Skechers U.S.A. (NYSE:SKX) Upgraded by StockNews.com to Buy Rating

StockNews.com upgraded shares of Skechers U.S.A. (NYSE:SKX) from a hold rating to a buy rating in a research note issued to investors on Thursday morning.

Several other analysts have also weighed in on the company. Morgan Stanley lifted their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Barclays boosted 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 report on Friday, October 25th. Bank of America reduced their price objective on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday, October 25th. Needham & Company LLC began coverage on shares of Skechers U.S.A. in a research note on Friday, November 22nd. They issued a “hold” rating on the stock. Finally, TD Cowen raised their price target on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Skechers U.S.A. presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.00.

Skechers U.S.A. Price Performance

NYSE:SKX opened at $75.71 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. Skechers U.S.A. has a one year low of $55.67 and a one year high of $76.06. The company has a fifty day moving average price of $67.50 and a 200 day moving average price of $65.76. The stock has a market cap of $11.43 billion, a P/E ratio of 18.65, a PEG ratio of 0.90 and a beta of 1.19.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The company had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter in the previous year, the firm posted $0.93 EPS. The business’s revenue was up 16.0% compared to the same quarter last year. Analysts anticipate that Skechers U.S.A. will post 4.24 earnings per share for the current year.

Insider Activity

In other Skechers U.S.A. news, COO David Weinberg sold 8,219 shares of the stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $554,618.12. Following the sale, the chief operating officer now owns 122,211 shares of the company’s stock, valued at $8,246,798.28. This represents a 6.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Michael Greenberg sold 10,274 shares of the business’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $693,289.52. Following the completion of the transaction, the president now directly owns 149,327 shares of the company’s stock, valued at approximately $10,076,585.96. This represents a 6.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is currently owned by corporate insiders.

Institutional Trading of Skechers U.S.A.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC boosted its position in Skechers U.S.A. by 88.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock valued at $1,822,000 after buying an additional 13,836 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Skechers U.S.A. by 22.3% in the third quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock valued at $9,295,000 after acquiring an additional 25,289 shares during the last quarter. Transform Wealth LLC acquired a new stake in Skechers U.S.A. in the third quarter worth about $7,186,000. National Bank of Canada FI raised its holdings in Skechers U.S.A. by 2,340.0% during the 3rd quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock worth $4,732,000 after purchasing an additional 67,812 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Skechers U.S.A. by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock valued at $88,126,000 after purchasing an additional 17,429 shares during the period. 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.