an additional 164 shares during the period. UMB Bank n.a. increased its stake in Skechers U.S.A. by 423.3% in the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock valued at $30,000 after acquiring an additional 364 shares during the period. Versant Capital Management Inc raised its position in Skechers U.S.A. by 2,809.1% in the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after purchasing an additional 618 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Skechers U.S.A. by 778.1% in the 3rd quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock worth $69,000 after buying an additional 887 shares in the last quarter. Finally, 1620 Investment Advisors Inc. acquired a new stake in Skechers U.S.A. in the 2nd quarter valued at $69,000. Institutional investors own 79.96% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on SKX. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a report on Friday, October 25th. Morgan Stanley lifted their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Stifel Nicolaus lifted their price target on Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. Evercore ISI increased their price objective 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. Finally, StockNews.com upgraded shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Tuesday. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $78.09.

Skechers U.S.A. Trading Up 0.5 %

Skechers U.S.A. stock opened at $61.09 on Thursday. The company has a market cap of $9.22 billion, a price-to-earnings ratio of 15.26, a P/E/G ratio of 0.84 and a beta of 1.23. The firm has a 50-day moving average of $64.48 and a 200-day moving average of $66.54. 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 one year low of $50.16 and a one year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last issued 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 business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.93 earnings per share. On average, equities analysts expect that Skechers U.S.A., Inc. will post 4.25 earnings per share for the current fiscal year.

Skechers U.S.A. announced that its Board of Directors has initiated a share buyback program on Thursday, July 25th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the textile maker to reacquire up to 10.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors 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.