Skechers U.S.A. (NYSE:SKX) Coverage Initiated by Analysts at Piper Sandler

Piper Sandler initiated coverage on shares of Skechers U.S.A. (NYSE:SKX) in a research report sent to investors on Tuesday morning, MarketBeat.com reports. The firm issued a neutral rating and a $65.00 target price on the textile maker’s stock.

Several other equities research analysts have also commented on the stock. StockNews.com lowered shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, November 25th. TD Cowen cut their target price on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Deutsche Bank Aktiengesellschaft raised 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 research note on Friday, October 25th. Needham & Company LLC started coverage on Skechers U.S.A. in a research note on Friday, November 22nd. They set a “hold” rating for the company. Finally, Morgan Stanley raised their target price 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. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.00.

Skechers U.S.A. Stock Down 2.3 %

SKX stock opened at $70.37 on Tuesday. The firm’s fifty day moving average is $63.81 and its 200 day moving average is $66.13. The firm has a market cap of $10.62 billion, a PE ratio of 17.33, a P/E/G ratio of 0.99 and a beta of 1.22. Skechers U.S.A. has a one year low of $55.67 and a one year high of $75.09. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.11. The firm had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. Skechers U.S.A.’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.93 EPS. On average, research analysts forecast that Skechers U.S.A. will post 4.25 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Diversified Trust Co acquired a new stake in Skechers U.S.A. during the second quarter worth about $298,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Skechers U.S.A. during the 2nd quarter worth approximately $335,000. Envestnet Portfolio Solutions Inc. raised its position in shares of Skechers U.S.A. by 23.6% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 5,490 shares of the textile maker’s stock valued at $379,000 after buying an additional 1,049 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Skechers U.S.A. by 36.5% in the second quarter. Assenagon Asset Management S.A. now owns 193,363 shares of the textile maker’s stock valued at $13,365,000 after acquiring an additional 51,673 shares during the last quarter. Finally, Coronation Fund Managers Ltd. grew its position in Skechers U.S.A. by 195.1% in the second quarter. Coronation Fund Managers Ltd. now owns 492,585 shares of the textile maker’s stock worth $34,047,000 after acquiring an additional 325,653 shares during the period. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Company 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.