Bank of America initiated coverage on shares of Skechers U.S.A. (NYSE:SKX – Get Free Report) in a report released on Friday, Marketbeat reports. The brokerage set a “neutral” rating and a $67.00 price target on the textile maker’s stock. Bank of America‘s price objective would indicate a potential upside of 11.57% from the stock’s current price.
Other equities analysts have also recently issued research reports about the company. Monness Crespi & Hardt lifted their target price on Skechers U.S.A. from $60.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, January 18th. Raymond James dropped their target price on Skechers U.S.A. from $68.00 to $66.00 and set an “outperform” rating for the company in a report on Monday, February 5th. TD Cowen lifted their target price on Skechers U.S.A. from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday. Evercore ISI began coverage on Skechers U.S.A. in a research note on Thursday, February 15th. They set an “outperform” rating and a $73.00 price target for the company. Finally, Stifel Nicolaus decreased their price target on Skechers U.S.A. from $72.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.18.
Get Our Latest Stock Analysis on SKX
Skechers U.S.A. Stock Performance
NYSE:SKX opened at $60.05 on Friday. The company has a current ratio of 2.38, a quick ratio of 1.46 and a debt-to-equity ratio of 0.06. Skechers U.S.A. has a 12-month low of $41.56 and a 12-month high of $65.17. The stock has a 50-day moving average price of $61.12 and a 200 day moving average price of $55.47. The stock has a market capitalization of $9.20 billion, a P/E ratio of 17.21 and a beta of 1.32.
Skechers U.S.A. (NYSE:SKX – Get Free Report) last released its quarterly earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.04. The business had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.48 EPS. Equities research analysts forecast that Skechers U.S.A. will post 3.81 EPS for the current fiscal year.
Insider Activity at Skechers U.S.A.
In other Skechers U.S.A. news, CEO Robert Greenberg sold 12,605 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $62.21, for a total value of $784,157.05. Following the transaction, the chief executive officer now owns 196,050 shares in the company, valued at approximately $12,196,270.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Skechers U.S.A. news, EVP Mark A. Nason sold 6,432 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $58.83, for a total transaction of $378,394.56. Following the completion of the transaction, the executive vice president now owns 34,023 shares of the company’s stock, valued at $2,001,573.09. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert Greenberg sold 12,605 shares of the stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $62.21, for a total transaction of $784,157.05. Following the transaction, the chief executive officer now directly owns 196,050 shares of the company’s stock, valued at approximately $12,196,270.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,566 shares of company stock valued at $10,799,585. 24.79% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in SKX. American Century Companies Inc. lifted its stake in Skechers U.S.A. by 10.8% in the first quarter. American Century Companies Inc. now owns 16,901 shares of the textile maker’s stock worth $689,000 after acquiring an additional 1,654 shares during the last quarter. US Bancorp DE raised its holdings in Skechers U.S.A. by 71.1% during the first quarter. US Bancorp DE now owns 2,416 shares of the textile maker’s stock worth $98,000 after purchasing an additional 1,004 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Skechers U.S.A. by 11.5% during the first quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the textile maker’s stock worth $260,000 after purchasing an additional 663 shares in the last quarter. Bank of Montreal Can raised its holdings in Skechers U.S.A. by 8.6% during the first quarter. Bank of Montreal Can now owns 12,534 shares of the textile maker’s stock worth $519,000 after purchasing an additional 990 shares in the last quarter. Finally, MetLife Investment Management LLC raised its holdings in Skechers U.S.A. by 34.4% during the first quarter. MetLife Investment Management LLC now owns 87,839 shares of the textile maker’s stock worth $3,580,000 after purchasing an additional 22,464 shares in the last quarter. Hedge funds and other institutional investors own 80.54% 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.
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