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

Skechers U.S.A. (NYSE:SKX) had its target price upped by equities research analysts at Deutsche Bank Aktiengesellschaft from $83.00 to $84.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the textile maker’s stock. Deutsche Bank Aktiengesellschaft’s price objective indicates a potential upside of 39.33% from the stock’s current price.

A number of other research firms have also recently weighed in on SKX. Bank of America cut their price objective on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday. Morgan Stanley lifted their target price on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday. Evercore ISI lifted their target price on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Barclays lifted their target price on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Friday. Finally, Stifel Nicolaus lifted their target price on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $78.09.

Skechers U.S.A. Stock Down 2.2 %

SKX stock traded down $1.34 during midday trading on Friday, reaching $60.29. 4,456,193 shares of the company were exchanged, compared to its average volume of 1,860,372. 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 1-year low of $45.58 and a 1-year high of $75.09. The stock’s 50-day simple moving average is $66.17 and its 200 day simple moving average is $66.13. The company has a market cap of $9.18 billion, a price-to-earnings ratio of 16.07, a price-to-earnings-growth ratio of 0.89 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data 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. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The company had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter last year, the company earned $0.93 earnings per share. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. On average, equities analysts forecast that Skechers U.S.A. will post 4.15 earnings per share for the current year.

Skechers U.S.A. declared that its Board of Directors has initiated a stock repurchase plan on Thursday, July 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the textile maker to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

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

Institutional investors have recently bought and sold shares of the company. Redmont Wealth Advisors LLC purchased a new stake in shares of Skechers U.S.A. during the 1st quarter worth $25,000. Bessemer Group Inc. boosted its position in shares of Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after purchasing an additional 164 shares in the last quarter. UMB Bank n.a. boosted its position in shares of Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after purchasing an additional 364 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of Skechers U.S.A. by 2,809.1% during the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after purchasing an additional 618 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in shares of Skechers U.S.A. during the 1st quarter worth $45,000. 79.96% of the stock is owned by institutional investors and hedge funds.

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.