Skechers U.S.A. (NYSE:SKX) Downgraded by StockNews.com to “Hold”

StockNews.com cut shares of Skechers U.S.A. (NYSE:SKX) from a buy rating to a hold rating in a research note released on Monday morning.

Several other analysts have also recently commented on SKX. Wedbush raised their price objective on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Barclays lifted their price target on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Evercore ISI upped their price target on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. TD Cowen reduced their price objective on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a report on Monday, October 14th. Finally, Bank of America lowered their target price on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Skechers U.S.A. presently has an average rating of “Moderate Buy” and an average target price of $78.09.

Skechers U.S.A. Stock Up 3.3 %

Shares of Skechers U.S.A. stock opened at $63.69 on Monday. Skechers U.S.A. has a one year low of $49.06 and a one year high of $75.09. The company has a market cap of $9.62 billion, a P/E ratio of 15.69, a PEG ratio of 0.86 and a beta of 1.23. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The firm has a fifty day moving average of $64.98 and a two-hundred day moving average of $66.45.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) 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 the consensus estimate of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.93 EPS. On average, analysts forecast that Skechers U.S.A. will post 4.25 earnings per share for the current year.

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

Institutional Trading of Skechers U.S.A.

A number of large investors have recently made changes to their positions in SKX. Coronation Fund Managers Ltd. raised its stake in Skechers U.S.A. by 378.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock valued at $33,382,000 after purchasing an additional 394,618 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Skechers U.S.A. during the second quarter worth about $22,425,000. Teachers Retirement System of The State of Kentucky raised its position in shares of Skechers U.S.A. by 646.3% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker’s stock valued at $22,348,000 after buying an additional 280,000 shares during the last quarter. Adams Diversified Equity Fund Inc. purchased a new position in shares of Skechers U.S.A. during the third quarter valued at approximately $16,790,000. Finally, Bwcp LP acquired a new stake in Skechers U.S.A. during the second quarter worth approximately $16,324,000. 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.