Skechers U.S.A. (NYSE:SKX) Upgraded at StockNews.com

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.

Other analysts also recently issued research reports about the stock. Needham & Company LLC assumed coverage on shares of Skechers U.S.A. in a research report on Friday, November 22nd. They set a “hold” rating for the company. Piper Sandler assumed coverage on shares of Skechers U.S.A. in a research report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price objective for the company. Barclays boosted 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, October 25th. Bank of America decreased their price target on 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. Finally, TD Cowen cut their price target on 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. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Skechers U.S.A. currently has an average rating of “Moderate Buy” and a consensus price target of $77.00.

Skechers U.S.A. Price Performance

SKX stock opened at $66.29 on Thursday. The company has a market capitalization of $10.01 billion, a P/E ratio of 16.33, a PEG ratio of 0.98 and a beta of 1.22. The company has a fifty day moving average price of $64.18 and a 200-day moving average price of $66.13. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. Skechers U.S.A. has a 52-week low of $55.67 and a 52-week high of $75.09.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results 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 return on equity of 13.71% and a net margin of 7.19%. The business had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same period last year, the company earned $0.93 EPS. Skechers U.S.A.’s revenue for the quarter was up 16.0% compared to the same quarter last year. As a group, equities analysts expect that Skechers U.S.A. will post 4.24 EPS for the current year.

Institutional Trading of Skechers U.S.A.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UMB Bank n.a. boosted its position in shares of Skechers U.S.A. by 423.3% during the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock valued at $30,000 after buying an additional 364 shares during the last quarter. Venturi Wealth Management LLC lifted its stake in Skechers U.S.A. by 52.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock valued at $58,000 after acquiring an additional 299 shares in the last quarter. Brooklyn Investment Group purchased a new position in Skechers U.S.A. during the 3rd quarter worth $67,000. Blue Trust Inc. boosted its holdings in Skechers U.S.A. by 778.1% during the 3rd quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock worth $69,000 after acquiring an additional 887 shares during the last quarter. Finally, Quarry LP raised its holdings in shares of Skechers U.S.A. by 44.6% in the second quarter. Quarry LP now owns 1,187 shares of the textile maker’s stock valued at $82,000 after purchasing an additional 366 shares during the last quarter. 79.96% of the stock is 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.