Skechers U.S.A. (NYSE:SKX) Price Target Raised to $93.00

Skechers U.S.A. (NYSE:SKX) had its price objective upped by TD Cowen from $88.00 to $93.00 in a report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the textile maker’s stock.

SKX has been the topic of a number of other research reports. Barclays lifted their target price on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. StockNews.com raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Needham & Company LLC started coverage on shares of Skechers U.S.A. in a report on Friday, November 22nd. They set a “hold” rating for the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Morgan Stanley boosted their price objective on shares of 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. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.42.

Skechers U.S.A. Stock Up 1.0 %

SKX stock opened at $70.03 on Wednesday. The company has a market capitalization of $10.57 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 0.98 and a beta of 1.19. Skechers U.S.A. has a fifty-two week low of $55.67 and a fifty-two week 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. The stock has a fifty day moving average of $66.03 and a 200-day moving average of $65.65.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.15 by $0.11. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. Skechers U.S.A.’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.93 earnings per share. As a group, equities research analysts predict that Skechers U.S.A. will post 4.24 earnings per share for the current year.

Insider Buying and Selling at Skechers U.S.A.

In other news, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $554,618.12. Following the completion of the sale, the chief operating officer now directly owns 122,211 shares in the company, valued at approximately $8,246,798.28. This trade represents a 6.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Michael Greenberg sold 10,274 shares of the stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $693,289.52. Following the completion of the transaction, the president now directly owns 149,327 shares in the company, valued at approximately $10,076,585.96. This trade represents a 6.44 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 24.75% of the company’s stock.

Institutional Trading of Skechers U.S.A.

Hedge funds have recently modified their holdings of the company. Seven Eight Capital LP lifted its holdings in shares of Skechers U.S.A. by 126.1% during the 2nd quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock valued at $2,033,000 after purchasing an additional 16,408 shares during the last quarter. Sanctuary Advisors LLC boosted its stake in Skechers U.S.A. by 88.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock worth $1,822,000 after purchasing an additional 13,836 shares in the last quarter. Victory Capital Management Inc. increased its stake in Skechers U.S.A. by 22.3% during the 3rd quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock valued at $9,295,000 after purchasing an additional 25,289 shares in the last quarter. Transform Wealth LLC purchased a new position in shares of Skechers U.S.A. in the third quarter worth $7,186,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Skechers U.S.A. by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock valued at $88,126,000 after purchasing an additional 17,429 shares during the last quarter. 79.96% of the stock is owned by hedge funds and other institutional investors.

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.