Skechers U.S.A. (NYSE:SKX) Raised to “Buy” at StockNews.com

Skechers U.S.A. (NYSE:SKX) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Thursday.

Several other analysts have also recently issued reports on the company. Morgan Stanley upped their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Piper Sandler started coverage on shares of Skechers U.S.A. in a research note on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price target on the stock. TD Cowen lifted their price objective on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Needham & Company LLC assumed coverage on shares of Skechers U.S.A. in a report on Friday, November 22nd. They issued a “hold” rating on the stock. Finally, Bank of America lowered their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.00.

Skechers U.S.A. Stock Up 0.4 %

Shares of SKX stock opened at $75.94 on Thursday. The company’s fifty day simple moving average is $67.78 and its two-hundred day simple moving average is $65.83. Skechers U.S.A. has a 52 week low of $55.67 and a 52 week high of $76.67. The stock has a market cap of $11.46 billion, a P/E ratio of 18.70, a PEG ratio of 0.90 and a beta of 1.19. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last posted 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 company had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same period in the previous year, the business earned $0.93 earnings per share. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. Analysts predict that Skechers U.S.A. will post 4.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other Skechers U.S.A. news, COO David Weinberg sold 8,219 shares of the stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $554,618.12. Following the sale, the chief operating officer now owns 122,211 shares in the company, valued at $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 SEC, which is available at this hyperlink. Also, President Michael Greenberg sold 10,274 shares of the business’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $693,289.52. Following the sale, the president now directly owns 149,327 shares of the company’s stock, valued at $10,076,585.96. This represents a 6.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is owned by insiders.

Hedge Funds Weigh In On Skechers U.S.A.

A number of institutional investors have recently modified their holdings of SKX. UMB Bank n.a. boosted its holdings in shares of 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 purchasing an additional 364 shares during the period. Venturi Wealth Management LLC grew its position in shares of Skechers U.S.A. by 52.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock worth $58,000 after buying an additional 299 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Skechers U.S.A. by 778.1% during the third quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock valued at $69,000 after buying an additional 887 shares during the period. Brooklyn Investment Group bought a new stake in shares of Skechers U.S.A. in the third quarter valued at about $67,000. Finally, Quarry LP lifted its stake in Skechers U.S.A. by 44.6% in the second quarter. Quarry LP now owns 1,187 shares of the textile maker’s stock worth $82,000 after acquiring an additional 366 shares during the period. 79.96% of the stock is owned by hedge funds and other institutional investors.

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.