Skechers U.S.A. (NYSE:SKX) Price Target Raised to $83.00 at Stifel Nicolaus

Skechers U.S.A. (NYSE:SKX) had its target price raised by analysts at Stifel Nicolaus from $81.00 to $83.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the textile maker’s stock. Stifel Nicolaus’ price objective points to a potential upside of 26.72% from the stock’s previous close.

Other research analysts have also issued reports about the company. Wells Fargo & Company began coverage on Skechers U.S.A. in a research report on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 price objective for the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $82.00 price target on shares of Skechers U.S.A. in a research note on Thursday, June 13th. TD Cowen raised 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. Wedbush reiterated an “outperform” rating and issued a $76.00 price objective on shares of Skechers U.S.A. in a research note on Friday, May 17th. Finally, Morgan Stanley raised shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $60.00 to $80.00 in a research note on Tuesday. Fourteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $74.92.

Skechers U.S.A. Trading Up 2.8 %

NYSE:SKX traded up $1.79 on Friday, reaching $65.50. 1,936,989 shares of the stock traded hands, compared to its average volume of 1,758,696. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $75.09. The company’s 50 day moving average is $69.22 and its 200-day moving average is $64.12. The firm has a market capitalization of $9.99 billion, a price-to-earnings ratio of 17.04, a price-to-earnings-growth ratio of 0.91 and a beta of 1.25.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.03). Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.56%. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the prior year, the company posted $0.98 earnings per share. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. Equities research analysts anticipate that Skechers U.S.A. will post 4.11 EPS for the current fiscal year.

Insider Buying and Selling

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 423 shares of Skechers U.S.A. stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total transaction of $29,377.35. Following the completion of the transaction, the general counsel now owns 35,000 shares in the company, valued at approximately $2,430,750. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 24.75% of the stock is currently owned by company insiders.

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

Several large investors have recently bought and sold shares of SKX. Raymond James & Associates lifted its position in shares of Skechers U.S.A. by 354.5% during the fourth quarter. Raymond James & Associates now owns 52,280 shares of the textile maker’s stock valued at $3,259,000 after purchasing an additional 40,778 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Skechers U.S.A. during the 4th quarter worth approximately $1,745,000. Planned Solutions Inc. purchased a new position in shares of Skechers U.S.A. in the 4th quarter worth approximately $70,000. Symphony Financial Ltd. Co. bought a new position in shares of Skechers U.S.A. in the fourth quarter valued at approximately $289,000. Finally, Oak Thistle LLC purchased a new stake in shares of Skechers U.S.A. during the fourth quarter valued at approximately $483,000. 79.96% of the stock is currently owned by 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.