Skechers U.S.A. (NYSE:SKX) Price Target Raised to $79.00

Skechers U.S.A. (NYSE:SKX) had its target price upped by stock analysts at Wedbush from $76.00 to $79.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the textile maker’s stock. Wedbush’s price target would suggest a potential upside of 20.28% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $82.00 target price on shares of Skechers U.S.A. in a report on Thursday, June 13th. Morgan Stanley raised Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $60.00 to $80.00 in a research report on Tuesday. Evercore ISI reduced their price objective on Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. Wells Fargo & Company initiated coverage on shares of Skechers U.S.A. in a report on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 price target on the stock. Finally, TD Cowen increased their price objective on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday. Fourteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $75.77.

Skechers U.S.A. Trading Up 3.1 %

Shares of SKX traded up $1.97 on Friday, hitting $65.68. 2,379,578 shares of the stock traded hands, compared to its average volume of 1,761,791. Skechers U.S.A. has a 1 year low of $45.58 and a 1 year high of $75.09. The stock’s 50 day moving average is $69.22 and its two-hundred day moving average is $64.12. The firm has a market capitalization of $10.02 billion, a P/E ratio of 17.28, a P/E/G ratio of 0.91 and a beta of 1.25. The company has a quick ratio of 1.56, a current ratio of 2.39 and a debt-to-equity ratio of 0.02.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.03). Skechers U.S.A. had a return on equity of 13.56% and a net margin of 7.17%. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the prior year, the company earned $0.98 EPS. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, sell-side analysts predict that Skechers U.S.A. will post 4.11 earnings per share for the current year.

Insider Buying and Selling

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 423 shares of the stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total transaction of $29,377.35. Following the transaction, the general counsel now directly owns 35,000 shares in the company, valued at approximately $2,430,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 24.75% of the company’s stock.

Institutional Investors Weigh In On Skechers U.S.A.

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Skechers U.S.A. by 0.8% in the first quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock worth $779,491,000 after purchasing an additional 97,666 shares in the last quarter. Fiduciary Management Inc. WI increased its holdings in shares of Skechers U.S.A. by 3.5% in the 4th quarter. Fiduciary Management Inc. WI now owns 2,893,529 shares of the textile maker’s stock valued at $180,383,000 after acquiring an additional 98,068 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Skechers U.S.A. by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,269,306 shares of the textile maker’s stock valued at $79,129,000 after acquiring an additional 16,146 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in Skechers U.S.A. by 62.6% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock worth $75,534,000 after purchasing an additional 474,524 shares during the last quarter. Finally, Norges Bank bought a new stake in Skechers U.S.A. during the fourth quarter valued at $75,194,000. Institutional investors and hedge funds 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.