Ontario Teachers Pension Plan Board Lowers Holdings in Skechers U.S.A., Inc. (NYSE:SKX)

Ontario Teachers Pension Plan Board trimmed its position in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 14.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 12,564 shares of the textile maker’s stock after selling 2,169 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Skechers U.S.A. were worth $841,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bessemer Group Inc. raised its position in Skechers U.S.A. by 66.7% in the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after buying an additional 164 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Skechers U.S.A. by 423.3% during the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock valued at $30,000 after purchasing an additional 364 shares during the last quarter. Versant Capital Management Inc lifted its position in Skechers U.S.A. by 2,809.1% during the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after purchasing an additional 618 shares during the period. Venturi Wealth Management LLC lifted its position in Skechers U.S.A. by 52.9% during the third quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock valued at $58,000 after purchasing an additional 299 shares during the period. Finally, Blue Trust Inc. boosted its holdings in Skechers U.S.A. by 778.1% in the third quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock worth $69,000 after purchasing an additional 887 shares during the last quarter. 79.96% of the stock is currently owned by institutional investors.

Skechers U.S.A. Stock Performance

Shares of Skechers U.S.A. stock opened at $60.87 on Friday. The firm has a market capitalization of $9.19 billion, a P/E ratio of 14.99, a PEG ratio of 0.84 and a beta of 1.23. Skechers U.S.A., Inc. has a 52 week low of $54.80 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 company has a 50 day moving average price of $63.72 and a 200 day moving average price of $66.28.

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

Skechers U.S.A. announced that its board has approved a share buyback plan on Thursday, July 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the textile maker to buy up to 10.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms recently commented on SKX. Evercore ISI upped their price objective on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. StockNews.com raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Bank of America dropped their price objective on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Morgan Stanley upped their target price on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target 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, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $78.09.

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.