Skechers U.S.A. (NYSE:SKX) PT Raised to $84.00

Skechers U.S.A. (NYSE:SKX) had its price objective increased by Morgan Stanley from $81.00 to $84.00 in a research report report published on Friday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the textile maker’s stock.

Other equities research analysts have also recently issued research reports about the stock. TD Cowen dropped their target price on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Bank of America dropped their price target on Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating on the stock in a research note on Monday, September 23rd. Wedbush upped their price objective on Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Barclays raised their target price on Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Stifel Nicolaus upped their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $78.09.

Skechers U.S.A. Stock Down 3.9 %

Shares of SKX stock traded down $2.42 during mid-day trading on Friday, hitting $59.21. The company’s stock had a trading volume of 6,649,372 shares, compared to its average volume of 1,871,951. The stock has a market cap of $9.03 billion, a price-to-earnings ratio of 15.59, a PEG ratio of 0.89 and a beta of 1.22. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06. Skechers U.S.A. has a 52-week low of $45.58 and a 52-week high of $75.09. The business has a 50-day moving average price of $65.98 and a 200 day moving average price of $66.11.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. The business 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 13.04% and a net margin of 6.90%. Skechers U.S.A.’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.93 EPS. Research analysts predict that Skechers U.S.A. will post 4.15 EPS for the current fiscal year.

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

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

Several large investors have recently added to or reduced their stakes in the company. Redmont Wealth Advisors LLC bought a new stake in shares of Skechers U.S.A. during the 1st quarter valued at $25,000. Bessemer Group Inc. increased its stake 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 in the last quarter. UMB Bank n.a. increased its stake in Skechers U.S.A. by 423.3% in the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after buying an additional 364 shares in the last quarter. Versant Capital Management Inc raised its holdings 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 acquiring an additional 618 shares during the period. Finally, Sunbelt Securities Inc. purchased a new position in shares of Skechers U.S.A. in the first quarter valued at about $45,000. 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.